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House ownership and debt
Doriath
Posts: 2 Newbie
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.0
Comments
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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.0 -
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?If you've have not made a mistake, you've made nothing0 -
When you say 50/50 do you mean tenants in common? There is some information here: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.0
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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
If you go down to the woods today you better not go alone.0 -
Generally the port of call here in NIGrumpelstiltskin 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
https://www.nidirect.gov.uk/articles/individual-voluntary-arrangements-ivas
0 -
I don't think the OP is planning to do an IVA.[Deleted User] said:
Generally the port of call here in NIGrumpelstiltskin 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
https://www.nidirect.gov.uk/articles/individual-voluntary-arrangements-ivasIf you've have not made a mistake, you've made nothing0 -
Sorry - it was an option suggested by fatbellyRAS said:
I don't think the OP is planning to do an IVA.[Deleted User] said:
Generally the port of call here in NIGrumpelstiltskin 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
https://www.nidirect.gov.uk/articles/individual-voluntary-arrangements-ivas0 -
It's defo an option0
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