Bankrupt info needed

gary996 · 21 Jan 2011 at 15:02

Type of happened to be many many years ago. My 1st wife dumped me after 8 months married we handed the keys back on the house. I went off abroad for 8 years travelling.
Came back to UK set up home and get a bill for 10 grand shortfall on the old house. I tell them I only have to pay half as it was in joint names. They tell me they have contacted my ex and due to having kids and living on benefits she can't pay anything.. So it was down to me......Thank you very much

Morba · 21 Jan 2011 at 15:03

gary996 said:
Type of happened to be many many years ago. My 1st wife dumped me after 8 months married we handed the keys back on the house. I went off abroad for 8 years travelling.
Came back to UK set up home and get a bill for 10 grand shortfall on the old house. I tell them I only have to pay half as it was in joint names. They tell me they have contacted my ex and due to having kids and living on benefits she can't pay anything.. So it was down to me......Thank you very much

If you are legally only meant to pay 50% then how can they chase you for more?

monkeyspank · 21 Jan 2011 at 15:12

Joint mortgages aren't 50/50 dude

The Halk · 21 Jan 2011 at 15:14

Nah, it's 100% each - whoever pays up first, pretty much.

The 8 years thing I am not so sure about.

div0 · 21 Jan 2011 at 15:16

Morba said:
If you are legally only meant to pay 50% then how can they chase you for more?

I'm not sure you are only legally responsible for 50% of the debt though.

You are (jointly) responsible for 100% of the debt, but if one party can't/doesn't pay, then they other one can be chased for the full amount. At least that's how I understood it.

Which is why you can end up with problems when one person fails to pay things like Council Tax. Even if you pay your 'share', the debt is treated as one debt in both names. They will continue to chase you both, until it is paid in full.

Morba · 21 Jan 2011 at 15:21

Then he is screwed

The Halk · 21 Jan 2011 at 15:23

div0 said:
I'm not sure you are only legally responsible for 50% of the debt though.

You are (jointly) responsible for 100% of the debt, but if one party can't/doesn't pay, then they other one can be chased for the full amount. At least that's how I understood it.

Which is why you can end up with problems when one person fails to pay things like Council Tax. Even if you pay your 'share', the debt is treated as one debt in both names. They will continue to chase you both, until it is paid in full.

That's quite correct. I've come across cases where the boyfriend and girlfriend split up. He moves out and rents a flat. He still keeps paying his half of things. She refuses to move out. She stops paying her half of things. He either has to pay it all or he gets a ruined credit history since she refuses to sell.

All sorts of sob stories...

booyaka · 21 Jan 2011 at 15:24

speak to CAB & http://www.nationaldebtline.co.uk/

Metalface Mark · 21 Jan 2011 at 15:24

div0 said:
I'm not sure you are only legally responsible for 50% of the debt though.

You are (jointly) responsible for 100% of the debt, but if one party can't/doesn't pay, then they other one can be chased for the full amount. At least that's how I understood it.

Which is why you can end up with problems when one person fails to pay things like Council Tax. Even if you pay your 'share', the debt is treated as one debt in both names. They will continue to chase you both, until it is paid in full.

That is correct. My girlfriend has similar problem with her ex, she is good with money, he is horrendous, they finally sold one of their properties, she paid her half of the sale fees (as there was no money in the property), he hasnt paid hers but the lawyer wont accept her half of the money, so its stuck with solicitor, she has been told they will be pursuing both parties for the money, even though she has technically paid her half.

Dont get involved with anyone who is bad with money.

gary996 · 21 Jan 2011 at 20:39

The Halk said:
Nah, it's 100% each - whoever pays up first, pretty much.

The 8 years thing I am not so sure about.

Found out after I came back that mortgage debt is valid for 10 years unlike loans which I think is 3 years. should have stayed out the country for 2 more years.

Iceman · 21 Jan 2011 at 20:52

When you declare yourself bankrupt you have to list the debts you are declaring against. Once this goes through the debt companies are not allowed to chase you for the money. Depending on your money circumstances you may not have to anything towards the debts just depends on what your official receiver says after they look at outgoings etc.