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Alex J.
Alex J., Solicitor
Category: UK Bankruptcy Law
Satisfied Customers: 3522
Experience:  2 Years Insolvency Litigation
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My partner and I are not married we have £250,000 in mortgage

Customer Question

My partner and I are not married we have £250,000 in mortgage and secured debt. The house is worth £130,000. I earn £10,000 a year he earns £120,000 a year. We are separating and he says if I don't pay half the debt 'he will bankrupt me'. Can he do this even though he earns enough to cover the debt? All debt is in joint names. Please!!!!!
Submitted: 3 years ago.
Category: UK Bankruptcy Law
Expert:  Alex J. replied 3 years ago.

AJ Genus :

Hi,

Thank you for your question and welcome to Just Answer. AT the moment he cannot bankrupt you as you only owe the debt to your creditors jointly but not to him personally. Can you tell me a bit about the debts is it just a mortgage what are the secured debts in relation to? Kind regards AJ

JACUSTOMER-u59zt7oq- : We have a mortgage of £130,000 and the rest is second mortgage with another company. He has just took a new job working on an oil rig abroad which means he is now paid in dollars and he is claiming that he can live abroad and nit be accountable as he's not in the country anymore?
JACUSTOMER-u59zt7oq- : All debt is secured against the house but the house is only worth £140,000 approx.
AJ Genus :

Hi, Thank you. He is not correct your debt is solely with the bank and the creditors they are the only ones that have the power to bankrupt you. It is mostly likely that your liabilities are joint and several which means the bank can go after either of you for the full amount. If your partner is not paying the mortgage but makes the money it is more likely the bank will go after him. If you are in difficulties go and speak to the bank immediately and explain your worries, the more open you are to them the more helpful they will be. Can you confirm these debts are "joint and several" - you will need to check this on the mortgage deed? I look forward to hearing from you. Kind regards AJ

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