I am in arrears with the mortgage but am about to go interest only to then pay the extra to clear this then hopefully look at getting her taken off the mortgage, i am paying all bills in relation to the marital home bar for the cheaper of the 2 loans she is paying this as it was set up to come from her account from day one, i cant believe the CAB would have advised her of this aswell i might go and see them myself and see if they give me the same advice.

I am currently in the middle of a divorce and am still in the marital home although my partner has moved out, for reasons only known to her, any way we have a joint mortgage and also 2 secured loans on the property, now the house due to the global economy is not worth the total owed at the moment, she has informed me today that she has been to citizens advice who have advised her to let the house become repossesed, and then this will allow the secured loans to become unsecured and then we can get help with them through some form of debt release scheme. Now my idea was to keep payin the bills on the property till it becomes worth what is owed on it and then sell the property and walk away without any bills or possible bankruptcy. I would like some advice as to what would be best to do as i dont fancy the idea of bankruptcy and would like to try an stay away from this unless there is no other option

The problem we have is that they originally came out and the sales guy said you need to have a contingency plan you need to put this amount into a savings account with a particular interest rate and then by the end of the 5yr term you will have enough to pay the settlement figure, they have now said with 2 years left that we now need to raise twice as much as first disscussed and also that we are now not allowed a contingency plan and that, any spare money is to be paid to the creditors. So when i asked how we were to pay the settlement in a couple of years that is going to be twice the original total they just said it was down to me to find the cash to pay it they were here just to arrange the settlement and sort payments to the creditors. A complete waste of time and would never recommend these cowboys to anyone

Is it possible to get out of the contract with these complete wastes of space as they are just making our life worse and have now told us due to the current economic climate when they first came out and said they would be able to write off 70% of our debt have now told us it will be more like 50% and the figures they gave us are now miles away from what we needed to put away