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debt of 2nd charge on property

  • mamascookies
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30 Jan 13 #376944 by mamascookies
Topic started by mamascookies
Hi to all,
Im not sure this is the correct place to post my question so my apologies if its in the wrong section.
Ive been divorced 4 years and our matrimonial home has been repossessed with a negative equity. There was also a secured loan on the property of a sizeable amount. I am using payplan to sort out my financial issues with the negative equity. I have some savings which are in a joint account with my ex wife which need both our signatures to release funds. I have a strong feeling that my ex wife won''t agree to splitting the savings 50/50. My question is will i need to go to court if my ex wife doesn''t agree to the split of the savings. We don''t have a Consent Order and i have my youngest child living with me.
Sorry for the long post,many thanks for looking,
Dave.

  • LittleMrMike
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30 Jan 13 #377058 by LittleMrMike
Reply from LittleMrMike
hmmmmm.

So, correct me if I am wrong. You obviously owe the lender a considerable sum of money.

First question is, is the mortgage in joint names, or just yours ?

Second question is, part of the reason you want this release of funds is to apply your share towards your debts. Correct ?

What is concerning me is that the cost of financial proceedings in the Courts can be considerable and whether it would be worth your while to exhaust some or all of these funds, in a fruitless squabble.

If the debt to the lender is joint and the lender knows about this joint account it seems that the lender could apply for a third party debt order which would order the financial institution which has your savings to release them. This seems rather obvious to me.

LMM

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