will property have to be sold to release equity?

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andy.nd

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Post by andy.nd » Wed Aug 18, 2010 7:36 pm
the debts are all in my name
the property is just in my wifes name
will it have to be sold to release equity
 
 

Shining

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Post by Shining » Wed Aug 18, 2010 7:44 pm
Hi Andy and welcome to the forum.

Normally a property doesn't require to be sold to release the equity, the equity can be released by way of remortgage, with today's climate it's becoming more usual to continue with 12 more monthly payments in lieu of the remortgage but who knows what the future holds in the mortgage area.

Not sure how the equity is affected when the names of the debts are in your name and the mortgage in your wife's name, one of our professionals will be along very soon to advise concisely. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

andy.nd

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Post by andy.nd » Wed Aug 18, 2010 7:53 pm
are income is only £6000
plus family credit
my debt is £70,000 pounds
we cannot remorgage as no lender will borrow us any monies with only £6000 income
 
 

Shining

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Post by Shining » Wed Aug 18, 2010 7:57 pm
Have you spoken to any professionals Andy? if not I would suggest you talk to 2 or 3 individual companies to get impartial free advice which will be case specific to you.

If you havent already spoken to anyone, I would suggest taking a look at www.iva.com for a list of companies and our professionals who post on the forum all do come highly recommended. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MelanieGiles

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Post by MelanieGiles » Wed Aug 18, 2010 10:33 pm
Why is all the debt in your name Andy, whilst the asset is in your wife's name?
Regards, Melanie Giles, Insolvency Practitioner
 
 

andy.nd

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Post by andy.nd » Thu Aug 19, 2010 10:00 am
my wife has never owned a credit card,
i have until six months ago allways been self employed.
 
 

andy.nd

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Post by andy.nd » Thu Aug 19, 2010 6:53 pm
i thought somebody must know the answer to a simple question like this.
if the assets are in my wifes name and the debts are all in my name can anyone put a claim on the assets in my wifes name ???????
 
 

relieved33

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Post by relieved33 » Thu Aug 19, 2010 10:21 pm
perhaps if you were working and getting debt, then creditors may ask if she has benefitted from their credit to you and ask how she funded the assets. It may look a little planned if she has all the assets and you have all the liabilities!!
 
 

Adam Davies

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Post by Adam Davies » Thu Aug 19, 2010 10:23 pm
Hi
If creditors feel that you have a beneficial interest in a property then they may ask for some equity to be released.
Regards
Andam Davies
 
 

andy.nd

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Post by andy.nd » Fri Aug 20, 2010 12:38 am
ok seems like best thing to do is sell property and move into rented accomadation.
the bigger fool you are the more you get away with .
while these idle bankers are still recieving their million pound bonus
ill make sure i get my little bonus
 
 

Michael Peoples

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Post by Michael Peoples » Fri Aug 20, 2010 9:56 am
It may be worth taking some advice before you do sell the property and your wife should certainly take legal advice if her property is at risk because of your debts.

There may be a way out of this so get some free advice.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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