In despaerate need of advice!!

sharp_2

Ok where do I start? In a nut shell I'm in a relationship and we're wanting to live together at my property with a small mortgage in my name. We both agree that what's mine is mine and what's his is his. My partner essentially has nothing but a failed business and debt of around £30000 which he has run from for the past 18 months. His only option after looking at his income and outgoings appears to be bankrupcy and has been advised to take this course of action by his accountant. The problem is he doesn't actually have an address as he works long distance and spends all week in lorry and weekends with me or visiting his kids in b&b. So my question is if I let him move in with me and he then applies for bankrupcy how will it affect my address and my credit rating? Is there anybody out there that can help please?

kathfisch

Hi Sharp and welcome to MSE! I'm afraid I don't have any specific advice about your query but just wanted to say good luck with getting things sorted. It might be worth talking to Citizens Advice or one of the debt management charities (which DO NOT charge a fee for their services or advice) such as Payplan and Consumer Credit Counselling Service. These people are trained to give advice and help about debts, including bankruptcy, and will know the answer to your question. I'm afraid I don't have the links but a google search should find them.

In the mean time I'm sure some people who are much cleverer than me will be along with the answer!!

Best of luck
Kath

Apple_2

sharp wrote:

So my question is if I let him move in with me and he then applies for bankrupcy how will it affect my address and my credit rating? Is there anybody out there that can help please?

Don't think it will sharp but you need to be careful.

As long as you are not linked financially eg joint savings, joint loans, joint credit cards etc you are not linked financially. If any of the cra's 'link' you mistakenly you can file for a notice of dissociation.

Your property is in your name only, he is just (maybe) moving in so it won't be affected by his bankrupcy.

As far as I'm aware, YOUR credit rating and YOUR address will not be affected as long as the above is correct. I'm in a similar position with O/H having debts and living with me - I'm keenly aware having any 'financial links' with him will screw me up, so will not let that happen.

Last thought, if you do live together, until his bankrupcy is notified to all his creditors, he will get loads of nasty phone calls from creditors, debt collectors etc. Also loads of crap through the post. Threats of bailiffs, doorstep collectors, court etc. These will not affect you but read up on how things work via debt forums, NatDebtline literature etc because these are scary when you first see/hear them and you will think bailiffs can take your stuff ..... until you find out how this whole debt thing works.

Best of Luck

jellycat40

Hi there, my husband was declared bankrupt and then he moved in with me and it did not affect my credit rating at all. If he does move in with you and then goes bankrupt you need to contact experian and equifax and let them know you and your address are not associated with the debt and again this will then have no affect on your credit rating.

If this is what is preventing you from letting him move in then maybe you are looking for excuses. Sorry if I am wrong.

Best Wishes

Louise

sharp_2

Thanks! Have tried emailing CCS - couldn't get throu on phone - and have been advised to call CAB cos the OR could have interest in my house cos of marital law? I will do this but they are closed today and not open until tomorrow...aghhh! Praps i need a lesson in patience??

sharp_2

Just another thought can you actually go bankrupt without an address?

crystal_clear

Hi Sharp

I am no expert but I can say I have seen notices in the local paper at times that say No fixed abode in the bankcrupts section. So I would only assume the answer was yes you can go bankrupt without a fixed address.

Why not phone National Debtline or Payplan as well as CCCS all links are at top of the page. One of them should be able to answer your question Today over the phone.

Hope this is some help
Crystal

headchef

'OR could have interest in my house cos of marital law?'
You're not married to him are you?! And as Jellycat mentioned - even if you are it would only matter for joint debts. If CAB had mentioned this 'marital law' I find it bizarre because as cohabitees you have NO legal bond whatsoever (nil, nought, zero) unless you create one (e.g. put his name on house deeds etc)! Time does not create any bond by the way - legal paperwork does. Gone slightly off topic but if you have general questions regarding cohabiting, just ask.

sharp_2

Thanks for reply - it was CCCS who mentionned the marital law thing which threw me after replies i got from here yesterday. We really wanna get this debt thing sorted and are just thankful for any advice from real people as to how it all works and as to what we REALLY should and shouldn't be worrying about.