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Golf88
Starting Member
43 Posts |
 Posted - 12 May 2010 : 22:38:22
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I am new to this forum but have been lurking around it reading the posts and gaining a bit of hope from what some have said. I need help and advice and I am hoping someone can help me.
I am £62,000 in debt. I have been in a a DMP with Payplan for 2 years but my debt has grown rather than reduced. The debt was wracked up when we did a big renovation to our house 5 yrs ago, the cost went up and up and the builder eventually walked off without finishing but with a fist full of money. we had to finish the house off with credit cards and all our savings. This has put a huge stress on my husband and i and after trying to save our marriage we have both decided it's better to part the ways. We are getting divorced and the process is underway. We have strangely remained friends after all of this and 25yrs of marriage. It's sad but a fact.
He is going through an IVA with 40k of his debt and I am staying in the home until I find somewhere to live, my choice to move out because he built this in the end with his bare hands and has always paid all the bills and mortgage. I am seriously thinking bankruptsy is my only option now as I can't fund an IVA and my job isn't stable enough to enter one either. I want to spare my husband and save the house if I can so he can live here. How can this happen though?
The mortgage co has told him to take me off the mortgage means he needs to make a fesh application but this is credit checked and he has no chance of passing one. If i declare BR what will happen to him? Our mortgage is £174000 and valued at about £210,000. Will the OR force a sale? I have too many questions, I know but if someone could start me off it would be a great help. What will I do?? Thank you.
Regards,
Golf88 |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 13 May 2010 : 10:16:40
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Hi Golf88
Sorry to hear about your situation.
In cases like yours, where there are a lot of issues I would suggest speaking to an adviser - there are a number of experts on this site who will happily talk to you free of charge.
Otherwise, I tend to find it's easier to deal with things bit by bit.
If your husband is entering into an IVA, the property would usually be included anyway - often by way of him raising his share of the equity to pay the supervisor towards the end of the term.
If you have joint debts, once he enters his IVA, the creditors can come to you. If you go bankrupt, your trustee will claim your interest in the property as an asset - there are a lot of issues here such as getting a "proper" valuation, potential arguments over the share of equity etc, and it would be better to seek advice based on your individual circumstances - but if you simply transferred your interest to your husband before going bankrupt, the trustee could overturn this, and you may be subject to a Bankruptcy restriction order as a consequence of trying to put your assets beyond the reach of creditors.
I would suggest you seek advice before doing anything else
Good Luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 13 May 2010 : 10:48:32
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Hi Jenny
welcome to the forum,
as someone who came very very close to seperating from my wife due to the financial stress we had put ourselves under, i feel for you both.
It is good that you are both speaking to each other, as it is likely that that any action taken by the one will affect the other.
I totally agree with Bridgewood that if both of you can sit down with a couple of the experts from this forum, you will both have an action plan to help your finances move forward. speak to a couple as they all have slightly different ways of helping so find the one that fits your personality
we found that once our financial issues had a plan and the stress had gone we actually started getting on better as a couple. It really helped having our expert talk us through the process and take the stress away from another phone call or letter
good luck Richard |
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Golf88
Starting Member
43 Posts |
Posted - 13 May 2010 : 21:50:06
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Thank you Bridgewood and Richard for your kind replies. I really need to do something and soon. How do I start? What's the forum protocol for speaking to an expert?
Regards,
Golf88 |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 13 May 2010 : 22:02:50
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No Real protocol just drop them an email or phone them, you will be suprised what hours they work
if you look to the left on the expert tag most have contact details
probably easiest to drop them a full email outlinging you situation then ask that they make contact with you Tom or soon
good luck regards Richard |
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Golf88
Starting Member
43 Posts |
Posted - 13 May 2010 : 22:06:16
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Thank you Richard, I will do it tonight and maybe get things moving. Appreciate your advice and support.
Regards,
Golf88 |
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Golf88
Starting Member
43 Posts |
Posted - 15 May 2010 : 12:20:50
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Hi, Just a quick update Richard - I took your advice and pm'd Bridgewood and a lovely lady rang me last night as pre-arranged in the morning. I spoke to her at length and David (Bridgewood) is phoning me on Monday evening to discuss my situation further. I must say I am more than a bit overwhelmed by the amount of support out there from people I have never met.... I am terrified about what the future holds for me, divorce and bunkruptcy all at the same time. I'm worried about fees for all this too. But I am strangely looking forward to starting the process, does that sound weird? I just need to start something happening. My life has been on HOLD for years now. I'm just worried that I might be perceived as 'trying to get off lightly' cause it doesn't feel like that to me. thanks again.
Regards,
Golf88 |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 15 May 2010 : 15:31:34
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well done Golf88
as i said speak to a couple of companies, they both will have the same outcome but different methods to achieve.
Dont worry about the fees, the experts know your situation. I paid for my fees to Reviva by three diferent methods, which i would not have thought about until i discussed it.
The area to focus is where do you want to be in 3 years from now, then find the best stepping stones to get to that position.
I found actually starting the process to bankruptcy a release, it gave me something to concentrate on. Bankruptcy is not getting off lightly, it could be considered the correct option for some people to go into to help their situation.
Some creditors will still want a pound of flesh and for defaulters to be publicly flogged, it could be worse you could have drummed up millions of pounds of debt then go to the government for a bail out whilst taking a massive salary. Now which (W /or B) ankers would do that ?
chin up and smile
regards Richard |
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Topic |
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Help someone please, I don't know what to do...
