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Senior Partner
Senior Partner, Solicitor
Category: UK Bankruptcy Law
Satisfied Customers: 13323
Experience:  30 years in commercial law
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UK law - I have fallen behind on my credit card payments -

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UK law - I have fallen behind on my credit card payments - I will try and organise a payment plan and get interest halted. If they refuse what options do I have and what assets can they get to -i.e. can they get my ISA or small shareholdings? House is in joint names of me and my brother with no mortgage - am contemplating getting beneficial ownership transferred to my husband in the US to protect it. I am moving to US so wonder if UK companies have jurisdiction there?
If they sue you then in theory any asset you have is available to satisfy the debt . Also in theory if you transfer away an asset when you in debt and unable to pay those debts can be set aside as a conveyance to avoid your creditors . Also in theory they can pursue you to the US although whether they would in practice is another issue. If you have an isa that can pay of your debt, why not use it to do so?

Customer: replied 3 years ago.
The ISA is in my name but funds are my husbands who is a US citizen. Small shareholing of £500 is investment club funds ie not mine either. House is original family home where my brother with learning difficulties lives. I though credit card debt was unsecured - happy to pay payment plan but want interest frozen otherwise cant pay.
I am sure it is unsecured but if they sue you for the debt, they can either bankrupt you if you do not pay or alternative seek charging orders against your assets. How far they will go will depend to some extent on the size of the debt. If you emigrate chances are they may not pursue it but in theory at least they could go against your interest it the house.
Customer: replied 3 years ago.
2 x cards for 5k each. I will get beneficial interest in house to husbands name to protect my brother.. House will never be sold as my brother will always live there and his name and mine are on the deeds.
Ok well that is a large enough sum to pursue but chances are they will sell the debt to a debt collector. I would try and do a deal if you can.
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Customer: replied 3 years ago.
Thanks, XXXXX XXXXX will accept my plan.

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