Hello everyone,
My ex husband & I been departed from each other for nearly 2 years. We have a nearly 5 year old together. Bit of background- we had a house mortgage in joint names- title deed in just his, so when he separated I moved out, as my job I couldn't afford the repayments. We had a load of other debit- credit companies, rental schemes& a personal loan! And a car which the loan was just in his name! Rego in both names! He decided he couldn't live in house anymore too many memories which is fine- but we never spoke things weren't the best, he listed the house as I really couldn't do anything since I was only on the mortgage and just had to be on board with the sale to sign paper if it sold to be released from bank. It never sold as bank let us borrow all our equality leaving only 5% pretty much the house couldn't sell for more than it's worth. It went to auction after my ex just forgot about it and never continued paying. Leaving us with a 90,000 out of pocket debit from sale. Plus a joint PL and a few smaller credit loans. We've just been letting them go- as now I'm in a new relationship new baby. Not working- and I don't want to go full time then just to pay all these old debits off!! I just don't answer private numbers anymore. I explain the same story every time but no one cares. My credit History is screwed anyways so I'm stuck on what to do- it's a lot of money to try pay off I'm not working& my new partner just his own bills and debits too! Just after some guidance I guess. What would you do? Bankruptcy isn't really an idea as I have family in NZ I need to visit and I need to be able to travel
Debit- stay at home mum! Separated- bankruptcy
Debit- stay at home mum! Separated- bankruptcy
Posted in:
Money
4 Replies
you and the ex need to get financial advice together and apart. I'm sorry but there are going to consequences of either a debt agreement where you pay it off slowly over time or you go bankrupt.
Go see a financial counsellor
This happened to me but with my mum she declared bankruptcy so the whole debt became my responsibility. If you can pay it look at a debt agreement as this may still allow you to travel where as im bankrupt (my debt was over 150,000) im stuck for another year till i can leave the country
I'm a recent discharged bankrupt with 2 pre schoolers. Think about this. Your slate is wiped clean. You owe no money, no debt. All that you earn you keep. Downgrade your car, declare bankruptcy. Abide by the bankruptcy conditions. Tell your family to visit you(3 years will fly by). Start saving. In 3 years you can travel, use the money you've saved to buy a better car. Live within your means. In 7 years your credit history is history and you can start again.
Do it today, no more phone calls, no more worrying about debt. Pay small amounts towards all regular bliss weekly. Save 10% of what you earn every week. You won't look back.
Thank you- this was a very messy break up. Causing me to loose my job to care for my son. I've had to spend any money I do have fighting in meditation etc. I moved back to my mothers with nothing but the clothes I had. My ex threw everything away or sold it. It's not as simple as get a job & pay it off. I can't afford to put food on the table some weeks. These are all joint loans, we had together paying with "two" incomes! I have 2 kids that rely on me & rent to pay to keep a roof over my head. I'm going to do my best to sort this out in the new year. Those you have helped thank you- just some FB posts you don't know anything till you've Been in my shoes! I know right or wrong- yes I know what I should be doing, sometimes it just ain't that easy. Looking into a debit agreement- hoping then I will still be able to go visit our family