Loan security risks.

happyhacker
happyhacker Posts: 31
First Anniversary First Post
Forumite
If someone is registered as living at an address but does not own the property (say a son of the owners there) and they get a loan which they default on. What is the risk to the owners regarding their asset(s).

Many thanks.

Comments

  • TadleyBaggie
    TadleyBaggie Posts: 5,937
    First Anniversary Name Dropper First Post
    Forumite
    None. Debts are assigned to individuals not properties.
  • MEM62
    MEM62 Posts: 4,671
    First Anniversary Name Dropper First Post
    Forumite
    You are not liable for your son's debts. There is therefore no risk to your assets.   
  • The only time it would be an issue is if the process escalates up to a CCJ and high court bailiffs who might come to the address to look to get the money, at that point you would need to refuse entry and be careful if they try and take possession of say a car
Meet your Ambassadors

Categories

  • All Categories
  • 341.8K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 233.9K Work, Benefits & Business
  • 606.1K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards