My house is mortgaged but all in my husbands name

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alison938
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by alison938 » Fri Aug 11, 2017 7:51 pm
Lisa Thomas wrote:
Foggy wrote:
Lisa Thomas wrote:
Thanks Foggy

Can you tell me if this works?:

https://youtu.be/mAkQsVSCnqo



Yes, that one works :-) Well, at least for me :-)


Thanks Foggy.


That works for me also, thank you.
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alison938
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by alison938 » Mon Aug 14, 2017 12:38 pm
Hi everyone, I've opened a basic bank account and in the process of taking my name off the joint account.
My husband is extremely worried that this will effect him, as he would want credit in the future, I had a web chat with national dept line on Saturday, they have said cause I have lived in the house 18 years that that would count a assets, even though my name is not on the mortgage, my husband as suggested we sell the house to pay the dept and rent for a short time, I really don't want to do that as we only have 7 years left on the mortgage.
Would they take my husbands income into account with the Iva? He as loans but are being paid for, the credit cards are in my name which is becoming a struggle, it's all my fault and wish I could turn the clock back, the other alternative is I leave and get myself somewhere to rent and try to keep this house out of it, really unsure about everything. TIA.
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Michael Peoples
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by Michael Peoples » Mon Aug 14, 2017 1:12 pm
There are a number of things here. A joint income and expenditure account is usually done but your husband's surplus income is his to do as he sees fit. If he has always paid the mortgage then this would be shown as otherwise it could be argued that you have an equitable interest in the property. It is not an exact science and usually in an IVA creditors are happy to accept a six year arrangement in lieu of any claim you may have.

If your husband was paying the entire mortgage could he then afford to meet his own debt repayments? If not then he too may need to look at some form of arrangement with creditors. Selling the property and repaying creditors is certainly an option but if it could be avoided then most people prefer to keep their house.

You could always propose an IVA and if creditors reject there is the option of debt management or a sale but by this time your credit file will have been damaged. There is no definitive answer so it may depend on what creditors you have, the amount of the debt and the value of the equity in the property.
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Foggy
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by Foggy » Mon Aug 14, 2017 1:19 pm
National Debt Line are plucking at straws -- an equitable interest is not something they can determine and usually needs to be decided in the courts. I would suggest you speak to a more amenable firm. As Michael Peoples from McCambridge Duffy, mentioned, sometimes a creditor m seek to add 12 months to the term to offset any presumed interest, but the IP should not presume to include it from the start.

Your husband's income will need to be given in order for the IP to assess amd apportion fair shares of expenses you are allowed -- if he refuses (as is his right) to divulge his details they will assume a 50 / 50 split. Some firms (noteably, Payplan) will seek to draw him into the IVA and add his income to the arrangement. Most don't.
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Lisa Thomas
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by Lisa Thomas » Mon Aug 14, 2017 2:05 pm
It will be very difficult to prove that you have an interest in this property that could be attacked, and recovered, if Bankruptcy were to take place.

I would expect your chosen IP to refer to it in the Nominee report and let creditors decide whether or not they want a Trustee in Bankruptcy to try and recover your alleged interest, which will be extremely difficult, if not impossible notwithstanding the costs involved in bringing such a claim about.

The Nominee would cover that point and recommend whether the IVA should be accepted or not.

If they feel creditors have a good chance in recovering the property through Bankruptcy (I don't think so...) then they would tell you that in the early stages.

I've had an IVA like this before and we disclosed that the debtor's wife owned the property and I felt it highly unlikely that any claim could be brought against the property by the Trustees if Bankruptcy were to ensure.

The creditors accepted the proposals and the IVA was granted.
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alison938
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by alison938 » Mon Aug 14, 2017 2:29 pm
Yes my husband could still pay the mortgage as well as his owns dept, he pays most of the other bills, I pay a small proportion as well as all the credit cards and buy food, I know he can do a disassociation, he doesn't have much left, that's why I sort the food bill out, I'm self employed, a sole trader, between 2015/16 I earned just over £8000, not done the next tax return yet.
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Lisa Thomas
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by Lisa Thomas » Mon Aug 14, 2017 3:55 pm
Subject to other consideration, if you don't own this property I would consider Bankruptcy as an option rather than an IVA.
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alison938
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by alison938 » Mon Aug 14, 2017 4:54 pm
Could I ask why bankruptcy instead of an Iva please?
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kallis3
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by kallis3 » Mon Aug 14, 2017 5:32 pm
I would have a word with an IP - you may be better off as BR is 12 months after discharge and you may or may not have to make any monthly payments for 3 years. Depending on your debts and disposable income you could also consider a Debt Relief Order.
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alison938
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by alison938 » Mon Aug 14, 2017 6:45 pm
Thank you for all the advice, I don't think I could get a DRO as it's around £30000.
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luluj
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by luluj » Mon Aug 14, 2017 8:30 pm
DRO would not be a route with that level of debt. Bankruptcy or IVA potentially are options for you to.
consider - I appreciate lots to take into account and consider right now - spend time talking to a number of potential IVA companies to ensure your true circumstances are reflected in any proposals made.
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alison938
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by alison938 » Mon Aug 14, 2017 8:55 pm
Thank you
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Lisa Thomas
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by Lisa Thomas » Tue Aug 15, 2017 8:25 am
My videos give you the basics.

The key is you tend to have an IVA to protect your employment/Directorship or assets.

Payments in bky are 3 years. You can match this in an IVA if you don't use the protocol terms, which are 5 years but depending on your circumstances there may be little point going down the IVA route.

https://youtu.be/mAkQsVSCnqo

https://youtu.be/zrQruCDiw5w
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kallis3
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by kallis3 » Tue Aug 15, 2017 8:42 am
Let us know how you get on. A good IP will give you all your options and, hopefully you will find a good solution.
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alison938
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by alison938 » Tue Aug 15, 2017 10:04 am
Thank you all so much, to say I'm not worried is an understatement, feel so sick about it all, more so as it's affecting my marriage, could you recommend a good IP.
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