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Would you be transferring the interest in the house in the hope that it may avoid your creditors enforcing their judgement debts against the property?
Yes that's the idea.
I am trying to pay off the debts, but it is slow - I am semi retired. have a company pension plus a therapy practice, which is c osting me money rather than giving me an income.
Thanks for your reply.
That would not be a good idea. The Courts have very wide powers to set aside transactions that are taken with a view to, in effect, defrauding creditors by transferring interest in assets to other persons at an undervalue.
It would be very easy to establish when this transfer was done by checking Land Registry records and the creditor would make an application to Court to have it set aside. The costs of the application would also be added to the debt so it would in fact compound the problem if such action was taken.
It is important to note that they can only claim against your interest in the property, not your wife's - that is protected.
I would instead focus on engaging, so far as that is possible, with your creditors about repayment plans. Creditors more than anything hate debtors burying their head in the sand and not attempting to deal with the debt.
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