CCJ's etc

swiftysw

Hi All, Quick over view of our situation..

My partner has mortgage on HER current home. Weve have put extention onto HER home using MY money.. Partner has previous Bad Dept tied into her home (3k CCJ). Which she cant afford to fully pay off.

If I have things done 'legal and above board'. i.e. Change my address to her home, and then have transfer of equity from her proprty into both names. How Will...

1. It effect my A1 bredit rating history?
2. It effect me getting a loan in future?
3. Will the CCJ become mine also?

Thanks
Simon W

Tixy

If you say the bad debt is tied into her home can you confirm that it is 'just' a CCJ and not a charging order on the house?

If you have a joint house, then no problem. If you had a joint mortgage (or joint overdraft/loan/credit card) then you become financially assoicated. This would have an impact on your credit rating and therefore possible on your getting a loan.
You would not become liable for a CCJ in her name ever.
If its a charging order on the house then things are a little more complex.

swiftysw

YES if and when the property is sold the funds from the sale must repay her debt from CCJ??

Thanks
Si

Tixy

This will be a charging order then (the creditor with the CCJ will have made a seperate application after the CCJ was granted to secure a charging order ) - see here for some information on charging orders - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=15_charging_orders_in_the_county_court

CLAPTON

very confusing

seems strange to be able to afford an extension but not to be able to afford to pay off a CCJ for only 3k

what do you mean 'transfer of equity'
do you mean to take out a new joint mortgage and change the ownership of the house as registered on the deeds? ... you probably won't be able to do that without the CCJ being satisfied.

dougyd

CLAPTON wrote: »

very confusing

seems strange to be able to afford an extension but not to be able to afford to pay off a CCJ for only 3k

what do you mean 'transfer of equity'
do you need take out a new joint mortgage and change the ownership of the house as registered on the deeds? ... you probably won't be able to do that without the CCJ being satisfied.

OP stated that the work done on partners house used his money.

It sounds to me that because the OP has invested in property and wants to make sure that once the property is sold they get a share of the sale??? But is worried if this will create a finacial association and if he will be affected.

Or have I completly mis-read?

swiftysw

dougyd wrote: »

OP stated that the work done on partners house used his money.

It sounds to me that because the OP has invested in property and wants to make sure that once the property is sold they get a share of the sale??? But is worried if this will create a finacial association and if he will be affected.

Or have I completly mis-read?

No you are correct...

CLAPTON

dougyd wrote: »

OP stated that the work done on partners house used his money.

It sounds to me that because the OP has invested in property and wants to make sure that once the property is sold they get a share of the sale??? But is worried if this will create a finacial association and if he will be affected.

Or have I completly mis-read?

probably you are correct about the OP question

I explained why it was the wrong question

swiftysw

Sorry u R confusing me now!!