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Bodhi
| 16-01-2012 05:03 PM |
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Joined: 16 Jan 2012 Posts: 1 | Long story short.. Marriage broke up in July 2011, The property has a interest only mortgage of £184K and Secured Loan of a settlement figure of £51K property is worth on a good day £225K (shortfall of £11K without expenses) both Mortgage and Loan are in joint names. I have personal un secured debt of circa £40K Ex wife has un secured personal debt of circa £45K I have been paying the Mortgage and all household bills since she left, she has been paying the secured loan payments, due to her losing her self employed business through feckless behaviour etc she is no longer able to pay the secured loan payment. Due to redundancy two years ago, my earnings halved, have been in arrangements with un secured creditors for payments, ie dribblng money at them rather than clearing anything. As she will no longer be paying the secured loan WE will default on this, I cannot afford to pay both (and no reason why I should throw "good money after bad" as the secured loan was used to buy her now failed business) it is an interest only mortgage anyway so basically getting nowhere in apying the mortgage off. I (We) need a clean break, the marriage is over and we need to move on, she has decided to go bankrupt, My thought is to walk away, hand the keys in and go bankrupt to, I know the effect this will have on my non existant credit rating! I can afford to rent elsewhere and start again, away from the ties to the "marital home" I can carry on paying the mortgage, but re-possesion will happen anyway as she is not paying the secured loan, so really want to speed up the inevitable! Any advice greatly recieved, should I declare bankrupt now, move out and just tell Santander I am going bankrupt and post the keys or wait until the re-posession has taken place, the mortgage shortfall is known then go BR for the shortfall and the un secured? Other things to consider: I have no assets, no car etc, just household white goods and a reasonable TV, so really think BR is the best option, she is taking most of them anyway (greedy bitch! but that is another forum topic!) I will basically have a TV, Sofa, Bed and a few pieces of furniture and clothes, will the OR want these off me? the cost of selling them for a pittance cannot be worth the trouble? Sorry for the long post, but really just want a life back debt free in a few years...... bugger owning a property again. |
