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Hi

 

My partner currently "lives with me" and is not on my mortgage - may have mentioned this on another thread somewhere. Anyway, she is filling in her Debtor Application pack for sequestration.

 

THere is a question we are not sure about.

 

Q23a Do you rent the property where you currently live? Answered "No" as I own it.

 

Q23b Do you own the property where you currently live? Answered "No" as I own it.

 

23c Please provide details of living arrangements. Answered living with Partner.

 

QUESTION WE NEED HELP WITH

Q23e Please provide details of any mortgage or secured loans against your property. We have a loan in Joint names which is secured against "my home".

 

Q23f Is the mortgage and secured loan in Joint Names? Well it is, but how can it be secured against my partner if she is not the home owner?

 

WHat I really want to know is that should she answer to Q23e the secured loan details OR leave it out and to Q23f, obviously she would answer Yes.

 

It is confusing as she has said she does not own the property which is in my name although her name is on a secured loan! The joys. In my opinion this loan should never have been executed like this, but hey ho, that is the banking industry for you.

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The loan will be joint and several so it is secured because if it is defaulted on they can come after you for the full amount and therefore call on the charge on your property. Obvioulsy if they went after your partner for the outstanding balance they would not be able call on the property. However, as it's joint and several they can come after you, your partner or both of you. As she is going BR, if the repayments aren't kept up they are going to come after you for the balance. Also due to the BR your partner will no longer be liable for the lone so effectively it will be in your sole name only.

 

Q23e - you should put details of the mortgage here and state that it is in the sole name of yourself.

Also put details of the secured loan but state that it is in joint names in question 23f

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  • 2 months later...

Thanks everyone, just one more account to sort out on my part and we can get on with our life and concentrate getting our debt cleared.

 

Been tough, but getting there all thanks to people who take time out to help.

 

Appreciate all the help I have received, not just on this forum but others as well. Goes to show that our society isn't as bad as is sometimes made out.

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