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  • FIRST POST
    • exlews
    • By exlews 12th Aug 18, 5:57 PM
    • 12Posts
    • 3Thanks
    exlews
    Never ending help needed
    • #1
    • 12th Aug 18, 5:57 PM
    Never ending help needed 12th Aug 18 at 5:57 PM
    Hi
    I have posted on this thread before and just when I think I have got my head around an issue something else comes to light so now I am going around in circles.

    I am around 44k in debt. I have had a terrible few years and lots of burying my head in the sand. I think Bankruptcy is my best issue but think that could create more problems..

    Firstly I am on a joint mortgage with my ex who is now married. I left 10 years ago. Signed an affidavit to say I had no interest in the property back then. Never paid a penny since. He is currently trying to get me of the mortgage. He is unaware of my financial situation. He also dislikes me so dont want him to know.

    My debts have been going up over the years. 3 years ago I was introduced to Match Betting. It started going well. I started this as a way to pay my debt then which was around 20k. Now over the last 3 years numerous payments totalling 1000s have been going in and out of my account from betting companies and also my Dad and Sister. I started Match Betting but because of other just horrible stuff going on I then somehow gambled also. This year in Feburary it all came to a head when the person I shared my house with took his own life. He had lots of problems and I didnt know how to help him.His living with me was affecting my own mental health because of the constant worry but him taking his life shocked me to the core. It was then because of the lack of his rent coming in and a few cards finishing their 0% rates that made me face up to everything.

    I am guessing if I did do Bankruptcy I will get a BRO..because of the gambling.I just dont know if the OR is able to start looking into my Dads and sister bank accounts also due to payments coming in and out of my account! They would just go totally mad at me. I owe my parents money but on a discussion last week they dont want it back but they dont know how bad things have got. They are old and dont understand stuff so dont want to worry them. I just seem stuck all ways really..its driving me crazy..

    I could probably scape together 150 a month for an IVA but really am in such a mess. Paralysed with fear...
Page 1
    • Willing2Learn
    • By Willing2Learn 12th Aug 18, 6:32 PM
    • 2,260 Posts
    • 1,777 Thanks
    Willing2Learn
    • #2
    • 12th Aug 18, 6:32 PM
    • #2
    • 12th Aug 18, 6:32 PM
    Hi exlews,

    Are you addressing your gambling?
    Have you considered that gambling could be a method you are using to cope with every day life?

    Edit: I just noticed that you first posted with this problem back in April. You seem to be paralysed with fear. You need to contact StepChange or another free debt counselling service for professional advice and support.

    See MSE listing of free debt counselling services by clicking here
    Last edited by Willing2Learn; 12-08-2018 at 7:12 PM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • sourcrates
    • By sourcrates 12th Aug 18, 7:37 PM
    • 16,400 Posts
    • 15,512 Thanks
    sourcrates
    • #3
    • 12th Aug 18, 7:37 PM
    • #3
    • 12th Aug 18, 7:37 PM
    Hi,

    I would run your situation past one of the free debt charities, see what they recommend.

    You cant just scrape together money for debt repayments, you need to budget correctly and see which options fit your circumstances.

    Stop the gambling, easier said than done, granted, but if you arent already doing so, seek help on that score.

    You will only usually get an IPA if you have more than 20 disposable income.
    Last edited by sourcrates; 12-08-2018 at 9:30 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • exlews
    • By exlews 12th Aug 18, 8:39 PM
    • 12 Posts
    • 3 Thanks
    exlews
    • #4
    • 12th Aug 18, 8:39 PM
    • #4
    • 12th Aug 18, 8:39 PM
    I have stopped gambling. Yes I see it was a way of trying to cope with other pressures in my life. I seem to have spent since April worried. I think Bankruptcy would be best but just dont want them looking into my parents accounts. Does an official receiver have authority to go into others peoples account. I am sure they would be allowed..Would they be interested? I think the same amount going back and forth into the accounts regarding those payments is probably the same.
    • sourcrates
    • By sourcrates 12th Aug 18, 9:36 PM
    • 16,400 Posts
    • 15,512 Thanks
    sourcrates
    • #5
    • 12th Aug 18, 9:36 PM
    • #5
    • 12th Aug 18, 9:36 PM
    I think you may be overthinking this a tad.

    All kinds of people go bankrupt, for all kinds of reasons, people exchange money, its nothing untoward, I doubt it would even be mentioned, and certainly would not preclude you from bankruptcy.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • exlews
    • By exlews 12th Aug 18, 10:27 PM
    • 12 Posts
    • 3 Thanks
    exlews
    • #6
    • 12th Aug 18, 10:27 PM
    • #6
    • 12th Aug 18, 10:27 PM
    Thank you. I am over thinking and over thinking.
    • Willing2Learn
    • By Willing2Learn 13th Aug 18, 11:22 AM
    • 2,260 Posts
    • 1,777 Thanks
    Willing2Learn
    • #7
    • 13th Aug 18, 11:22 AM
    • #7
    • 13th Aug 18, 11:22 AM
    Thank you. I am over thinking and over thinking.
    Originally posted by exlews
    If you want something else to think about then why not post your Statement of Affairs (SOA)... Just fill out the SOA form, click on the 'format for MSE' button at the bottom and post it up here.

    http://www.stoozing.com/calculator/soa.php
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • exlews
    • By exlews 9th Jan 19, 5:08 PM
    • 12 Posts
    • 3 Thanks
    exlews
    • #8
    • 9th Jan 19, 5:08 PM
    • #8
    • 9th Jan 19, 5:08 PM
    I posted sometime ago and now really need some advice. As previously stated I am on my ex's mortgage. Signed an affidavit 10 years ago to say no financial interest in property. Finally he has been able to secure a mortgage on his own. I have just received all the paperwork to sign and transfer deeds and equality but one of the things it say is by signing it I am declaring myself solvent.

    Whilst I am not bankrupt yet things have now started to default. I am still not sure whether I was going to declare bankruptcy but try settlement offers at some point. I am not getting a single penny from the deed transfer. Its not mine in anyway but now just worried that I may be fraudulent in signing this form.
    The worry just keeps coming and coming...
    • debt doctor
    • By debt doctor 9th Jan 19, 8:11 PM
    • 4,395 Posts
    • 6,073 Thanks
    debt doctor
    • #9
    • 9th Jan 19, 8:11 PM
    • #9
    • 9th Jan 19, 8:11 PM
    Hi,

    Sorry for the difficult time you have had recently.

    You cannot sign a document transferring a potential asset if you are insolvent, and it does seem that you are insolvent. Transferring an asset whilst you are insolvent would allow your trustee (if you became bankrupt) at a later date to overturn that action and make a claim against your ex to obtain money to the value of the transfer.
    Normally the trustee can only go back 5 years to reverse these transactions, but that would depend whether it was deemed the transfer took place 10 years ago (with your agreement) or whether it is happening now with the document you are being asked to sign.

    What was the equity position in the property when you left 10 years ago and what is it now?

    It would be highly unusual for a trustee to apply to court to seize information regarding bank accounts of non bankrupt associates. The trustee would need to show substantial reason to the court and would have to fund that action. I do think as others have said, that you are over thinking that one.

    The fact is you may well NEED to go bankrupt. Your situation will be looked at and you will have to explain your actions about betting and bank accounts, but ultimately it will be dealt with and you would become relieved of all the stress you are now under.

    DD
    Last edited by debt doctor; 09-01-2019 at 8:43 PM.
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
    • exlews
    • By exlews 14th Jan 19, 6:02 PM
    • 12 Posts
    • 3 Thanks
    exlews
    Hi Debt Doctor. We purchased the house in 2007. I left 7 months later in 2008. When I applied for Housing Benefit a year later (i went back to my parents for a year) I signed the affidavit. Housing Benefit checked with Land Registry when I applied and the value of the property had decreased in value by 38k. Now there is 100k equity in the property. None of this is mine at all.

    I am hoping to avoid BR and try settlement offers maybe if i can pluck up the courage to speak to my parents. This clause has just worried me as I don't want to act fraudulent I have called a solicitor but the cost is over 200 for advice, which I haven't got. Just don't know what to do and now my ex wants me to sign and I can't. .
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