Hi,

I imagine I'm not the only person in this situation but I desperately need some advice. Let's cut a long story short. 4 years ago I bought a lovely house with my partner. One year later he loses his job and has not found anything permanent since. We split up almost two years ago and immediately put the house on the market but it has not sold, despite reducing the price twice (overall a £60 000 reduction since it was put on the market). He has a daughter who stays with us 50% of the time.

I pay for EVERYTHING. I have no obligations to him or his daughter but we are forced to live together until the house sells. If that ever happens. I pay for food, utility bills, TV, phone, council tax and on top of that I have my own direct debits. I have taken out two loans to pay for the mortgage - a mortgage which I cannot afford any more. We have spoken to our mortgage company who have put us on an interest only plan, but it is still over £800 a month.

I have no idea what I can do. I have to stay here because I don't have the money to rent a new place if I can't even pay our mortgage. It isn't fair and it isn't right but I don't know what my options are. I guess I am looking for some financial/legal advice.

Anyone?

Thank you very much in advance.

Crikey your situation is difficult. What is your house worth? And the mortgage outstanding? How much would renting cost per month? You say you can't afford the mortgage anymore, but how long will it be before you can literally pay it no more? Options wise you are limited. Your situation is difficult.

Hi

As I think you are aware, you are on a very slippery slope and are now faced with having to make a big decision.

You need to get some debt/legal advice as to the best way forward.

As Citizens Advice are very busy at the moment and it may take awhile to get an appointment, you could phone the Community Legal Advice people if you live in England or Wales. They can advise on all the various issues that you have and point you in the right direction. See http://www.communitylegaladvice.org.uk/

If the debts are likely to exceed any equity in the property, you could look into other options. The insolvency helpline has a lot of useful information and a freephone helpline. But you should also get some legal advice, so that you are not sharing an unequal share of any debt.. http://www.insolvencyhelpline.co.uk/

It is better that you deal with the situation , rather than wait until your creditors you owe money, take action themselves, when you have no choice. One thing you should never do is hand back the property to the mortgage company. I know a few people who did this in the early 1990's and they were left with massive debts, as the mortgages companies sold the properties cheaply at auction.

Once you know a bit more, you should inform your ex partner of your intentions and that they will also need to get some advice.

Huckster

I will look at those options - thank you very much Huckster.

Every time I think I have found a solution it slips through my hands. The house has been on the market now for almost 2 years - it was originally valued at over £400 000 but the price is now at £350 000. I have reached the point where the arrears and the outstanding mortgage is more than the house is worth. Sometimes I have thought about just letting it be repossessed. I am in a good job with a decent salary. My personal debits go out on time and had it not been for this damn house I imagine my credit score would be near to perfect.

I wish I could turn back time.