Not sure what way to turn...
Where to start.. phew... Had a relationship for 15 years, married to the same lady since 2002. We split a month ago. We had a joint bank account and joint mortgage.
The house is in negative equity, we owe about £95,000 and its worth less at the moment.
We also have a £25,000 loan attached to the house.
Between us there are also about £45,000 worth of debts.
She wants to stay in the house as she used some of her dads inheritance money a while ago to do the house up and she is reluctant to leave it all behind.
I earn around £1000/month from self employment, running my own online business/service and the money is slowly going up, but very slowly. I dont want to lose this or my business bank account as my heart is in this.
She does not work and is looking after 2 children. She has been told she has to get a job at 16 hours a week next year to keep all her benefits.
because she is desperate to stay in the home she has actually offered to do some of my online work for me, to pay my half of the mortgage and my half of the loan attached to the house £25,000) - we've just split the payments right down the middle on those. The mortgage is on a variable rate and is very low right now at £207/month but at its highest it was £550 before the recession.
Over the past few years weve negotiated with lots of creditors to get on payments for about £10/month, so theyve been going on for a few years. we both also have a loan with a doorstep loan company, for about £40/week each which will be paid in a year or 2. Anyway she says that the current arrangement suits her and she can afford to stay there, but for me its a harder story.
We agreed she would take all her unsecured debts and set them up in a new bank account of her own which she has done and has canceled all her direct debits to the joint account.
Anyway, right now Im living with my mum again, and so far with all the direct debits going out, car insurance, bit of food (mum helps a lot) Ive got in the region of £1300/month going out that I need to try and meet.
My income is about £1000/month but with the tax credits and if I do a bit of extra work I can get to £1300/month.
trouble is, I dont want to stay with my mum forever and need to be in my own place in a few months ideally. I am 38 years of age.
In the future Im going to ahve to add things like:
internet (for work/tv etc) £80
so that would push my expenditure to over £2000 a month, money I dont have right now.
I do believe that within 12 months I can eventually get my home business do better earnings but as with anything its not guaranteed... so I am stuck with what to do...
If I choose bankruptcy I could end up forcing my ex wife from the family home
I could lose my business and associated bank accounts etc - all of which I want to keep running.
would IVA be a better route - would it mean she can still live in the home?
I know we both own the house, but this is a hard decision and I need some help. of course the house isnt worth anything in terms of equity...
can anyone help me move forward?