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Hello all,
I've just got my decree Nisi through. I am trying to work out the best way to get through this financial mess my ex has bestowed on me and I'm not sure where to start so any help would be appreciated.
Not totally sure if this thread is in the right place so if this belongs in a different forum please let me know!
So - Ex ran up around 100k in debts on unsecured loans / credit cards etc most of it without my knowledge.
Eventually a charge for 12K solely in his name was put on the house when he failed to pay up and it went to court.
Ive had the house valued since we split and we owe 143k on the mortgage, but the house has been valued at 135 - 140k So negative equity. Current mortgage term is interest only and up in 5 years - I have no endowment policy etc in place as I cant afford it atm.
Renting is more expensive than the mortgage.....
We have no savings or joint debts other that the house.
I am desperately trying to move on with my life. I have 3 kids under 15. I want to stay in the house and have kept up the repayments on the mortgage on my own for 4 years - however on paper I don't earn enough to remortgage and the charge on the house / negative equity doesn't help either.
So right now, I'm fairly certain I cant remortgage on my own. I cant get him off the mortgage because I cant have a mortgage to the value I need..... I'm afraid he'll run up more debts and end up with another charge on the house.
I would ideally like to do some work to the house to increase its value - but I don't want him to have any benefit of that either when I do sell, especially as he's not contributed anything in nearly 4 years.
So any ideas on the best way forward? I've spoken to a solicitor and they have advised trying to get some money from his pension as that's the only asset he has - but ex has refused.
Any ideas how I can get the charge removed on the property?
Thanks in advance
I've just got my decree Nisi through. I am trying to work out the best way to get through this financial mess my ex has bestowed on me and I'm not sure where to start so any help would be appreciated.
Not totally sure if this thread is in the right place so if this belongs in a different forum please let me know!
So - Ex ran up around 100k in debts on unsecured loans / credit cards etc most of it without my knowledge.
Eventually a charge for 12K solely in his name was put on the house when he failed to pay up and it went to court.
Ive had the house valued since we split and we owe 143k on the mortgage, but the house has been valued at 135 - 140k So negative equity. Current mortgage term is interest only and up in 5 years - I have no endowment policy etc in place as I cant afford it atm.
Renting is more expensive than the mortgage.....
We have no savings or joint debts other that the house.
I am desperately trying to move on with my life. I have 3 kids under 15. I want to stay in the house and have kept up the repayments on the mortgage on my own for 4 years - however on paper I don't earn enough to remortgage and the charge on the house / negative equity doesn't help either.
So right now, I'm fairly certain I cant remortgage on my own. I cant get him off the mortgage because I cant have a mortgage to the value I need..... I'm afraid he'll run up more debts and end up with another charge on the house.
I would ideally like to do some work to the house to increase its value - but I don't want him to have any benefit of that either when I do sell, especially as he's not contributed anything in nearly 4 years.
So any ideas on the best way forward? I've spoken to a solicitor and they have advised trying to get some money from his pension as that's the only asset he has - but ex has refused.
Any ideas how I can get the charge removed on the property?
Thanks in advance
