I need some advice my partner has walked out and left me with my 19mths old son in the house. I was in a IVA and we were planning to go bankrupt. we have so far defaulted for 1 month it have 2 months too go. I just want some advice i am now going to have to pay the mortgage on my own which I can just about afford. I want to know if I will lose my house I have no equity in the property but have paid the mortgage and intend on carring it on. He is signing the house over to me. He has most of the debts but now he has left I have even more to pay like childminding etc. I really need some proffessional advice. He also paid £10000 deposit on the house but i am guessing once he signs everything over to me he cant toouch the house? I am so worried that when I go to court to go bankrupt they are going to make me and my son homeless and my ex now has a rented house so he is fine. any advice tel numbers where i can get help etc will be good.
If most of the debts are his, then you won't be liable for those, only your own and any joint debts. Were you both in an IVA, or just yourself? If you don't mind me asking, what was the breakdown of the debts?
As regards bankrutpcy, if your house is in negative equity, then you may not lose it. Your partner may be entitled to his deposit back if the house was sold, but I'm not sure about that. If he signs it over to you, then apart from the possible return of deposit, the house would be yours.
Even if you did have to give the house up, you usually are given at least 12 months to sort out another house.
Once you have missed three payments, then your IVA will fail, you will get a letter from the IP and you will be able to petition for bankruptcy.
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.
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Please speak to your IP who I am sure will advise you - is your ex going to pay over any maintenance?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
You will not have to face the loss of your home initially - and the Trustee will try and work with you to keep you in your home where they possibly can. If mortgage payments are missed, then the mortgagee does have the right to take possessory action against the property, but you can probably negotiate a payment holiday until you manage to sort things out with your former partner.
So sorry that you have been left in this situation with the little one. Things are bound to seem rosier soon.
