If gf buys shares will it alert debt chasing companie

TCA

Argghhh wrote: »

Will owning the shares appear on a credit report or anything

On the subject of credit reports, if you and your girlfriend ever get a joint bank account, she would then become a "connected person" to you, which could adversely affect your own credit report. I'm not 100% sure but that might also be the case if you lived together and were both named on utility bills, council tax bill, etc...

masonic

lawriejones1 wrote: »

But of a nasty reply that. The Internet allows us to say things we wouldn't say to people's faces, but that doesn't mean you need to use it that way.

I can assure you that if that's the opening line someone used to describe their gf to me, that would be my reply - F2F or otherwise. Even the most delicate flower would have to see the funny side.

gadgetmind

I just can't understand why someone would let this hang over their heads. They owe the money, they are earning money, so repay the money as fast as possible.

Argghhh

hi guys we paid some of the debts and asked for the ones chasing the money to give us a letter stating settled in full, none of them have ever provided this but were happy to take my money to pay it off so i thought sod it i am not doing it anymore.
we live together in my house everything iis in my name alone except the council tax bill which i pay anyways. She works a handful of hours in a shop a week so hardly anything to shout about. I was wondering to use my money to buy the shares over a 5 yr period. We have no problems debt wise with eachother and no problem in that except if we split up i guess she could walk away with all the shares, but we have kids together and it would not be simple to up and disappear etc

i only wanted to know if the shares would be showing up for a debt chasing company to see and if they could do anything. I would be paying money into her bank to show payments etc although i know thats not fool proof

gadgetmind

If she is being chased for money she doesn't owe, then ask for help on other boards as this isn't on.

As for the shares, tracing back to her is close to impossible for SAYE and options but might be possible for SIP. Exactly what type of share scheme is this?

TheBanker

Argghhh wrote: »

i only wanted to know if the shares would be showing up for a debt chasing company to see and if they could do anything. I would be paying money into her bank to show payments etc although i know thats not fool proof

Ownership of shares isn't reported to Credit Reference Agencies, so it's unlikely the debt collectors will know about them. Especially since she won't own any shares for 3/5 years, she'll just be paying into a savings account directly from her wages.

However if one of the debt collectors took her to court, she would have to disclose her assets including the SAYE account.

To be clear, regardless of whether you pay money into her account to cover the cost, they are her shares, not yours. The SAYE term will not recognise the interest of a third party. This is partly because of the tax benefits linked to the SAYE scheme.

In the end, these will be her savings/shares and you will have no claim over them. If she were ever to be declared bankrupt, they would be taken away to pay creditors.

Is there a particular reason you want these shares? It would be simpler just to invest the money yourself!

kangoora

It sounds like one of two possible Sharesave schemes where you buy shares either net of tax and NI or get an option price locked in for 3 - 5 years. Also, normally no dealing charges either.

I did a long post on the two schemes open to BT employees at this link https://forums.moneysavingexpert.com/discussion/5314345

Getting shares at a 32% discount, maybe even 42% with no dealing charges is very nice, conversely, getting a low option price and buying them 5 years in the future when they've hopefully gone up in price is also very nice. Certainly better financially based only on the cost compared to buying them yourself on the open market......

Malthusian

Even if the sharesave scheme has a very nice discount, I wonder if you might still get a better effective return by paying off the debt. I don't know what kind of debt it is but if there are credit cards or short term loans or late payment penalties involved, then it could very well be a better investment to pay off the debt. Not to mention being risk-free and giving you peace of mind.

As has been said, if she is being chased for money she doesn't owe this is a completely different type of problem.

boliston

gadgetmind wrote: »

I just can't understand why someone would let this hang over their heads. They owe the money, they are earning money, so repay the money as fast as possible.

What do you mean "they"? There was no mention of both partners owing money.

masonic

boliston wrote: »

What do you mean "they"? There was no mention of both partners owing money.

https://en.wikipedia.org/wiki/Singular_they
HTH