I'm looking for advice please..
My situation is that myself and ex-husband owned 2 properties, separated, and the bank permitted us to sell both properties leaving a substantial NE loan of 400k in both names.
There are no assets or children and we recently divorced.
My ex does not work, does not contribute to loan repayments and I can't see this changing.
I am in full time employment but cannot afford to make full repayments on my own (currently renting) and the bank have refused a proposal to spilt the current NE loan. I have not signed any other agreement since the initial mortgage agreements.
I'm wondering if I should appeal the bank decision to split the loan which, will mean I put myself under financial pressure to repay a 200k loan for the rest of my working life or wait for the Personal Insolvency Bill and see if there's another way to tackle this situation.
I'm not sure how the PIB deals with divorced couples who are joint and severally liable.
Would anyone have any advice please?
My situation is that myself and ex-husband owned 2 properties, separated, and the bank permitted us to sell both properties leaving a substantial NE loan of 400k in both names.
There are no assets or children and we recently divorced.
My ex does not work, does not contribute to loan repayments and I can't see this changing.
I am in full time employment but cannot afford to make full repayments on my own (currently renting) and the bank have refused a proposal to spilt the current NE loan. I have not signed any other agreement since the initial mortgage agreements.
I'm wondering if I should appeal the bank decision to split the loan which, will mean I put myself under financial pressure to repay a 200k loan for the rest of my working life or wait for the Personal Insolvency Bill and see if there's another way to tackle this situation.
I'm not sure how the PIB deals with divorced couples who are joint and severally liable.
Would anyone have any advice please?