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I've recently split from my husband - the financial pressure is just too much. We have a lot of debt and negative equity in our home. I owe 22,500 and my ex owes 12000 on credit cards and loans. I stopped paying most of, mine over the last year and I don't answer phone calls and mainly ignore the threatening letters. I work 3 days per week as a primary school teacher and I get tax credits as I have a 14 month old daughter. My ex pays the mortgage - well it's in his name anyway! I pay everything else. That makes it a struggle to just survive from month to month. I know that eventually I might be taken to court for making no payments but I'm not worrying about as I figure I should just apply for lila br then. I have no assets and a low income. I have cca'd all my creditors and none of them have beeen able to produce my original signed credit agreement. Hopefully they'll all go away and in 6 years my credit file will improve.


Anyway, my husband no longer wants the house in his name and wants to sign it over to me. As I don't want to move house in the future this is fine with me as I'm sure I won't have negative equity in the house forever. The negative equity is about £40,000. He says he's happy to keep paying the mortgage but he wants it off his credit file so that he can get another mortgage. My name is on the title deeds but not the mortgage. As I cannot obtain a mortgage due to my position can he do this? The mortgage is with northern rock. Hope this makes sense, any advice would be appreciated.

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The fact that your name is on the house title rules out LILA. Under the present system the only way you could bankrupt is if a creditor takes court action and serves a charge for payment. Please note that many creditors obtain Decree but never serve the charge as they know it will be used to go through the Sequestration procedure. However, council's now serve a charge for Council Tax arrears and Parking Tickets. To cut to the quick Bankruptcy is not an option without this document.


You could consider the alternative, which is Trust Deed, in the event that you did not make payment, your Trustee would have an automatic right to Bankrupt you.


As for the house it is unlikely that any Trustee would have an interest in a property that has such a high level of negative equity.


I apologise for the way this is written as I am very short of time.


Nevertheless, I hope it is of some assistance.

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more info on trust deeds:


National Debtline Scotland | Debt Advice | Factsheet 21 Trust Deeds


re the house, if you cannot get a mortgage then your ex is stuck with it

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You will need to consult a family law solicitor to prepare a Minute of Agreement to ensure that your husband meets his financial obligations to you and your daughter.


The concern is that he might expect you to take out a mortgage for the house thereby releasing his obligation and allowing him to get a mortgage to buy his own house.

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  • 3 weeks later...

A Minute of Agreement is a legally binding agreement which is drawn up by solicitors acting for both parties.


Given your situation, you would want to ensure that your husband is legally committed to providing financial support for you and your daughter. Should he fail to provide that support then you would be able legally recover any monies due.


To do this you will need to consult a family law solicitor - shop around for quotes to ensure that you are getting the best deal. A friend of mine recently paid £900 in legal fees to her solicitor for a Minute of Agreement to be neogotiated and agreed.

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