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Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. You are under no circumstances liable to pay the debts from your assets- i.e your share of the home and other assets in your name. The law for this is know as the Statute of Frauds - you cannot be liable for someone elses debt unless done/agreed in writing. If your husband was pursued for the debt, potentially they (i.e the creditor) would be able to enforce against his share of the home (i.e 50% of the equity in the home). As you have children under 18 and a dependent in the home, the likelihood that they will be able to force a sale is minimal. Only if the creditor suggest your home should be sold or starts pursuing a charging order on your property, your best course of action would be not to let this reach court, and agree a fixed sum that your husband will pay under the PG which will be secured by a charged over the home. This way you will not risk incurring expensive fees defending any claim, and will have the security that no one will try and force a sale of the home. Does your husband have the means to make monthly repayments in order to propose paying the PG over a period of time? Is the PG with a bank?
Hi, Thank you. I understand your concern, but I would not worry too much, it is unlikely you will be made homeless, especially with vulnerable dependents in the property. Get your husband to negotiate the terms of the PG, and find income to start paying it off - once you are in this position everything will feel much more secure. Kind regards AJ