Help.considering DMP.have just read this!!

RAS

kingston_2730 wrote: »

So if husband were only on DMP and not myself, it would be less likely that they could take house? Neither of us has started on DMP yet but majority of cc debt is in husband's name. It may be possible for him to take out DMP in his name only and I continue to pay my cc off if that would make it more difficult for them to get charging order?

No, but it would mean that when you sold the house, any CO did not have to be paid if you dealt with it carefully. Back with a link in a mo.
read this https://forums.moneysavingexpert.com/discussion/1839539

And lisawaters' thread from the other side.

MRS_A_3

Sorry for butting in but this also really worries me.

What would happen in my situation as the house is in my sole name, though we are married. Does this mean DH has a share or interest or something?

This is scaring me now tbh.

kingston_2730

MRS_A wrote: »

Sorry for butting in but this also really worries me.

What would happen in my situation as the house is in my sole name, though we are married. Does this mean DH has a share or interest or something?

This is scaring me now tbh.

I agree, it is VERY scary :eek:

NorthernLas

It is good to understand what could happen. However, the reality is that there are lots of things that could happen and the chance of a charging order is low on the list.

Plus factors for you:
- Entering a DMP means that you are continuing to pay what you can afford.
- Even if the debt is sold on, you are still continuing to pay what you can afford. Actually the creditor selling the debt on can be an advantage since it may mean that interest and charges stop.
- Income and expenditure will be taken into account if the debt ever went to court.
- The court is more likely to go for CCJ
- Many agreements before 2007 are not legally compliant and/or procedure followed is flawed - so this means the court action can be defended

Minus for the creditor:
- Taking you to court costs them money. They may only do this when the balance of probability means they are likely to get a large amount of dosh.

Minus for you:
- paying reduced payments mean that the creditor could issue a default against your credit files. As you can't afford the full payments there is not a lot you can do about this.