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By andy39
#467813 new on here,need advice please,,to cut a long story short i split with my wife last year(she had an AFFAIR) she stayed in the marital home..home with our 3 children.we bought the house for £150,ooo,,we only ever paid an interest only mortgage,,we always struggled with money,,,she has now moved her new partner in with her,,,we have a joint mortgage,,,we got in to a few months arrears last year with the mortgage when i took time off work with sickness,,,,,she then told me this week she declared herself BANKRUPT,,,and the house is getting repossesed,,,i am already in a dmp with cccs,,,we will probably loose about 40 to 50 thousand pounds on the house,,,i have been told i will be liable for this,,,i dont really want to go bankrupt myself,,,could i put this deby on to my existing dmp?,,,any advice will be helpful
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By TalbotWoods
#467823 Hi and welcome

Two immediate questions

Have you confirmed she has declared she has entered into bankruptcy or is she say this to wind you up.

Who is the DMP with, and re they aware of this possible issue

Tim
By andy39
#467843 yes she is bankrupt,,,my dmp is with cccs..they told me my forthcoming debt could be added to my existing dmp,,and maybe a few years ahead i could then look at bankrupcy if i want
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By TalbotWoods
#467853 OK at this stage she has been declared bankrupt, BUT she is still living in the house.

Until the house is repossessed then it is a case that the debt is secured on the house, and if you are joint owners the full debt falls on you as a secure debt.

If she were to walk away from the house, a couple of questions you need to ask yourself.

1. Do you want the property, and if yes can you afford the mortgage.

2. Is there any particular reason why you dont want to look at bankruptcy now?

I appreciate you dont want the added debt, but you are aware that it is coming your way, including any arrears, costs, shortfalls.

With the DMP if that is added to it, as a very very rough thought do you know how many years that may add to the DMP at your current repayment rate?

Tim
By andy39
#467873 i wouldnt be able to afford the full mortgage,,,i am going to speak to mortgaage lender to see if i move back into the house could they help me with reduced mortgage payments say for a year,,,in that time i could get a lodger in to help me,,plus house prices are going up and maybe in a few years time it may get back to its original price,,i dont wanna go bankrupt cause i dont really wanna loose the house,,at this time i wud rather stay on a dmp for a bit longer,,,will probably last a life time in dmp,,,not bothered about that,, thanks for replying,,,i havnt slept properly since she told me i am worried sick
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By TalbotWoods
#467883 I know it is a worry, but take each step one at a time, that way it wont overwhelm you.

Is she still in the house or has she left, as that will be your first hurdle.

Tim