Worried I'll lose my home

leicestersq

c85,

was it my 'uninformative nonsense' that you were talking about?

I was simply trying to point out that an unsecured debt is one that you cant simply walk away from if you have equity in your home, and that you have to deal with it in some way. The way I interpreted another post earlier was that unsecured debts wouldnt be anything to worry about or need addressing.

And as you have clearly pointed out, there is a risk that if you do have unsecured debts, it is possible for the creditor to take action that could end up in a forced home sale under certain circumstances, though you say that the risk is a very slight one in most cases. What I cant work out is what the risk is in this particular case.

If there is equity in the property, why would the legal system allow one person to acquire assets at the expense of another by defaulting or refusing to repay their debts? If creditors know about assets, why wouldnt they seek to obtain them to make good on the debt?

I am just concerned that the OP takes good advice on this aspect of the situation and doesnt just assume that because some debts are unsecured that they are nothing to worry about.

theoretica

The OP is taking good advice and talking about a DMP. This involves acknowledging the debts and making a reasonable attempt to pay them off, as affordable. It also makes it vanishingly unlikely that a judge would make the debtor homeless. Swanning around with your fingers in your ears paying nothing to the debt tends to antagonise the loan companies more and be looked down on by the courts.

whitewing

I may have missed this but is your mortgage in your name only or yours and your ex's?