Debt Questions forum. General questions on debt issues.

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By ama
#7127 HELP! If anyone out there has any advice, I'd be gald to hear it. Split up with my ex-husband in Feb 2000. He did not pay any child maintenance for almost a year and I got heavily debt, trying to make all the bill payments on my own. I now live with my new partner and he helps pay the bills. I was declared bankrupt in august 2001 and was told it would last for 3 years. However, when 2004 arrived, the Official Receiver told me that they control over my home until 2007 and could repossess at any time. My ex-husband has paid nothing toward the mortgage since he left in 2000, but has refused to take his name off the mortgage. This seems to have worked in my favour, as I would only be entitled to half of any profits of the sale of the house and therefore, this would not have been enough to pay off my debts - this is why the OR initially did not repossess the house. However, with rising house prices, they now seem to be changing their minds. It annoys me to think they may sell the house from under me and my children and my ex may profit financially from my and my current partner's payment of the mortgage. But I fear for what will happen to my family. As both my partner and I work, we would not qualify for council housing - but there is no way we could afford to rent privately in the current renting market. My house is my childrens' home and also home to my two step-children on a weekend - they would be devastated if it were repossessed. I can't believe that 4 years after I was declared bankrupt, I'm still being persecuted and driven to such despair. :cry:
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By JaneClack
#7146 It would not be repossessed as such but if you do not sell it they can force you to.

The OR used to own the equity in a bankrupt's property in perpetuity but from last April had to have collected the equity by 2007. Lots of cases are rearing their heads from the late 1980s with huge bills. That is why we advise that any negative equity be bought at the outset of bankruptcy and some advisers recommend before. That notwithstanding it does not help you and you could fight your ex for all the beneficial interest anyway - but then it would go to the Receiver.

I am sorry this is bad news.
#7157 There are two seperate issues to address - 1) the ownership of your house between you and your ex, and 2) the beneficial interest due to the receiver. Could you agree with your ( new ) partner to buy the BI from the Receiver and at the same time come to a conditional agreement with your ex ( via a solicitor ) that he absolves any ownership ?