Further to my question on house repossesion, The house was owned by me and my ex husband and i understand that we are liable for the debt, so can anyone explain why the debt agency have insisted on taking my ex husbands new wifes wages into conscideration when they where working out what he could repay.
Surely the debt belongs to us and she shouldnt be made to pay for our debt. It just doesnt seem fair.
Any help would be appreciated. and many thanks to the people that replyed to my initial question on house repossesion.. You were all very helpful.
2007-08-16 11:49:29 · 11 answers · asked by Liz T 1 in Business & Finance ➔ Personal Finance
It has to do with marital assets.....
Just as the house was a marital asset for you and your ex...his new wife's income is a marital asset for he and she...
Not only should you love whom you marry, but you should check out the finances as well, because you inherit their bad credit habits should you marry them.....
2007-08-21 12:21:26 · answer #1 · answered by I Can Count To Potato 7 · 0⤊ 0⤋
Liz T,
At the risk of sounding harsh, you have a joint and several responsibility for this debt. This means that you or your ex-husband can be taken to court individually or jointly. If you are taken, then it is I believe it is reasonable for the court, and therefore the company to take account of all household income when considering a repayment amount.
The company have made a reasonable offer in offering to write-off a big proportion of the debt.
This is what I do for a living....(poacher turned gamekeeper!!).
Remember the amount of money that you have to repay at is based on your ability to re-pay, and should be calculated separately to that of your ex-husband's. Please go and see the CAB or National Debt Advice Helpline for help with calculating your disposable income.
Good luck, it's sounds like you have a good relationship with your ex-husband!
2007-08-17 08:01:20 · answer #2 · answered by Pete J 1 · 0⤊ 0⤋
banks and debt agencies use the nicey nicey approach first, "we'll help you pay back what you owe, cuz were ur iddle widdle fweinds" bollocks they'll screw you her and him to a wall the second your guards down. they want that house even though you probably only owe 1/10th on the value of the house as a loan. or less. a home owner loan its the easiest way for banks and building societies to steal your house so they can mortgage it out to another couple, they hope you default by giving you bridging loans and consolidating your debts. give the bank the house, but make sure squatters can move in first and then have your hubbys new wife offer a really stupid amount to buy the property, on loan off course.
2007-08-16 12:17:19 · answer #3 · answered by hammerinprongs 1 · 0⤊ 0⤋
Hello,
Have you considered getting any compensation for the repossession? This is quite a new thing, due to some inconsistencies in some of the contracts, people are able to claim their money back and the value of the house on todays market. Its similar to the whole reclaim bank charges thing. If you would like to contact me I can see if you would be entitled to compensation.
2007-08-20 08:09:59 · answer #4 · answered by nickel 1 · 0⤊ 0⤋
IT used remember on how long and plenty you had paid off it to how plenty lagal appropriate they had to come back and take it. it would desire to be nicely worth chatting with some one at electorate suggestion in the previous proceeding any further. some years in the past i grew to become into in an analogous quandary and not heard from the agency when I informed them i might desire to now no longer pay them plenty later I bought the automobile and puzzled if something could block the sale as area x throgh a broker besides the undeniable fact that it id no longer
2016-12-13 09:52:47 · answer #5 · answered by keeter 3 · 0⤊ 0⤋
They probably live in a Community Property State one of the following. California, Arizona, New Mexico, Texas, Nevada, Idaho, Washington and Louisiana.
This means that when they get married what they make is divided in half regardless of who makes more. Lets say they get a divorce in 3 years. They will know he is making more or less money because the live in a community property state.
Its not her debt, but it is their income, regardless of who made it in the above mentioned states.
If they dont live or married in one of these states, I have no clue. But im guessing off the top of my head that is the reason.
2007-08-16 11:58:42 · answer #6 · answered by financing_loans 6 · 0⤊ 1⤋
As far as the collectors are concerned, there is no HER income. There is the income of HIS household, which happens to include whatever she makes. FAIR is not the point. Their job is to COLLECT money.
2007-08-16 12:07:57 · answer #7 · answered by STEVEN F 7 · 0⤊ 0⤋
i had simular situation with my ex..... she needs to tell them straight that its not her debt and she is not liable for it.. they use these tactics to get the cash.. from anyone so long as its paid they are not bothered.. tell her she has to be firm and not disclose any of her income and tell them straight that unless her name or signature is on the debt she is not parting with a penny nor disclosing her income...
it worked for me.. best wishes
and good on you for worrying about her...xx
2007-08-16 11:55:42 · answer #8 · answered by tikketiboo 4 · 0⤊ 0⤋
i think its to do with your ex's joint income...as they are married, she too becomes liable for his debt.
Not fair but its happened to a few people I know.
2007-08-16 11:54:48 · answer #9 · answered by vampwithaheart 4 · 0⤊ 0⤋
count you blessing -- she may at least help him pay his fair share of the debt!!!
2007-08-16 11:57:12 · answer #10 · answered by Anonymous · 0⤊ 0⤋