possible bankrupt

mobilefan

I share a house with my disabled mother im her carer as well as working in the local authority but all does not look well the cuts are coming hard and fast i have a £14,000 loan used to do work within the property it was an unsecured loan which if i lose my job i will not be able to pay. My mother owns the house but has put my name on the deeds what would be the position if i had to go BR would they take the house my loan is with Tescos ive never been out of work and hate the thought of my mother being put into trouble because of me. I hope it wont come to it but any advice would be great

hunt85

if thats your only debt, its a fairly small amount (compared to my own or others on here!) i'm sure you must have other options - have u tried all the debt helplines etc? i found CCCS very helpful. I don't know about the house sorry but i thought i'd just let you know to consider other options, good luck!

curly04

I would speak to the debt charties first.
do you have payment protection for if you lost your job?

bat-out-of-hell

By being on the deeds, and perceived as a joint owner is not in itself important, it is your beneficial interest in the property that is.

How much have you contributed to the purchase, or the value of the property over the time you have been on the deeds.

It’s a difficult thing to identify, but if you have never paid anything to the mortgage, nothing to the maintenance or improvement of the property and therefore its value, you, at least in theory, have no beneficial interest, in its simplest terms, though it can be a bit more complicated, but that’s a rough starting guide.