Can Firstplus come after a second property????

Riccyboy_2

Hi!

This is my first post. I'm looking for some specific advice........

I am jointly liable (with ex-wife) for a Firstplus loan on a property I no longer have any legal interest in. If my ex defaults on the loan (which is secured against that property), could Firstplus come after another property which would be owned by me for the arrears/full loan amount????????

Cheers! :eek:

richardw

Is your name still on the loan account?

Riccyboy_2

Yes it is - I know that I would be liable for the debt, just not sure if they have the power to try and get money out of another property.

ILW

They could go for a charging order.

MrRedundant

They could go down the court route against you for recovery of the money through CCJ's, Bailiffs and Charging orders and so on. Reposessions and such can be difficult so it might be they decide which of you is more likely to have assets outwith the properties first before going down this route. Unless the loan value is more than the equity in property 1 I can't see why they would even consider one on your property.

You obviously suspect they might which makes you wonder why?