is my parents house at risk ?

[mollie2]

if i live in my parents house is there house at risk or will they be expected to pay off the remainder of my debt? will they therefore be blacklisted if they should ever apply for any credit later?

[MelanieGiles]

Hi there and welcome to the forum

Your parents house will not be at risk, neither will they be expected to pay anything towards your debts. Their credit rating may be affected, but they can file notices of disassociation from you with the credit scoring agencies to get round this.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[JulianSampson]

Hi Mollie

This is a more frequent concern then people realise so you are in good company in raising it. You will accrue rights in a house by virtue of your occupation but the legal ownership will remain with your parents and your personal debts will not taint their ownership. Melanie's advice on disassocation is excellent and well worth doing as part of a general credit score review.

Kind regards

Julian Sampson
Solicitor
Wright & Wright LLP
www.wrightandwright.com
See my article in Clean Slate magazine

[iva experts]

Hi Mollie,

Not to sound like a broken record, but the short answer is No your parents house will not be at risk and they would not have to pay off your debts, unless they wanted to of course.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/