Someone please help. My boyfriend has debt totalling £54,000. He has no assets at all. He has lived with me for the last 2 years but not paid a penny towards the house as his debts take all his monthly earnings (leaving me to pay everything). We have just had a child together and before i was just about making ends meet with my wages. Now that I'm on SMP i can just about pay my loans/bills but now need help towards the house/baby from him. I've told him i don't want anything to do with the IVA/BR, it's his problem. I know this sounds harsh but right now with a new baby and my own money worries I can't deal with his as well.
We've dicussed him paying me rent and half the council tax/electric bills and money towards the baby, after living expenses he can afford to pay £300 maybe more with overtime towards the IVA.
Please can someone advise to what the best option is for him either IVA or BR.
hi bex and welcome. im sorry you are having a stressful time.
i cant advise for bankruptcy but hopefully an expert is nearby.
is the house in both your names or is it solely yours because if your partner opts for an iva they will want to know your details in regards to household contributions etc purely so an ip can assess how your partners income and expenditure is set out and obviously if he started paying you a rental contribution this is why they need this info. has he spoke to any body regarding all his options yet ? keep posting somebody can help !
You need to speak to an Insolvency Practioner as soon as possible Bex. That way your boyfriend can gain advice as to all the options open to him.
Your money will be taken into account in an IVA, but only to ascertain that the household bills are shared fairly.
Visit www.iva.com where you will find reputable companies to contact, or you can contact one of the IP's or debt advisors who post on here. Melanie Giles, Size 5, Andy Davie or VikiW will all give good advice and come highly recommended by oher posters on here.
Your boyfriend can speak to one or more of them, and then decide his next move, but I recommend phoning sooner rather than later.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thank you for your reply.
Yes the house is in my name. He has spoken to one lady on debt line, she told us that if he went BR they would try to take equity from my house........but he has never paid anything towards it!
Another person from debt free direct wants to know all my mortgage details like how much I pay and who it is with. I really don't want to give out this kind of information
1) because I'm worried that as I was paying all the mortgage before his IVA ill expect me to keep paying all of it (which I now can't afford without his help)
2)I didn't a mass these debts yet it feels like I'm being roped into it.
I don't know what to do and the stress isn't helping. I just want to enjoy my time off with my new baby.
They are just big firms you are phoning Bex, you need to speak to someone who has a more personal approach.
Melanie's details can be found under the experts link on the left hand side of the page, or on any number of postings on here.
She does come highly recommended and I am sure will give you the advice you need.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
hi bex i echo what kal says-get your partner
to give melanie a call-she is a very honest warm person who will give excellent help and advice good luck x
I agree with the others - you and your partner need to take professional advice regarding your situation, and Melanie is highly recommended.
BTW I lived with my partner in his property (we're not married) and as I hadn't made any payments to him prior to my IVA or subsequent BR I had no beneficial interest in the property. Once I went BR I had an allowance to pay towards the bills and pay him 'rent'.
Professional advice for both of you is essential here - and the IP will need to know details of your finances in order to advise you both appropriately.
If your partner has not contributed to the property, he is unlikely to have any claim over the equity, but nothwithstanding this he ought to be paying some contribution by way of rent and towards the household bills.
