Future implications.

Bazzalona13295

Hi there, a few years ago my wife was the victim of two credit card frauds, cards/account fraudulently opened in her name.
This happened long before we met and was done in her maiden name by an ex (then current bf) who was a complete *******.

Unfortunately as is her way she kept quiet and it was 'too late' to do anything by the time I found out, hence she is paying them off at the minimum amount per month.

Currently we are thinking of selling our home (which was bought long before I met my wife and is in my name alone)......no doubt completely the wrong time and climate to do so, but it IS just a thought at present.

The question I want to ask is : whether we buy or even rent a new property, if it is done in joint names, do these credit cards (I believe one is Halifax and one is Sainsburys) or any future ones that could potentially crop up have any effect on that property?
In other words - worst case scenario but tbh my wife does tend to hit worst case scenarios quite often - say the Halifax/Sainsburys want to call in the debt as it were could the home and possessions be in danger?
I have to be realistic - one of us has to be - there is a possibility one day another such fraud could emerge and I have to protect myself which is why I have always steered clear of doing anything in joint names.

Thanks in advance for any help and advice.

D3xt3r5L4b

Were the previous instances reported to the police/action fraud?

Bazzalona13295

D3xt3r5L4b said:

Were the previous instances reported to the police/action fraud?

I'm not sure, she tried to explain to the various companies but to no avail.

I think probably not as she was - and still is - having serious health problems at the time.

phillw

Bazzalona13295 said:

In other words - worst case scenario but tbh my wife does tend to hit worst case scenarios quite often - say the Halifax/Sainsburys want to call in the debt as it were could the home and possessions be in danger?

Not having her name on the property isn't enough anyway, she also has to not be entitled to any proceeds if you sell it.
You ought to deal with the debts properly, contact the police, contact the lenders etc.

D3xt3r5L4b

Unless it’s reported as fraud through the correct paths then the lenders won’t remove it from anyone’s credit files.

Bazzalona13295

phillw said:

Bazzalona13295 said:

In other words - worst case scenario but tbh my wife does tend to hit worst case scenarios quite often - say the Halifax/Sainsburys want to call in the debt as it were could the home and possessions be in danger?

Not having her name on the property isn't enough anyway, she also has to not be entitled to any proceeds if you sell it.
You ought to deal with the debts properly, contact the police, contact the lenders etc.

I do agree, but I can't force her so we're stuck with this situation. She has told the two card companies but they won't do anything about it.

Bazzalona13295

D3xt3r5L4b said:

Unless it’s reported as fraud through the correct paths then the lenders won’t remove it from anyone’s credit files.

Thanks, yes I guessed that would be the case and told her this a long time ago but she isn't prepared to go to the Police.
As she began to pay the debt off (long before I was aware of it) I take it she has 'accepted' the debt.

She is terrible with money, so many instances have emerged these last 12 months. Hate saying that but it's true.

D3xt3r5L4b

Bazzalona13295 said:

D3xt3r5L4b said:

Unless it’s reported as fraud through the correct paths then the lenders won’t remove it from anyone’s credit files.

Thanks, yes I guessed that would be the case and told her this a long time ago but she isn't prepared to go to the Police.
As she began to pay the debt off (long before I was aware of it) I take it she has 'accepted' the debt.

She is terrible with money, so many instances have emerged these last 12 months. Hate saying that but it's true.

Then I wouldn’t look at taking a joint mortgage etc. then personally 

Bazzalona13295

D3xt3r5L4b said:

Bazzalona13295 said:

D3xt3r5L4b said:

Unless it’s reported as fraud through the correct paths then the lenders won’t remove it from anyone’s credit files.

Thanks, yes I guessed that would be the case and told her this a long time ago but she isn't prepared to go to the Police.
As she began to pay the debt off (long before I was aware of it) I take it she has 'accepted' the debt.

She is terrible with money, so many instances have emerged these last 12 months. Hate saying that but it's true.

Then I wouldn’t look at taking a joint mortgage etc. then personally 

No I couldn't agree more. Then I feel guilty saying why! 
Thanks

Sandtree

Just so I understand.... your wife's former boyfriend took out cards in her name and spent on them. She didnt want to go to the police so has simply accepted the debt as hers and has been paying it off since then but just monthly minimum amounts.

You are concerned that those debts could ultimately result in your new property being repossessed. 

Credit cards are unsecured debt and so no simple way for them to result in someone losing their home over it. If the worst happened and she stopped paying then the debt would go to a collector first who'd be keen to do a payment plan, if that fails it may would go to court and she would have to be found liable and again a payment plan can be agreed, if that failed then bailiffs are normally the next step, if that fails then a charge order. In certain circumstances the courts can force the sale of a property to materialise the charge orders but it is rare and particularly if its your home, the debt is small compared to the property value etc.

Bazzalona13295

Sandtree said:

Just so I understand.... your wife's former boyfriend took out cards in her name and spent on them. She didnt want to go to the police so has simply accepted the debt as hers and has been paying it off since then but just monthly minimum amounts.

You are concerned that those debts could ultimately result in your new property being repossessed. 

Credit cards are unsecured debt and so no simple way for them to result in someone losing their home over it. If the worst happened and she stopped paying then the debt would go to a collector first who'd be keen to do a payment plan, if that fails it may would go to court and she would have to be found liable and again a payment plan can be agreed, if that failed then bailiffs are normally the next step, if that fails then a charge order. In certain circumstances the courts can force the sale of a property to materialise the charge orders but it is rare and particularly if its your home, the debt is small compared to the property value etc.

Yes that's about the sum of it. I only have vague details as it's almost a taboo subject but you've pretty much answered my concern. If there are a number of steps to negotiate it obviously wouldn't be an overnight thing (assuming I knew the latest on things which isn't always the case).

Thanks.