Unsecured debt recovery

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Foot Long Hot Dog said:
His best bet would be to try and agree an IVA with his creditors before it hits the courts. There’s a number of companies who’ll facilitate this.

The debt is his, but if it goes to recovery she’ll have to prove the contents of the house are hers and not his. The house is untouchable if it’s solely in her name.
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Looking at it I don't think he's in a position to agree an IVA mate simply as he has nothing and I don't think he'll be getting a job soon
 

WA Toffee said:
Am I the only one who finds it weird that a married couple don't have joint accounts and ownership?
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No I also think it's weird. It will probably be different in the U.K. I guess.

For Belgium: everything is common what you acquire during marriage (beforehand is a different matter), regardless what name's on it. All the money on all accounts is common etc.. So you can't have any personal savings unless you have them from before the marriage and then you have to be able to proof that. If you're married under the normal system: unless you've chosen for separation of goods (the smart ones), a prenup or some other system - all perfectly valid here. The house would belong to both of the partners, regardless of the name on the deeds etc, and they are perfectly entitled to force a sale. I haven't read the entire thread but almost all debts are joint and several during marriage here. If they'd find that he's used loaned money for funding the property, you'd have extra problems since that renders the whole transaction a deceitful character. You're in big trouble then.

For me it's quite weird that it's different in England. Especially since a prenup has only very limited value in U.K. law. I thought that English law meant that if you divorce that both partners always get 50 - 50 afterwards (minus exceptions), and that includes the above house, regardless of what names are on the deeds. They also split the pensions etc...

Can someone please tell me why the house doesn't belong to both partners, even though she's bought it after marriage ?
 
Armel said:
Can someone please tell me why the house doesn't belong to both partners, even though she's bought it after marriage ?
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Could be that his credit history is so woeful that a joint mortgage application would be impossible. It could also be that the wife knows he has a problem with money, and wants to be in control of the asset/mortgage.

Or it could be that her parents helped with the deposit, on the proviso she was the sole owner. Again, down to his track record.
 
witchdoc187 said:
Looking at it I don't think he's in a position to agree an IVA mate simply as he has nothing and I don't think he'll be getting a job soon
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The creditors will get bugger all if they go down the recovery route, so I’d take advice from the professionals there mate tbh.
 


witchdoc187 said:
I doubt it mate. My feeling is he will not be able to repay a penny for the foreseeable. Thanks for your help
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There is help when a debtor has no means if repaying any debt. . It has to be over £20,000 though I think.... it can all get written off. It will affect future lending but only for a 5 year period I think. Contact CAB and ask to speak with a specialist debt advisor.
 

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