Devastated

[Liedto]

I have been married for 4 years (I'm 37 my husband 43). I have recently discovered that my husband has £200k worth of debt. We bought our house 4 years ago for £290k I put down £60k the equity from my house I sold. My husband had a house to sell and so borrowed £50k from my father the condition being as soon as the house was sold it would be returned. 6 mths ago I found out my husband hadn't been paying our mortgage. We are £10k in arrears, he had been hiding the post from me. After further investigation my father found out about my husbands debts. In the meantime my dad had to get a loan for £20k against the money borrowed from him. I have been repaying this for 1 year. I am devastated.His other house has now been reposessed. Our building society had a suspended possesion order on our home. My husband is authorised and regulated by the FSA and is a big earner so he's been brushing it under the carpet. He has lied to me from the start. If he had told me I would have understood and helped as much as I could. I am a secretary and earn a pittance. I sought advice from a solicitor and have severed our joint tenancy agreement. However, we have 3 charges on the house. I have never been in debt. I don't even have a credit card. I have loked into an IVA for my Husband and he says it's going through the process. Appart from the obvious how else with this effect me? I intend to divorce my husband once his IVA is in place, but, will I lose my equity in our home? Please don't think I'm callous I have done my best but HE STILL SPENDS like he can. He has lied and cheated friends and family. As he is authorised and regulated I feel he may lose his job. If he would just listen to me and understand his predicament I would stay but he doesn't.

[Adam Davies]

Hi
From my limited knowledge your share of the equity will be safe,presuming you had a clause put in when purchasing the property, but do take proper legal advice.
Your husbands job may be affected by entering into an IVA so he will need to contact his governing body and check before deciding which way to go.
I feel for you and hope that you can come out of this situation as quickly as you can.
As I say you need to take further legal advice.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Hi Liedto

I am really sorry to read your post - but rest assured that your share of shared assets is safe from your husband's insolvency. If he is going to propose an IVA on the basis of an equity release from the property, this can only be done with your agreement.

Your husband is likely to be unable to practice as an IFA, as if he is insolvent he will not pass the FSA "net-worth" requirements, but I suppose that it up to him to sort out. What do the debts relate to, do you have any idea - and has he yet consulted an insolvency practitioner for advice?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jasperyogi]

Hi there, this is my first time on the forum, and just reading your story has made me register instead of sitting at the keyboard with lead fingers. I just wanted to say that although things seem really bleak at the moment there is a light at the end of the tunnel. Up until 6 months ago I was A very happy married mother of two, with two adorable children and a husband I adore....our only worry then was where the next holiday will be. Then suddenly my 2yr old daughter stopped breathing out of the blue after a fall and after investigation she has a condition which causes her heart to stop when she is shocked or suffers pain. Needless to say being a mum first, and a medical professional second, I left my job to watch over her 24/7. And here we are as a result looking at a creditors meeting on aug 24th. But hey.... We all have life and our health.
I just wanted to say your not alone in your anger, disbelief, fright etc etc etc...just keep strong and good luck for the future.

[Skippy]

Hi Liedto, I can't offer any advice, but I just wanted to say that I really feel for you, and I hope you can get things sorted out. This must be a terrible time for you but if you need any help or advice (or even just a rant!) please post on the forum. There is always someone on here, and we can all understand a little bit of what you are going through.

Jasperyogi, I'm sorry to hear about your daughter. Good luck for your creditors' meeting, and please let us know how you are getting on.

Good luck to both of you x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[jasperyogi]

Hi Skippy, just wanted to say a big thank you for your support....I'll keep you informed re the creditors meeting...WHY SPEND LIFE WORRYING.....WHEN YOU CAN SPEND IT SMILING!![:o)]

[mish1953]

Hi Liedto ... gobsmacked !
I dunno , I always thought that a marriage was meant to be a partnership .. this geezer is beyond belief .
You said that he said he was going through the process of an IVA ... r u sure ? Given has past history in telling porkies ?
If you haven't done it already get a solicitor sooner rather than later .

On the lighter side -- do u know anyone that can give him a good kicking ?

Jasperyogi - my heart goes out to you .. good luck

slainge
Mish

[hymers]

i HAVE NO ADVICE BUT WANTED TO WISH YOU GOOD LUCK I REALLY MEAN IT J X

[BlueShoes]

I second hymers post.
I wish you all the very best with your future, whether that is with or without your husband.
Blue

[scaredkez]

hi i too would like to wish you the best whatever happens keep posting and let us know you are ok.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[sonyse2t5]

This other story is similar to the one liedto provided...

http://www.debtquestions.co.uk/debt_for ... hp?t=19685

[Liedto]

Oh my goodness. I have been so scared of logging on. I thought that I would be bombarded with hate messages saying I was selfish. I have just cried. Thank you so so very much for the messages of support. Jasperyogi - ty and I am sorry to hear about your daughter, that does put things into perspective, however, you will fly again. Mish1953 thank goodness people can not see what I am thinking, I would be locked up. Latest is... He is using Clearstart for the IVA. He was advised by them to get a remortgage on our home, he signed the papers and passed them to me to sign, but when I looked borrowing £500k resulted in us paying back £1.5m. I didn't sign. Now he has been advised that he MUST remortgage the property in order to get an IVA. I asked him if he cannot release the equity at a later date in perhaps 3 or 4 years but he said no they won't do that. I don't believe anything he says. Now he's talking about us going on holiday at the end of the year!!!! His Jaguar (yes Jaguar) recently failed it's MOT it needed 2 new tyres. Cost of 2 tyres £900. HE WAS GOING TO GET THEM. I found an alternative place - he says he paid £100 for each tyre. I know that he will have told them if a woman calls asking about Jag tyres tell her....... What the hell is going on in his mind? He can't sell his car as that too is on the never never and is worthless it's worth less than he owes. Anyway now I shall read your storys. Once again thank you so much for your support it really has made me feel a little better. Perhaps if my numbers come up on Saturday (ok a dream) I shall contact you all and sort out your troubles.

[Skippy]

Hi Liedto, please don't ever worry about logging onto the forum. We don't judge as most of us (professionals excluded) have been in a similar situation. Please post as often as you want, we'll always listen and try to help.

I cannot believe the way your husband is acting - how is he planning to pay for the holiday? I know most of us bury our heads in the sand, but even though he is going for an IVA it sounds to me as though he is still trying to pretend it's not happening.

Regarding the re-mortgage - it sounds to me from what he has said as though he is trying for a full and final IVA rather than making contributions for 5 years, otherwise I'm fairly sure he could have re-mortgaged further down the line. However, I'm not an expert on this so I'm sure Melanie or one of the other experts will be able to correct me if I'm wrong.

Regarding the tyres - if you go on the Kwik Fit website you can search for tyre prices using the registration of the car so you can find out a rough idea of the cost.

If he is going into an IVA and planning on making contributions (as I said I'm not sure) he might have to give the Jag up as his creditors might not be happy with him making the payments.

Good luck Liedto, and please let us know how you are getting on x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[jasperyogi]

Hi there liedto,
I am so pleased you posted back was beginning to wonder how you were doing. I have to say your hubby needs his head read.... £900 for tyres and he would have got them! Does he realise the consequences of his actions and has he woken up yet???If not a suggest you buy a very good coffee perculator, maybe then he will wake up and smell the coffee!!
As for anyone thinking you were selfish how could they?
I'm not really up on house purchasing but I am so pleased you didn't sign the remortgage. Have you sought legal advice for yourself yet regarding all of this. I know at the moment you must be so angry and absolutely getting through each day like a robot but there is always someone here for you. So even if its just to rant and rave or if you have a financial question someone is always around to answer.
Take care of yourself ok ttfn
Ali

Why spend life worrying...when you can spend it smiling!!

[jane.l]

I thought I was being extravagant with my car and it’s just a Skoda! Haha

My car is the performance model and I had to get a new tyre a few months ago and that cost £120 so I should imagine that tyres for a Jag are way more!!!

I cannot offer advice practically, but I think you should sit him down ask him directly to tell you the truth as to whats going on and the future!