www.iva.co.uk

My wife has a business. I have lost my job and the most I can earn at the moment is £50 a week for delivering for the business. Things are difficult for her therefore she can't help me financially. it's a shop and we live in the flat above. The mortgage is by way of a business loan with the bank. Although I am not a partner in the business and have had no function in it, the bank asked me to sign the loan documents with my wife. They opened a fictitious "partnership account" for the sole purpose of us putting the money in each month and tranferring it straight out again to pay the loan. I have debts that I am now unable to pay. Does this mean that whatever I do will impact on my wife's business even if she can still fund the mortgage?

Why cant you get a job earning more than £50 a week??
Is opening a fictitious account a normal practice??
Are you saying the business loan is secured on the flat??

Sounds a little odd to me.

It will really depend upon whether you have created a legal partnership or not - and this is perhaps an area where you should take legal advice before deciding on an appropriate debt solution.