Can my debt affect parents

GambledLife

I have a very large amount of debt on credit cards and overdrafts arround 37k and am registered living at my parents address (im not on the mortgage) just registered to vote here.

Does anyone know if my debt will affect my parents?
E.g.

What if my parents apply for a new credit card or other form of credit?
What if my parents want to remortgage their home?
What if my parents want to get a second mortgage?

Is their anyway my debt can be made public to them?

fatbelly

The only way it would affect your parents is if you had a joint financial product with them.

So if you were on the mortgage, or had a joint bank account or a joint loan.

GambledLife

fatbelly wrote: »

The only way it would affect your parents is if you had a joint financial product with them.

So if you were on the mortgage, or had a joint bank account or a joint loan.

Iv had none of thoes things, could they be told about my debt? Or is it confidential? I will eventually tell them but id like it to be after i have atleast cleared a large amount of it.

National_Debtline

Hi


Your debts would not be directly reported to your parents any more than they would be reported to the rest of us. Those debts have no effect whatsoever on people who simply happen to live/be registered at the same address.


If you pursued an insolvency option such as bankruptcy, your details would be added to the public insolvency register: https://www.insolvencydirect.bis.gov.uk/eiir/IIRMasterPage.asp which anyone can look up if they so wish.


Dennis
@natdebtline

Hoogle

Of course the question that really should be asked is if it is manageable debt or are you likely to get debt collectors chasing you up at home either people knocking at your door, or telephone calls once they have traced you. are you at risk of getting say your vehicle clamped and towed or even your parents vehicles as they will have to prove it is in their name not yours.

If there is any doubt that this is a possibility then being registered at their address I would say it was best to come clean with them as it will be a lot worse if they start getting encounters with debt collectors.

sourcrates

GambledLife wrote: »

I have a very large amount of debt on credit cards and overdrafts arround 37k and am registered living at my parents address (im not on the mortgage) just registered to vote here.

Does anyone know if my debt will affect my parents?
E.g.

What if my parents apply for a new credit card or other form of credit?
What if my parents want to remortgage their home?
What if my parents want to get a second mortgage?

Is their anyway my debt can be made public to them?

Your debt is your debt, the data protection act must be adhered to by any and all financial institutions.

They will not be aware of it unless you tell them.

How much do you owe, and have you sought advice before ?

GambledLife

Hoogle wrote: »

Of course the question that really should be asked is if it is manageable debt or are you likely to get debt collectors chasing you up at home either people knocking at your door, or telephone calls once they have traced you. are you at risk of getting say your vehicle clamped and towed or even your parents vehicles as they will have to prove it is in their name not yours.

If there is any doubt that this is a possibility then being registered at their address I would say it was best to come clean with them as it will be a lot worse if they start getting encounters with debt collectors.

My debt is manageable i have enougth money (providing im not made redundant) to make payments and pay off all debt my december 2019 - jan 2020, i do not drive or even have a licence to drive so im sure people cant just start clamping cars, surly they would need to prove i eather use it or own it to do that. In regards to debt collectors my debts are with the bank i have not defaulted on them and am paying at leadt the min payment so there shouldnt any visits should there?

fatbelly

GambledLife wrote: »

My debt is manageable i have enougth money (providing im not made redundant) to make payments and pay off all debt my december 2019 - jan 2020, i do not drive or even have a licence to drive so im sure people cant just start clamping cars, surly they would need to prove i eather use it or own it to do that. In regards to debt collectors my debts are with the bank i have not defaulted on them and am paying at leadt the min payment so there shouldnt any visits should there?

No, you should be fine.

sourcrates

GambledLife wrote: »

My debt is manageable i have enougth money (providing im not made redundant) to make payments and pay off all debt my december 2019 - jan 2020, i do not drive or even have a licence to drive so im sure people cant just start clamping cars, surly they would need to prove i eather use it or own it to do that. In regards to debt collectors my debts are with the bank i have not defaulted on them and am paying at leadt the min payment so there shouldnt any visits should there?

Only certain debt collectors have there own collection agents, and they may threaten you with them from time to time, it’s all a bit of a damp squib to be honest, as they have no,power, and you can tell them to..........go away.......politely lol