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Debt Advice Forum Forums Debt Solutions Bankruptcy Husand Made Bankrupt

This topic contains 6 replies, has 3 voices, and was last updated by  Debt Consultancy Service 2 years, 7 months ago.

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    Gail Mcfadyen

    My husband has been made bankrupt and one of the companies he owed has a second charge on the house and want the debt repaid within 3 month.

    My fear is they could repossess the house if we are unable to raise the money which i don’t think we’ll be able to do.

    Are they allowed to give us such little time to raise the funds and is there anything we can do to keep our property?


    Hi Gail,

    There’s a few things we’ll need to know before being able to answer your questions.

    1. How much equity is in the property, if any?
    2. How much is the debt
    3. Who’s name is on the mortgage?
    4. Who’s name is on the second charge



    Gail Mcfadyen

    Thanks for the response,

    1. there is about 80k equity
    2. the overall debt was 100k but the second charge is 35k
    3. just my name is on the mortgage
    4. i signed the second charge with my husband to help him get finance for his business

    Because it was him that was made bankrupt and the mortgage is in my name i thought they wouldn’t be able to take the house.


    Hi Gail,

    Is any of the 100k (apart from the second charge) in your name or was it written off with your husbands bankruptcy?


    Gail Mcfadyen

    No, none of the £100k debt was in my name and was written off in the bankruptcy except the £35k secured loan which is in my name also.

    I do have other debts of my own which amount to about £10k but i am able to pay them each month no problem.




    The second charge will likely have to be repaid within the three months, but there is a few ways this can be done.

    1. Release Equity – If you are able to re-mortgage this would release your equity and free up money for the debt
    2. Borrow Money – Getting a loan would help repay the debt now and give you a longer period of time to repay, however be careful you are able to repay the loan before agreeing to it
    3. Negotiate – At this stage it’s unlikely the company with the second charge will negotiate but it might worth trying

    Your problem is complex so it’s probably best you give us a call at Debt Support Trust on 0800 085 0226 so we can give you detailed advice.

    We look forward to speaking to you.


    Hi Gail,
    Your situation sounds concerning and I would like to help you.
    I am a debt expert advisor; you can call me at my office – 01392 911000 and we can discuss this through and hopefully help your situation.


    Alternatively, if you would prefer to email me, at Debt Consultancy Service, you can by visiting http://www.debtconsultancyservice.co.uk and going to the contact us section or by direct email: Charles@debtconsultancyservice.co.uk.


    Looking forward to helping you,




    Debt Expert Advisor


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