Nearly ex-husband's debt-how does it affect me?

samborambo

Hi everyone, I'm looking for some advice on what to do about my ex-husband's debt. At present we are still married but divorce proceedings are doing ahead. I'm living in the house he owns. My name is not on the mortgage because at the time we bought it, my credit rating was very poor. I've been effectively renting it off him while we've been separated and things have been fine but he has built up a lot of debt and has got to the point where it has snowballed. I fear things will get to the point where he will get CCJ's against him. I don't know enough about these so forgive me if I'm jumping ahead of myself, but he had a loan secured against the house and a credit card with the same bank he has a mortgage with. I've been trying to help him with his money and did mistakenly lend him money before so I'm aware of most of what is going unpaid. My big fear at present is I've built up my credit rating and I don't want his problems affecting my rating. We're going to put the house up for sale so he can pay off his debt but it will likely take a long time considering the time of year and where we live. In the meantime, I'm concerned about him losing the house or things affecting my credit rating. I'm running around in circles, trying to figure out the best route for both of us but I do have two young children to think of as well as myself. If anyone can let me know a worse case scenario if things continue, I think that would be helpful. And if I can offer him any solid advice, I'd like to be able to. Thanks!

fermi

If the mortgage or his other debts are not actually ones where you are a joint signatory, then any arrears/default/repossession on those would not affect you.

Not even CCJs if they are only in his name.

Should a financial association have been created on your credit file by anything else, when you are no longer associated you can file a notice of disassociation with the credit reference agencies to break even those links.

samborambo

That's a relief to hear as I was getting told a lot of different things. Thank you for the help.

anna_1977

If you have any joint accounts with him at the moment it might be worth removing your name sooner rather than later.
As mentioned above you then file the disassociation
Good luck

HappyMJ

samborambo wrote: »

Hi everyone, I'm looking for some advice on what to do about my ex-husband's debt. At present we are still married but divorce proceedings are doing ahead. I'm living in the house he owns. My name is not on the mortgage because at the time we bought it, my credit rating was very poor. I've been effectively renting it off him while we've been separated and things have been fine but he has built up a lot of debt and has got to the point where it has snowballed. I fear things will get to the point where he will get CCJ's against him. I don't know enough about these so forgive me if I'm jumping ahead of myself, but he had a loan secured against the house and a credit card with the same bank he has a mortgage with. I've been trying to help him with his money and did mistakenly lend him money before so I'm aware of most of what is going unpaid. My big fear at present is I've built up my credit rating and I don't want his problems affecting my rating. We're going to put the house up for sale so he can pay off his debt but it will likely take a long time considering the time of year and where we live. In the meantime, I'm concerned about him losing the house or things affecting my credit rating. I'm running around in circles, trying to figure out the best route for both of us but I do have two young children to think of as well as myself. If anyone can let me know a worse case scenario if things continue, I think that would be helpful. And if I can offer him any solid advice, I'd like to be able to. Thanks!

Worst case scenario he continues as he is, not paying his debts. CCJ's are obtained against him. A charge is put against the house which is in his sole name. His mortgage company become aware of this and eventually force a sale of the house. The fees and outstanding debts are paid and there is nothing left over. You get nothing and become homeless.

Make sure he pays you the correct amount of child support. It's a priority expense paid before almost all other expenses except tax and national insurance. The rent or mortgage payments don't even come first. He must pay you the child support or you can get an order against his income to force his employer to pay you.