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| The independent answer to your debt problems | login join |
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REALDEBT
| 28-05-2009 09:00 AM |
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Joined: 28 May 2009 Posts: 2 | Hi, please help my husband of 7 years is in over 30 grands worth of personal debt (inland revenue, lloyds tsb, halifax loans etc), he currently isnt working but i cant afford to pay his debt and keep the mortgage on, i have said if he doesnt get a job we should get divorced. However 1. if we get divorced i dont think i would be accepted to take the house in my own name and it is my home that i have lived in for many years can you over come this atall? 2. will his debt mean i loose my house, he is on the mortgage deads but hasnt paid a penny towards it...hence the debt. Please help i dont know which way to turn. |
| paladin | 28-05-2009 10:31 AM |
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Joined: 06 Jun 2007 Posts: 225 My Profile | Hi Realdebt Your husband's debt are his, not yours. If he is unemployed and not bringing in any additional income then it looks like bankruptcy is his only option. Should he go bankrupt then the Official Receiver will be interested in any equity in the house. Since the house is jointly owned by your husband, regardless of who was paying the mortgage, he is entitled to half of the equity. His beneficial interest can be bought by you therefore eliminating the need to sell the house to access the equity. If you live in England or Wales then an IVA may well save your house depending on how much equity you have in it. However, an IVA requires a stable income to make the 5 year repayments which means he needs a job! Your options appear to be, 1. Re-mortgage and clear your husband's debts. 2. Your husband gets a job and slowly clears his debts through debt management. 3. Insolvency either and IVA/PTD or bankruptcy depending on whether he is working or not. 4.Win the lottery :) Obviously all the above will impact on your husband's credit score and consequently this will effect your next mortgage application. So you may want to bear this in mind when making a decision whether or not to go it alone. P |
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REALDEBT
| 28-05-2009 11:34 AM |
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Joined: 28 May 2009 Posts: 2 | Thank you for your help. |
