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husband's £35k debts - is our home safe?

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My husband has debts totalling £35k which he has not defaulted on.

 

 

He is about to go back to full time education and is thinking of writing to all creditors ( this includes credit and store cards and an unsecured loan).

He may be offering token amounts of between £1-5 per month.

 

What happens if creditors refuse to accept token payments?

 

How can we protect our home?

 

We own our home on a tenants in common agreement.

I am a bit concerned that the creditors will come after our home.

 

What can he do to prevent charging orders etc?

 

Thanks for any advice given.

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First thing is to start your paper trail of evidence NOW!

 

Write to ALL of the creditors advising them of a change in circumstances, and requesting they assist with this change, by reducing the payments to an acceptable level, that your OH decides, NOT them, and that they don't levy any charges on the accounts until such time that his circumstances change and he is able to maintain increased payments.

 

Who? are the creditors?

Names and rough figures please.

 

Don't worry about a CO on your home, you're a million miles away from that at present!


Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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If the debts are in his name only and not joint, and your property is joint.....should any CCJ be attained by creditors and they wish to execute further, they can only place a Restriction on property not a full Charging Order.

 

Regards

 

Andy


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Thanks for your replies. He has several credit cards, with vanquis, Santander, Barclays, Amex and an Argos store care and loan. Total debt 35k

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Well as soon as you reduce payment below the minimum expected you risk a default being placed on the credit register files......then subject to each creditor the account will probably be assigned to a DCA who will hound you for payment or even instigate a Court Claim summons eventually.

 

Creditors are not compelled to accept reduce payments or freeze interest.

 

Andy


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Yes, that's my fear. Just want to make sure our home is protected.

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Well as stated if they are in his name only and your property is joint...you are fairly safe


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Yes, the property is joint on a tenants in common agreement and all the debt are in his name only

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Cheers Andy :thumb:

 

OK, with that in mind, the only thing to do is to write to all of the creditors advising them of a change of circumstance and seeing what they advise, BUT, ensure this is in writing, as it will go a long way at a later date, to prove that they failed to assist their customer.

 

When were these accounts opened? Pre or post 2007?


Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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If you are paying the mortgage, whilst your husband studies, perhaps you might change the percentage of ownership to reflect this... If you owned 99%, say, I don't think the creditors could put a charge on your husband's 1% of the property...

As tenants in common, rather than joint tenants, you can decide to split the percentage owned in any way you choose. TB

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