Credit File Advice

Willsk

Hello, I’m not sure if anyone can help me on this please?
My husband and I are separated and have a joint mortgage, he lives in the property and has debt following a failed business (debt in his name not mine).
One of the creditors associated with the old company have gone through the courts and have just won a court order to sell the house in order to claim the money they are owed. 

It is confirmed I will receive 50% of the house value but I am concerned it may effect my credit file.  

The mortgage payments are up to date and the mortgage will automatically be paid off when the house is sold but as the mortgage is in joint names will it show as a repossession or black mark on my credit file at all?

[Deleted User]

No, but as you're financially associated, you'll want to disassociate as soon as the final financial tie is severed.

MEM62

Willsk said:

It is confirmed I will receive 50% of the house value but I am concerned it may effect my credit file.  

Receiving your 50% share of the equity from a house sale is not a negative factor.  The situation also affords you the opportunity of financially disassociating from your husband - a win-win.  What leads you to believe that there will be a negative impact on your credit file?     

Willsk

Thank you for replying, my husband tells me it will be classed as a repossession and as it’s on a joint mortgage I am liable for the consequences too i.e: it will show on my file so will not be able to get a mortgage for 10 years.

I have since been told it is not classed as a repossession as the mortgage company are not the ones claiming, so now suspect this was to put me off agreeing to the house sale!?

[Deleted User]

Stuff only stays on your credit record for 6 years anyway, so 10 years is nonsense

If the house is forced as a sale, it is not a repossession which is done by the bank and provided the mortgage is paid off then there are no hits to your file