Board / Lodge

battyboimatt

Sorry to be a pain again, Im just looking at options, I noticed that on the Nation Debt Line Website its says:

Depnding on your circumstances, you may be considered to have a beneficial intrest even if you are not named on the mortage. This is a complex area and should phone us for advice.

Is that right, I live at home with my mam and dad and just pay them board, this is just getting me so worried now. I jsut dont know what to do for best.

[Deleted User]

Dont' worry - others will be along with more knowledgeable info no doubt
but that beneficial interest seems to be applied to couples and partners, I don't think it really applies to 'children' iyswim
lbm

battyboimatt

Thanks lbm, Im just so worried, my parents dont know about the state of my debt, its about 23K i just go from month to month robbing myself, ie getting paid, paying the minmium on everything eathing up my overdraft, getting paid, paying the min, eating into my overdraft and I just cant cope no more, on top of it all my dad has cancer that is inoperable and I do try and support the family etc oh, sometimes I just dont have the energy or will to do anything anymore. Thanks

tigerfeet2006

As LBM says you won't be deemed to have an interest in your parents house.

battyboimatt

Also if I do go bankrupt at their address, will this affect their chance of credit ? i.e will there home insurance go up, will they be declined creidt because of me in their own name ?

tigerfeet2006

If you have no joint financial links with them, then it won't affect them as the bad debt is registered against you not the property.

Though when you are in your sort of situation with living with others, we usually recomend they get their £2 credit files from the 3 main debt agencies just for them to check there hasn't been a mistakes made.

Some contents insurers sometimes ask if anyone in the property is or has been BR and won't insure.

debtinfo

As the others have said most people only incur an interest when they are partners not parents/children, there are a fer circumstances where they might but they are very rare