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Virgin One Account - How does that work

  • Cru
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21 Mar 12 #319301 by Cru
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Hi, My husband and I have a Virgin One account, not a mortgage per se... Does anyone have any experience of this?

Background.
I bought the house whilst working ft and was living in it alone with our son until he was 4yo, I had the virgin one account in my name only.

Hubby moved in and we changed to joint names and he added on his debts to the Virgin one account (doubling the outstanding debt) but the deeds remain in my name only and only the debt (V1 acct) is in joint names.

I then gave up work to look after our disabled son ft at which point my husband would no longer allow me access to V1 acct (abusive if I asked for debit card or statements)

We now have 4yrs left on the V1 acct and I am wanting to divorce, but I have since found out that the debt has not been paid and we still owe the total amount..!! The mortgage (V1 acct) is for at least 85% of the property value, so selling it is going to render us virtually penniless after fees etc...

I have 3 children, our disabled son, our infant daughter and my niece whom I adopted. I am worried that if we seperate/divorce we will end up homeless as currently I have no income, so no way to re-negotiate the mortgage and the payments required by V1 are over 2k a month..
:(
HELP!
Any advice greatly appreciated.
Also he is refusing to move, even out of our bed, let alone the house... I just don''t know where to start...

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21 Mar 12 #319302 by WYSPECIAL
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Is the Virgin One account secured on your home?

Remember that when assets are divided up housing the children will be the priority. You wont end up homeless with three children so put that worry to one side.

If you post more details about assets incomes ages etc someone will be able to help you.

Has he adopted your niece too?

  • maisymoos
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21 Mar 12 #319315 by maisymoos
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A Virgin One account is secured against the home. It basically works like a current account where you can borrow against the agreed limit.

Is your stbx still spending on it? Is his salary still going into it?

I don''t know whether you can freeze the account, but it may be worth checking.

A Virgin One account is a nightmare scenario in times of divorce especially if it is controlled by the other party. In my case the FMH was also against a Virgin one Account, at point of separation very little money was owing. My stbx increased this considerable taking ou hundreds of £1000''s. The account was in his name only so I had no control.

You will not be homeless, yours and the childrens housing needs are the priority. Is your husband a high earner? As WYSPECIAL points out if you post more details wikipeeps may be able to help further.

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21 Mar 12 #319316 by Cru
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Yes, V1 acct secured on the house.

He didn''t start contributing to the household bills etc until 18mths after he moved in so after I had been in the house for 5-6yrs (as I previously worked ft) and then it was on the proviso that we switched it to joint names and added his debts to the total. (As it turns out he never used the money to clear his debts, goodness knows where it did go)
So he still has these debts as well as the V1 acct and household bills to pay every month.

I receive Higher rate disability allowance for our 10yo son and carers allowance and child benefit for the 3 children in total. I do not receive any money from him. I am the sole guardian of my niece although she calls us both Mum and Dad...

He works ft and earns a good wage. He pays all household bills, except for my mobile phone, food, fuel and clothing for myself and children as this is supposed to come out of the money I receive. I also pay for my car insurance.

We have been married for 5 yrs and co-habited for 2 years before that.

I know that I cannot afford the re-payments on the house, but would hate to lose the kids home, esp for my son who doesn''t deal well with change to routine. But if that is the only option then that is what I will have to do, because life is insufferable atm..

I think we have a cccs acct too, I think this is how he has been managing the debts, but I don''t know how to find out about that...?

I am worried about going to a solicitor as I don''t really know many details. I approached the CAB and they just sent me away with some web addresses...

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21 Mar 12 #319319 by Cru
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stbx? (is that ''soon to be ex''?)

His wages soley go into the account as I gave up work to look after our son. Then I adopted my niece as a baby (she is 8yo now) and we have a 2yo. The account is in joint names and although I have a credit and debit card on the account, he keeps these from me and will not allow me pin numbers etc...

My redundancy money approx 15k went into this acct too, I am struggling to find the statements tbh.

I know we are in trouble though as they contacted me via phone to speak to hubby and when i asked about why they wanted him they told me that there was 5yr left on the account and there was a sizable balance still outstanding and how did we intend to deal with it...

When I asked him abt this, he said he was going to leave 2k in the account every month to cover it and this would clear it totally in 5yrs. This was a year ago and I have received another call.

He is getting us into worse trouble and if I challenge it he gets argumentative and abusive. I wish there was someway of getting him to re-negotiate or re-mortgage over 25yrs, I could perhaps afford re-payments on benefits or get part time work. But I think he wants to make it difficult for us to seperate... the mortgage isn''t huge really by most standards, I think it''s 80k, It was 40k when he moved in tho :-(

When I suggested it, he said that the children and I should move out and let him stay there as he can pay mortgage (V1)or that I should move out soley... :-O

Wits end

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21 Mar 12 #319391 by WYSPECIAL
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Don''t move out!!!!

If it is in joint names get a statement sent to you. You will then know what you''re dealing with.

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21 Mar 12 #319423 by maisymoos
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I echo WYSPECIAL whatever you do don''t move out. You need to regain some control over this account it is in joint names so contact Virgin one tomorrow and ask for copy statements.

You also need to ensure that he doesn''t get the valuation on the house increased as this will raise the borrowing limit and he will be able to spend more against the property. Check with Virgin that he cannot do this without your consent. My ex increased the valuation raising the borrowing limit once we were separated so that he could borrow more, in my case though the account was in his sole name so I had no control.

The childrens housing needs will be the priority. Do not let him walk over you, you have every right to equal control over this account.

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