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soscared
Junior Member
United Kingdom
229 Posts |
 Posted - 21 August 2008 : 17:02:05
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where do i begin...5 years ago i got divorced after married 22years. had a settlement of £45000.00. got a council flat as at that time i was not working spent a good amount on doing it up and living as my ex left me virtually with no money for a year and i managed to borrow off friends and family and when i paid back what i owed had around £35000.00 left. I managed to get a job and 3 years ago bought a flat put £20,000 deposit down and kept rest back to do it up....then i met someone who moved in with me...as the flat got done up runout of money so increased the mortgage to finish it off. Then my car which was bought and paid for was not big enough so we bought a bigger car (as he had kids) on hp...and the story goes on..he could not get credit..then went self employed and things got worse. borrowed one loan after another, paid off remortgaged..another loan and credit cards..all in my name as although he got accepted onto the mortgage he still could not get credit. stupid i know but i did believe him when he said dont worry and everything did get paid, late last year however he had problems getting work,,he did get a good paid job since about feb and we have continued to pay everything except we are about £300 in arrears with the mortgage.
the situation now is that he has upped and left....i know my only option is to go bankrupt....73000 mortgage, valued at 87000 last sept.
£23000 (2 loans) £3000 credit cards.....also had a van which he used for work which was written off and insurance paid off hp last wk..
i have been to several companies who have advised me that with the mortgage alone and my essential bills and living expenses i will have about £40 disposable income to pay off any debts.
i have looked on the bankruptcy forms on line and just freaked i do not know where to start with it all..i am handing the keys back to the building society...so any shortfall once the building society have done will be included in the bankruptcy. i know to include the loans..i dont know how to fill in about my previous divorce settlement from the marital home as my ex bought me out. I am scared that i would be looked upon as totally stupid and irresponsible taking out all this credit and getting into a mess over the last 3 years......all this on top of a failed relationship to deal with
sorry to have rambled on but i dont know what to do......... |
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ann.s
Junior Member
238 Posts |
Posted - 21 August 2008 : 17:13:17
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Welcome to the forum soscared, you are with friends here we all have to ramble and rant on now and again, Sorry I can't help you with your situation but our resident expert john will probably be along shortly.
Take Care
Ann |
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soscared
Junior Member
United Kingdom
229 Posts |
Posted - 21 August 2008 : 17:33:20
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| thanks ann - just glad i go the courage to put it all down. have been reading this site for weeks and would have thought there was no solution at all if i had not have found it. |
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ann.s
Junior Member
238 Posts |
Posted - 21 August 2008 : 17:48:52
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Soscared, I was the same it took me weeks to build up the courage to post, It is the first step to sorting out your future. Everybody on this site are in different situations but always try to give help and great advice.
Me and hubby are not going BR till 8th Sept as he works away not due back till 28th Aug so 8th seemed a good day as he does courses whilst he is at home, had to find a week where he wasn't away, to sort things out. We are hoping to stay in our house as we are in negitive equity on our property and hoping to buy the BI we have paid the mortgage and utilities up todate never missed only started missing the loans/cc in July and the phone calls and letters have never stopped, I don't answer the phone, I think I'm a chicken as I'm not the type of person to answer back or be confrontational, I would probably give in to them. There is always light at the end of the tunnel.
Take Care
Ann |
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John
New Member
United Kingdom
73 Posts |
Posted - 21 August 2008 : 20:40:32
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Hi soscared
please don't worry. If you look through the forms for the first time they can seem a little daunting.
Stick with this forum and go through the form section by section at your own pace, you will get there.
First thing to do is to consider where you will live if you give up the property. If you need to accrue funds to go into a private rental you can achieve this by not paying the mortgage for 3 months before you move on as the mortgage lender cannot begin repossession proceedings until you are at least 3 months in arrears.
The £23,000 plus the £3,000 will be written off in bankruptcy. As you correctly say, any shortfall on the sale of your property provide you write it into your SoA at the time of bankruptcy will also be written off, for you that is.
Here comes the sting in the tail for your ex partner, if he is on the mortgage and you go bankrupt then it is he that will be liable for the shortfall and if he can't pay he too will likely be made bankrupt by the mortgage lender.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 21 August 2008 : 22:47:19
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Hi Soscared
Welcome to the forum.
Like ann has said we are all in the same boat, we went BR on the 4th of Aug and it was the best thing we did, no letters or calls this week and its great.
The forms do seem quite daunting but we have all filled them out and we can all help you as John has said post your questions and we will answer to the best of our knowledge.
It is a very worrying time but dont let it get you down, its not as scary as you may think although it may sound easy for me to say as i have done it now but yes i was very nervous just before we went to court but all the members here gave me hope and advice and now i try and give some back.
Take care
JO
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!" |
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soscared
Junior Member
United Kingdom
229 Posts |
Posted - 21 August 2008 : 23:07:49
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thanks everyone, i will look at the forms a section at a time. i dont even know what SOA is..
i have actually seen a house to rent privately with a mobile no in the window. rung the landlord and am going to view it tom...even told the landlord i was having the flat repossessed. he said he would just need to see my bank stas and ref from work but did not tell him that i will be going bankrupt..so when i get paid next wk if i dont pay the morgage should have enough for bond and first months rent. but it means i wont be able to pay for the bankruptcy fees until the end of sept. and i know the calls will start next week as the loans will and mortgage will be due by then... |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 21 August 2008 : 23:13:12
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Hi Soscared
SOA is Statement of Affairs, its the form that you fill in and take to the court with you. It lists all debts, income, expendtiture, why you are in the mess your in etc etc.
Its all there on the insolvency site and all you do is fill in the 13 sections, save and submit when ready, then print of 3 copies one for the court, one for the OR and one for you to take home.
Good luck with the house hunting.
Jo
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!" |
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John
New Member
United Kingdom
73 Posts |
Posted - 22 August 2008 : 00:56:13
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Hi soscared
as soon as you move into the rental the letters and calls to landline will obviously stop because you won't be there and you've no need to notify any of the creditors of your new address.
If you have a mobile buy a pay as you go sim card (some networks don't charge anymore for these) let all your family and friends have the new number and Hey presto! no more hassle and when you go bankrupt the OR will deal with them.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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chewy22
Junior Member
United Kingdom
203 Posts |
Posted - 22 August 2008 : 22:00:33
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Sorry to highjack this thread soscared but could this happen to me John
[Quote]The £23,000 plus the £3,000 will be written off in bankruptcy. As you correctly say, any shortfall on the sale of your property provide you write it into your SoA at the time of bankruptcy will also be written off, for you that is.
Here comes the sting in the tail for your ex partner, if he is on the mortgage and you go bankrupt then it is he that will be liable for the shortfall and if he can't pay he too will likely be made bankrupt by the mortgage lender.
Link to my thread http://www.bankruptcyhelp.org.uk/forum/topic.asp?TOPIC_ID=1823
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John
New Member
United Kingdom
73 Posts |
Posted - 22 August 2008 : 23:38:11
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Hi chewy
I have just read back through the details of your previous posts.
Obviously yours is a problem case due to the level of equity your wife has in the property.
However, the only debt that can, and would, fall to you in the event of non payment is the mortgage.
As I assume you are meeting the mortgage payments entirely on your own anyway her inability to meet her unsecured obligations has no impact on you as such.
But with £60K+ equity of hers in the property, unless you can find that kind of funding then a forced sale looks a real possibility.
As you and she are not speaking this is very difficult to overcome.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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John
New Member
United Kingdom
73 Posts |
Posted - 22 August 2008 : 23:46:20
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Hi chewy
as Melanie mentioned in an earlier post, a specialist may well be able to argue that your beneficial interest is greater than 50%.
Who paid what toward the deposit.
Who made the mortgage payments thereafter.
Who made what contribition to the household in respect of utilities.
Did you remortgage to finance her business at any time? This could be argued as coming entirely from her BI not yours.
All these things could swing the balance.
If you were in a position to settle the stat demand and get the true % split worked out, it could then be possible for you to buy your wife out of the property and she could maybe use the funds for a full and final IVA, thus avoiding BR altogether and you end up the sole owner.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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chewy22
Junior Member
United Kingdom
203 Posts |
Posted - 23 August 2008 : 17:31:31
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Thank you John. Seems that will be the answer if she could be persuaded to go the full and final IVA route. The judge at our first hearing did suggest she take bankruptcy but she refused at the time. I have no idea what stage her creditors petition is at the moment. You are correct in the assumption that I continue to pay the mortgage as I have always done in the past as well as all the utility bills. The business was set up using our joint savings and has now been sold.
I wish she would just talk to me and maybe we can help each other out but she refuses to wasting many £1000 with solicitors, which seems pointless as my calculations show she wont come out the other end of the divorce with a penny but could help myself and son loose our home.
Sorry again to hijack the thread I am at my wits end because my ex refuses to accept she has a problem.
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in a mess
