House ownership and debt

Doriath

I’m 50 years old from NI and I own my home with my wife (50/50 and no mortgage).  I am also £30K+ in debt and I’ll be starting to pay this back soon (maybe £150+ a month).

This will obviously take considerable time to pay back, and I’m worried about leaving my debt problems for my wife to deal with should the worst ever happen.  My wife has no debt at all, would it be advisable to remove my name from the deeds / sign the house over?  Is this even possible / legal?

Thanks all.

fatbelly

No. Do not play around with house ownership.

With a 20-year dmp being a bit excessive you have to consider some tweaks/other options.

One would be to reduce your monthly payment and save on the side to make settlement offers somewhere down the line.

Another would be to consider an IVA.

I am not sure if N Ireland legislation would affect these suggestions. 

RAS

There isn't enough to comment in detail but fiddling with the ownership won't help

Are you making minimum payments?

How much of this debt is loans which are time limited?
What are the APRs on the debts?
Can you get any 0% deals?

Do you have any life insurance, death in service benefits from work pensions?

Rob5342

When you say 50/50 do you mean tenants in common? There is some information here:

https://www.nidirect.gov.uk/articles/debt-when-someone-dies

Can't you just take out a life insurance policy to cover your debts? When I looked a £30,000 policy was about £4 a month with Beagle Street.

Grumpelstiltskin

Most people on here only deal with the main land, so we know N I can be different.

Have you been in touch with these people?

Welcome to Advice NI | Advice NI

[Deleted User]

Grumpelstiltskin said:

Most people on here only deal with the main land, so we know N I can be different.

Have you been in touch with these people?

Welcome to Advice NI | Advice NI

Generally the port of call here in NI

https://www.nidirect.gov.uk/articles/individual-voluntary-arrangements-ivas

RAS

[Deleted User] said:

Grumpelstiltskin said:

Most people on here only deal with the main land, so we know N I can be different.

Have you been in touch with these people?

Welcome to Advice NI | Advice NI

Generally the port of call here in NI

https://www.nidirect.gov.uk/articles/individual-voluntary-arrangements-ivas

I don't think the OP is planning to do an IVA.

[Deleted User]

RAS said:

[Deleted User] said:

Grumpelstiltskin said:

Most people on here only deal with the main land, so we know N I can be different.

Have you been in touch with these people?

Welcome to Advice NI | Advice NI

Generally the port of call here in NI

https://www.nidirect.gov.uk/articles/individual-voluntary-arrangements-ivas

I don't think the OP is planning to do an IVA.

Sorry - it was an option suggested by fatbelly 

fatbelly

It's defo an option