Bankrupt

[Stuarty1970]

Hi
the short and long of it is I'm in dyer straights , I'm looking to go bankrupt , trouble is I have a secured loan on our house . I spoke to money matters as I'm in Scotland and they say I can't have a secure loan on this house as its only in my wife's name , ( the mortgage )it was my gf at the time is this true
thanks stuart

[nemesis45]

Re: Bankrupt

Hi, What details have you on this "secured" loan?
If your name is not on the deeds or a mortgage account then you cannot secure a loan against the property.

[Stuarty1970]

Re: Bankrupt

Hi
just found out on my credit file that Ge money put a secured loan on it , I know we took it out jointly but after some advice was asked to check file . My name is not on mortgage or deeds thanks

[Captain Haddock]

Re: Bankrupt

I really don't understand this. You, yourself, cannot have been considered for a secured loan if, as nemesis45 stated, your name is not on the title deeds. If your name IS on that loan, a loan secured on property you do not own or hold a mortgage upon, then this loan has been maladministered!

Have you spoken to a solicitor?

[Captain Haddock]

Re: Bankrupt

I have a feeling that what you are seeing on your CF is that there is a debt (the secured loan) allocated to the property you live in. That's the only plausible reason, though I may be wrong, of course.

Upshot is, I doubt you'd lose a home that isn't yours to begin with. I'd like to see that one tried in court.

[nemesis45]

Re: Bankrupt

It would assist greatly if you post here a suitably redacted screen print of the credit file entry (s).

[TalbotWoods]

Re: Bankrupt

I've seen this before, when GE have put a charge in place on a property you LIVE in, rather than one you own.

However, as you have said "I know we took it out jointly" this implies that the charge is not against YOUR Property but on the property in your wife's name, which would be correct.

You have also said the property is in her name only, as she is paying the mortgage. Be a wee bit careful there as there are a lot of jointly owned properties where only one person pays the mortgage, and they have a fight with the Insolvency Service / AiB over Beneficial Interest.

The names on the deeds are the key here, nothing more and nothing less AT PRESENT

In this instance you need to check the Deeds of the Property which you can do via http://www.ros.gov.uk

If she is the SOLE named person on the deed then you have GE by the shots and wotsits, so you can use that to get a Not of Disassociation set on your Credit Files.

However, if when the house was bought you were also named on the deed then you are a joint owner. Unfortunately I have seen a few of these 'unexpected' joint tenancy pop up when property and bankruptcy.

One other aspect with GE they have in the past 'accepted' a tick in a box by the applicant as prove they own or jointly own a property, without carrying out due care checks

The key is to remember CRFs DO NOT prove ownership, only the deeds do!

So for the sake of a couple of quid, check the deeds and see what is there!