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Experience:  BA (Hons), PgDip, Practising Solicitor
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Hello. My husband has a lot of credit card debt in his name.

Resolved Question:

Hello.

My husband has a lot of credit card debt in his name. We have no real assets/savings apart from our house. He also has no life insurance. If he dies, will his debt automatically pass to me?

Thank you.
Submitted: 4 years ago.
Category: UK Law
Expert:  Thomas replied 4 years ago.

Hi,

 

The position is that when a person dies their debts are paid out of their estate at the time of their death. If there are not enough assets to cover those debts then they are written off.

 

If you are named on the agreements as joint debtor or you have personally guaranteed the loan agreements then the creditors can seek to secure the debt against your assets.

 

If you are not named as above then in all probability your husband's creditors will seek to secure the outstanding sums against your house in the form of a charge. This charge will only be in respect of your husband's share, not yours - that is protected. Upon sale of the property the debt will be repaid from what would have been your husband's share.

 

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Kind regards,

Tom

Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6290
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 7 other UK Law Specialists are ready to help you
Customer: replied 4 years ago.

Can I be forced to sell my house to pay the charge? and what happens if I don't want to sell my house and move? Is there a limit on how long the creditors will wait for their payment before they write it off?

 

Thanks

Expert:  Thomas replied 4 years ago.

Hi,

 

If the creditors obtained a charge on your property they could make an application for an order to force the sale of the property, you would be free to make representation at the hearing as to why it should not be sold (ie. because it's your accomodation). It would b for a Judge to decide and he would take in to account many factors (eg. size of the debt, value of the house, whether it would be paid off from equity, your housing needs.

 

If there are debts outstanding and they secure them in the form of a charge against the house then they will not write them off - they will just wait until the property is sold (if they do not apply for an order for sale).

 

Kind regards,

 

 

Tom

Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6290
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 7 other UK Law Specialists are ready to help you

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