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sin68
| 15-11-2008 02:48 AM |
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Joined: 15 Nov 2008 Posts: 1 | This is very hard to explain, i will try...... Jan of this year my husband had a breakdown among other things, i belive due to debts? He was the sole owner of the business. Anyway he walked away didnt seem to care i am left to deal with debt letters and calls everything. I have since taken over the company in my name & changed to ltd company with myself as director, and so far so good. My husband has a huge amount of debt, but has just stopped paying everything im guessing at £40,000 debt. we are no longer together my worry is my home as its the only thing we have in joint names i doubt theres any equity in our home as been remorgaged etc. I have pd morgage since he left 7 months ago we have 5 kids and i dont wont to loose my home. help please |
| DW George | 15-11-2008 09:48 AM |
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Joined: 01 May 2007 Posts: 195 My Profile | Hi sin68 Welcome to the DW forum. I hope you'll be able to find some help here. You said that when your husband walked away from business you were left to deal with the debt letters. In what way? Are you taking on responsibility for these debts? Being a sole trader business, the debts of that business were entirely your husbands debts and not yours or the new limited company. You should considering buying your husband's interest out of the house. This means that you'll need to get the house re-valued, and if there is say £10k equity, then you need to come up with £5k to buy your husbands interest out of the house. Obviously if there is no equity in the house then the cost in buying his interest would be a lot less. Hope this helps George |
