having just spoken to national debt helpline they informed me that even though i do not own a property and pay my partner rent. If i was to go bankrupt they could release the equity in her home to pay my debts.. Is this true????
If it can be shown by the OR that yuou have a beneficial interest in the property then they can try and claim your share. I would suggest you contact one of the experts with a few more details for a more detailed answer because i'm sure its not clear cut.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum. Life's too short!!!
if you pay a formal rent rather than a contribution to the household then you as a tenant have no interest in the property. A rental payment record and or agreement would be useful to substantiate your position.
If you cannot produce these then it is possible that you would be seen to have an interest but this depends on a number of factors.
I was in exactly the same situation as you. I was living with my partner and paying a household contribution. I have no beneficial interest in the property because I only moved in a month before I went bankrupt. I think it depends on how long you have lived there.
I spoke to National Debt Line before going bankrupt, and they told me I would deffinately loose my home...........this is not the case, and I am hoping to buy BI. My point is though they do a lot of good work, the advise they give is dependent on the knowledge of the advisor you get. I felt mine was against bankruptcy at all costs, and would say anything to dissuade me.
as you get to read through the many posts on the site you will see that's not how the law works unfortunately.
Your name doesn't need to be on the deeds or the mortgage to have a proprietary interest in a property. In fact it's possible to own most of it without having any documented connection.
having just spoken to national debt helpline
Posted - 02 April 2009 : 19:44:37
