Boyfriend going bankrupt - will it affect me

JodieUK

Hi I was hoping someone may be able to give me some advice.
My boyfriend is thinking of going BR. We live together in a rented property and share bills etc. I am confident that this decision is best for him, as I don't see any other way out for him.
However I was just wondering if certain things we own jointly or anything I myself own will be affected. We dont have a lot, but I recently purchased a new tv and setee etc, I also have my own car, however its worth only a few hundred pounds.
I am just wondering if the things like tv etc, while I paid for - admittedly on credit so proof that they are in my name, will be affected. No debts he has are joint with me and I will not be joining him in BR. any advice appreciated.

december

The bankruptcy will only effect possessions in his name only and the OR (official receiver who administrates the bankruptcy) is only interested in things worth £1000. If you were the person who bought the settee and the tv then your boyfriend wouldn't have to even declare it. The OR will however look at what your contributions is to the household expenditure and this will be taken into account when working how much (if anything) your boyfriend will have to pay back in an Income Payment Order.

The first thing for your boyfriend to do however is to contact one of the debt charities such as CCCS (thttp://www.cccs.co.uk/) or the CAB to get impartial advice.

december

JodieUK

thanks december, he is in touch with the cccs making payment arrangement with creditors at the moment so I think he will discuss further with them. I was just a little worried about any affect it might have on me, but looks like it should be ok. Cheers for your help.

Broken_hearted

If you have any joint credit you will be liable to pay it or if you had any credit together in the past the link could damage your credit rating.

blind-as-a-bat_2

No anything in your name that you can prove will be touched, and i doubt anything else will either unless he owns anything of value (over £700-£800 in realisable value).

But if you have any form of financial assosiation with him (joint account etc) then it MAY effect you abilaty to get credit in the future

tigerfeet2006

Jodie welcome to the board and anything you need to know or need help and support with just ask.

blind-as-a-bat_2

You can check the credit referance agency,s to see if there is any connection by the way, although some banks keep and share there own info

Merry_Gentry

Welcome to the board Jodie :hello:

JodieUK

Hi everyone - thanks for the welcomes.

I completely forgot that I had a joint account - just for bills to be paid etc, but we do share a £500 overdraft - we have tried getting this just in my name (taking him off the ac) however they wouldnt let us..I wonder if the other way round they might let me off the account and him just keep it?

he is going to talk everything through in depth with cccs, and make an appointment with the citizens advice so maybe if i can i should go with him.

can he just not declare the joint overdraft or does all his debts have to be declared?

Merry_Gentry

JodieUK wrote: »

Hi everyone - thanks for the welcomes.

I completely forgot that I had a joint account - just for bills to be paid etc, but we do share a £500 overdraft - we have tried getting this just in my name (taking him off the ac) however they wouldnt let us..I wonder if the other way round they might let me off the account and him just keep it?

he is going to talk everything through in depth with cccs, and make an appointment with the citizens advice so maybe if i can i should go with him.

can he just not declare the joint overdraft or does all his debts have to be declared?

Any 'debt' on the joint account would fall to you. If there is none, then no problem. But in terms of financial disassociation I think you need to get some advice.

blind-as-a-bat_2

unless you clear the joint account overdraft then get your name of it (or his) then you have no chance of financial disassociation, trust me i tried, and be prepared for the bank to wreck your credit file due to what is left re the overdraft, as thats what the TSB did to my OH. They treated her like scum

If there is anyway you can get rid of it before he goes BR then do so