Property Question

Miss_Poohs

OK - this'll probably all be a bit vague, but I want to run it past you guys.

As you may already know my OH has run up credit card and loan debts in excess of £50,000 - now, we have a mortgage on our own house but my husband also owns a 50% share in his mums house, which is all paid for.

We are seeing someone from welfare rights on Monday to discuss our options (assuming we have any).

Should we be mentioning this other property? I don't want to upset his mum shes in her 80s and not in the best of health - this is hard enough for me to accept, so I don't want to worry her.

Wot d'ya fink?

rayday2

Sorry being a bit thick here not sure what you are asking?

Are you wanting to mortgage her house too?

fermi

Yes you certainly should mention it.

The fact that your OH can be said to have an interest in this property is a major factor that any advisor needs to know about before they can help you work out where your best path lies.

Especially as you and your OH have been considering options up to and including bankruptcy/sequestration.

Miss_Poohs

Ohh Gawd no Rayday!!!

I just discovered on Friday that my OH had run up all this debt, and I spent the rest of the weekend, trying to pick the details out of him.

Having done a bit of shouting, screaming and throwing, I have decided to try and stick it out with him to get this mess sorted out.

After spilling my guts to our GP (I was signed off work anyway, as my wee mum died on the 29th March) I came home and we contacted Debtline. They were able to offer some advice over the phone, and they gave us the details of a local contact at our Welfare Rights office who deals with debt problems.

The chap is coming to our house on Monday morning to speak with me and my husband about our options.

I'm just worried incase they advise bankruptcy. It would be bad enough if we had to uproot our son, from his home, never mind tell my MIL that her home is involved too.

I'm just not sure if the other house has to be mentioned, but in all honesty it is one of my husbands assets (well 50% of it is).

peb

Agree with Fermi - however what is the interest? Does your OH mum have a lifetime tenancy of the property or a similar right to live there? Sorry but this could be very messy. I have very limited knowledge of bankruptcy but presumably the OR could put a charging order on the property so that when it is sold they would claim the 50%; if may be that she has a lifetime interest in all the property? Sorry; more information needed.

Miss_Poohs

The house was my husbands parents home which he bought for them back in the 1980s (before we met) from the council.

My FIL died back in 1995, leaving my MIL in the house with my OH (before we were married).

We got married in 1997, and he moved in with me - leaving MIL in the house which by this time was bought and paid for.

Does any of that help?

fermi

Scottish property, bankruptcy or other debt related law is not really my thing.

I've been meaning to read up, but the goalposts keep moving with new legislation.

However, as said, any advisor will need to know about this interest in the property. It is something they will need to factor in to the advice they give.

peb

Sorry; had not realised you were in Scotland. I can't help then. As Fermis says tell the advisor as they should be up on scottish law.

rayday2

You could visit the national debtline website they have specific advice for Scotland - I found these fantastic for us and that was long before MSE. It was knowing your rights and what companies can and can't do and it empowered me to tackle things - which for me was a debt management plan.

fermi

CCCS also have a version of their website aimed at people in Scotland and advisors who can help.

Here: https://www.scottishdebtline.co.uk

Miss_Poohs

Ohhh the place I have an appointment with on Monday is on there list so fingers crossed I'll be a bit wiser come next week.

Ta muchly