Getting a default and who it will affect

clusy

Hello

I may be in a spot of bother with my loan and on the verge of getting a default (see a previous thread).

I have a small issue, I have my own mortgage on my own house which is joint with my wife, but I also have 2 other mortgages out on property I share with my brother in laws...

• my own house - Myself and my wife
• property 1 - myself and brother-in-law #1
• property 2 - myself and brother-in-law #2

If I was to get a default on my loan (which is joint with my wife) would this affect my brother-in-laws' credit ratings by association with me???

The mortgages are still paid and have never been missed!!!

I was thinking that if I was going to get a default anyways I might as well go through a debt management company and get all my unsecured debt managed via this...

Will my brother in laws' suffer if I was to do this???

Thanks in advance for any answers.

ILW

Anyone with a financial link to you could end up with their credit files being affected.

clusy

Will that include if I dont go down the debt management route, and only end up with a default on the one loan????