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Jamie-Law
Jamie-Law, Solicitor
Category: Property Law
Satisfied Customers: 5562
Experience:  Solicitor
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I have an unsecured loan, an overdraft and some credit card

Customer Question

I have an unsecured loan, an overdraft and some credit card debt.
I am putting together a Debt Management Plan to try settle these debts with Step Change.
Are there any steps I can take to reduce the risk of any successful claims being made against my share of the family home?
Our home is in joint names with my wife which has a small mortgage with 7 years remaining.
Submitted: 1 year ago.
Category: Property Law
Expert:  Jamie-Law replied 1 year ago.

Hello my name is ***** ***** I will help you with this.

I assume the debts at present are unsecured totally?

Customer: replied 1 year ago.
all totally unsecured
Expert:  Jamie-Law replied 1 year ago.

Ok - as long as they accept the Debt plan you are fine. Once they accept it there is no going back.

The risk of course is if they dont accept it, they could issue proceedings and secure the debt.

But Step Change are great at doing this sort of thing and a charity, so you are in good hands.

If they accept the plan you are fine.

Can I clarify anything for you about this today please?

Customer: replied 1 year ago.
Hi Jamie
My question is, are there any steps I can take to reduce the risk of any successful claims being made against my share of the family home?
I thought like putting our home just in my wives name for example.
Expert:  Jamie-Law replied 1 year ago.

Sadly not - because if you do that and creditors see, they can ask the Court to transfer it back.

If you do this now, it would alert creditors that you are trying to hide something.

So go with the DMP with Step Change.

There is nothing more you can do at this stage.

Creditors would rather get something than nothing, so I would not worry about the home

Does that clarify?