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Bankruptcy - Does he still have "beneficial interest"?


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In 1996 my husband was declared bankrupt following a business failure. At that time I took over paying all the mortgage payments including all the insurance endowment premiums. At that point there was no equity in the property.

 

In 2006 the Protracted Assets unit of the Official receivers "took" my husbands share of the property and the endowment policy although, by that point, I had been paying all the mortgage/insurance premium payments for ten years I made no effort to prevent them from doing so, I realise that was probably a serious mistake but it's spilt-milk now. The property was eventually re-mortgaged (in joint names) to pay the receivers and my husband's name remains on the deeds, just because we never took it off. We did sign a Tenants in Common agreement giving me 100% of the equity in the home but did not enter it with the Land Registry, because we didn't anticipate another bankruptcy situation would occur.

 

I continue to pay all the mortgage payments and all the endowment premiums with no help from my husband to this day.

 

As a result of another business failure my husband is now considering bankruptcy again although he is in negotiation with his creditors, they are not showing much enthusiasm to agree a reduced settlement presumably because they can still see his name on the house deeds. He cannot get a DRO or IVA due to the size of the debt and his lack of income at present. All the debts are credit cards and therefore unsecured.

 

The endowment policy has recently matured and I have the funds secured in my own private bank account. I paid the premiums for 20 years and I consider these monies mine. The interest-only mortgage is due in about ten months and these funds will be needed along with other investments that I have made alone.

 

What I want to know is: Given that my husband has contributed nothing to the mortgage and endowment policies for the last 20 years are his creditors or the receivers going be be able to get at my home, again, simply because his name appears on the mortgage and deeds?

 

Will either be able to claim a share of my endowment savings from my own account?

 

Is it worth me instructing my own solicitors to protect my interests should court or bankruptcy proceedings begin or will I just be wasting my money?

 

Thanks in advance for any advice.

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In 1996 my husband was declared bankrupt following a business failure. At that time I took over paying all the mortgage payments including all the insurance endowment premiums. At that point there was no equity in the property.

 

In 2006 the Protracted Assets unit of the Official receivers "took" my husbands share of the property and the endowment policy although, by that point, I had been paying all the mortgage/insurance premium payments for ten years I made no effort to prevent them from doing so, I realise that was probably a serious mistake but it's spilt-milk now. The property was eventually re-mortgaged (in joint names) to pay the receivers and my husband's name remains on the deeds, just because we never took it off. We did sign a Tenants in Common agreement giving me 100% of the equity in the home but did not enter it with the Land Registry, because we didn't anticipate another bankruptcy situation would occur.

 

I continue to pay all the mortgage payments and all the endowment premiums with no help from my husband to this day.

 

As a result of another business failure my husband is now considering bankruptcy again although he is in negotiation with his creditors, they are not showing much enthusiasm to agree a reduced settlement presumably because they can still see his name on the house deeds. He cannot get a DRO or IVA due to the size of the debt and his lack of income at present. All the debts are credit cards and therefore unsecured.

 

The endowment policy has recently matured and I have the funds secured in my own private bank account. I paid the premiums for 20 years and I consider these monies mine. The interest-only mortgage is due in about ten months and these funds will be needed along with other investments that I have made alone.

 

What I want to know is: Given that my husband has contributed nothing to the mortgage and endowment policies for the last 20 years are his creditors or the receivers going be be able to get at my home, again, simply because his name appears on the mortgage and deeds?

 

Will either be able to claim a share of my endowment savings from my own account?

 

Is it worth me instructing my own solicitors to protect my interests should court or bankruptcy proceedings begin or will I just be wasting my money?

 

Thanks in advance for any advice.

 

A creditor gained a Charge over our home and is threatening a forced sale… even though the debt is mine alone and I have never contributed and my husband has paid all of the mortgage payments… every penny, plus the large deposit to buy the property initially… yet they can still do this… it is simply not fair on the non debtor!! The law is an ass!! A shame you left your husbands name on the deeds… I hope someone can give you some good advice against these vultures...

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I think you would probably benefit from some legal advice that is tailored to your individual case.

I can't help with specific advice, but I was in a similar situation. My ex husband had his first home re-possessed during his first marriage and his first wife divorced him.

I initially knew nothing about his poor handling of money and the way he can rack up huge debts in no time. When we got married I funded the deposit of our first house out of my personal savings. We sold that house and bought a larger one with the proceeds and profits out of the first house. All in joint names.

Eventually due to ongoing credit card spending issues and inability to cope with repayments he had to go bankrupt. He kept hiding credit card statements and DCA letters, I still find them tucked away in the back of cupboards and on top of cupboards to this day.

Here is where my story is a bit different though. The official receiver took over my husbands part of the beneficial interest in the property. It was in negative equity so I was offered to purchase it back from the OR for £1.- plus legal costs which I did. But this has now left me as the sole person on the deeds, although my ex remains on the mortgage.

We got divorced and I stayed in the property with the kids, making sole payments to the mortgage and a secured loan. He is not contributing towards those payments and hasn't done so in years.

When we got divorced though there was no financial settlement as he only had debts whilst I had personal savings and a redundancy pay out from a previous employer.

The house was also still in negative equity (and still is)

I was worried a financial settlement would allow him half of my money and I would get half of his debts or something like that, so I shyed away from it and there never was a financial settlement.

Not sure how that will pan out in the future, but in my case his name was removed from the deeds when he went bankrupt and the OR got involved.

In my case it's just me on the deeds now.

As your case is quite complicated you may benefit from some proper legal advice.

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