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Scottish Debt\Liability Advice
Klinsmann_01
Posts: 1 Newbie
I am curious and looking for advice I have debts which may become an issue (although steps are being taken to improve this) But should the worst happen I would try to be prepared
My Partner owns the property 100% but we both live there
My Partner has about £20k savings
We do not have a joint bank account
We share household bills (I pay, telecoms, TV plans and council tax) Partner pays Mortgage
We have a child which we share costs for from our own bank accounts
We don't claim any bennefits.
We live in Scotland
I have approx £15k personal debt (manageable)
and about 70k company debt which has a personal Gurantee attached
In the event I can no longer afford these debts or agreements couldn't be reached with creditors would my partner have any liability for these debts? my feeling is they won't but thought I would ask.
My Partner owns the property 100% but we both live there
My Partner has about £20k savings
We do not have a joint bank account
We share household bills (I pay, telecoms, TV plans and council tax) Partner pays Mortgage
We have a child which we share costs for from our own bank accounts
We don't claim any bennefits.
We live in Scotland
I have approx £15k personal debt (manageable)
and about 70k company debt which has a personal Gurantee attached
In the event I can no longer afford these debts or agreements couldn't be reached with creditors would my partner have any liability for these debts? my feeling is they won't but thought I would ask.
0
Comments
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You have posted on the Bankruptcy board, but I can answer your quick question.
No, debt is accrued by a named individual, and stays liable only to that named individual.
No one else can be made responsible for your debt.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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