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OK I will try and explain the situation as clearly as I can it's a little complicated (or it is from my eyes)

 

I have three loans, all unsecured - 1st - £25,000 - 2nd - £10,000 - 3rd £15,000.

I also have an argos card with a debt of £700.

A sofa I got from DFS worth £1800.

I owe the tax man £1800.

 

and now I have lost my job (well my self employed work has fallen through) and in this economic climate am very very unlikely to get another job with the same earnings.

 

I was self employed so didn't get payment protection.

 

My long term partner owns the house we live in and it's solely in his name.

We have a car which he bought but I am down as the "registered keeper" as he just learning to drive, contacted the DVLA and they say they no longer deal with legal ownership.

 

We have four children and life is about to get very tough as I can't see away to repay these debts without my old job.

 

One of the loans I have only had for a short time (4 months for home improvements) as I had no idea I could lose my job.

 

If I did become bankrupt - could my partner lose the house? Could they take the car (it's nothing flash just a Zafira)? Could they take everything in our house? Will they want to take the sofa if I can't afford the repayments on the sofa? Can I do anything to protect the childrens belongings?

 

I can't eat I can't sleep, I am really worried for my family. I feel like the life I had has just been pulled from under me.

 

Help!

Edited by RedCherry
spelling

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If I did become bankrupt - could my partner lose the house?

Not if the house is solely in his name.

 

Could they take the car (it's nothing flash just a Zafira)?

Depends on the value of the car and what it is used for, normally anything under £2000 is safe.

 

Could they take everything in our house?

Nope. Not unless you have expensive paintings and stuff.

No one will call to your house.

Will they want to take the sofa if I can't afford the repayments on the sofa?

Nope. You need something to sit on!

 

Can I do anything to protect the childrens belongings?

The children's stuff cannot be touched.

 

I can't eat I can't sleep, I am really worried for my family. I feel like the life I had has just been pulled from under me.

 

Help!

 

 

Try not to worry about it, the nice people on here will help you. :)

I'm going through the whole bankruptcy thing myself, was adjudged bankrupt in April of this year and I have to say the whole thing is not that scary!

 

Are all of the loans solely in your name?

Do you have any joint debts or accounts?

 

Its a good idea to do an income / expenditure list so that you can see what you have coming into the house and what you have left over at the end of the month.

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RedCherry

 

As rapterman has stated you've come to the right place, unfortunately I don't have sufficent knowledge to help. But it would be an idea to check all loan documentation to check that it hasn't been added without your consent. Stop worrying you will get back in control.

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The loans are in only in my name.

No we have no joints debts or bank accounts.

 

I called the bank to cancel a DD today and was told that Northern Rock might still be able to take money out of my bank. I thought once you'd canceled a DD that they couldn't take anything more out of your bank? If they did try to take anything I am going to end up with bank charges as there is nothing in the bank!

 

I have been trying sooooo hard to find some work so I could keep on paying for some of the loans but it's not going so well.

 

How will it stand that I have not long ago got a loan and can't afford to keep up the repayments? I got the loan in April 2010 for some home improvements.

 

:(

Edited by RedCherry
Miissed something out.

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The loans are in only in my name.

No we have no joints debts or bank accounts.

That's actually good news, makes things a little easier if you do go down the BR road.

 

I called the bank to cancel a DD today and was told that Northern Rock might still be able to take money out of my bank. I thought once you'd canceled a DD that they couldn't take anything more out of your bank? If they did try to take anything I am going to end up with bank charges as there is nothing in the bank!

Once the Direct Debit has been cancelled they cannot take any money out of your account, as long as it was cancelled in time, usually about two or three working days.

Is your current account with the Northern Rock?

 

I have been trying sooooo hard to find some work so I could keep on paying for some of the loans but it's not going so well.

 

How will it stand that I have not long ago got a loan and can't afford to keep up the repayments? I got the loan in April 2010 for some home improvements.

If you do go down the bankruptcy route then yes, you will be asked about this loan. As long as you can show that the loan was used for house improvements and at the time when you took out the loan you had the intention and means to pay it back, then you should be okay.

Basically the Official Receiver is just looking to make sure that there were no fraudulent motives when taking out the loan, i.e people who know that they are going bankrupt but take out credit anyway.

 

:(

 

Have you looked into a DMP or an IVA?

The total debt listed is £54,300, so a DMP will take a very long time.

An IVA would only work if you have some disposable income, and at the moment that doesn't seem likely.

BR might be your best option.

 

Have you contacted your creditors?

If you have not done so it would be wise to do so, contact each one of them explaining your situation. In writing only!

Do not pay anyone more than you can afford, some of them will be pushy but just hold your ground and don't give any creditor preferential treatment.

Edited by rapterman

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Is the property in positive or negative equity, and why is it in her nae only

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Is the property in positive or negative equity, and why is it in her nae only

 

She doesn't own the property, her partner does, and it's in his name only.

Edited by rapterman

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sorry i meant what is the equity and why is it in his name only

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Hiya

 

I have just read the thread. With regards to bankruptcy, as above, if this is in your partners sole name, this will not be affected, as the debts are in your sole name. This would be a quick option, and would take 12 months to clear your debts. However, you would need to take into account the stigma that can be attached to bankruptcy - it can be issued in the paper, can affect future employment etc. There is also an upfront cost to bankruptcy of £600, but this can be claimed back if you are on benefits.

 

With regards to the IVA, it would really depend on whether you have any surplus income to pay into this each month as to whether it would be an option for you. You would need at least £100 surplus each month to set up an IVA.

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The main BR fee CANNOT be claimed back if you're on benefits which is why so many people on or below the poverty line can't afford this option.


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Hi

 

Just because the property is in your partners sole name doesnt automatically protect he house. If there is any equity in the property then the official reciever would try to establish if you have a beneficial interest in the property. This is where you could be entitled to a share of the equity even if your not on the mortgage.

 

It would all depend on:

how long you lived there

did you have a property previously

what do you pay towards the house on a monthly basis

have you made any improvements to the property.

 

If the house is in negative equity then its ok because there is nothing for you to have an interest in.


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sorry i meant what is the equity and why is it in his name only

 

 

The property was an ex council house which the tenancy was in just his name so he bought it with a un-secured loan. He has a contract which states the house can not be sold until 2012.

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Hi

 

Just because the property is in your partners sole name doesnt automatically protect he house. If there is any equity in the property then the official reciever would try to establish if you have a beneficial interest in the property. This is where you could be entitled to a share of the equity even if your not on the mortgage.

 

It would all depend on:

how long you lived there

did you have a property previously

what do you pay towards the house on a monthly basis

have you made any improvements to the property.

 

If the house is in negative equity then its ok because there is nothing for you to have an interest in.

 

So are you saying they could make him sell the house?

 

We are not married but are cohabiting.

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I still have been unable to find another job.

 

I feel like I am hanging on by a thread :(

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hang in there i know how u feel we are up to our eyes and have had soeone come to the house tonight regarding morgage arears my hub wants to declare bankrupsy but just so scared all the time things will get better eventually u have to believe that x x x x

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I think it very unlikely the OR would make a claim against this persons house. But check with more knowledgeable people first. Doe's he pay the mortgage out of his account??????


[sIGPIC][/sIGPIC]Happyhippy1959

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