husbands debts

[keeplaughing]

Am I liable for husbands business debts if ccj's or bailiffs come knocking?

Best to go to the CAB.

I've got a vague idea it depends on the nature of your husband's business - either sole trader or partnership or limited company, and whether you have any joint assets with him - bank account, mortgage etc.

Can't be held liable for your husbands debts unless you have signed a document taking on joint liability. Is this the case? Have you allowed a charge against any jointly owned property?

Thanks- no he is a sole trader but we have a joint mortgage. If he had a ccj against him does it affect my credit rating (same address, still married)? if he was made bankrupt is the joint asset (house) under threat? btw I'm trying to find this out as he wants to leave me but won't, has been in quite serious debt before. Am just making sure I protect myself.

It cannot affect your credit file as long as the payments are being made on the property. If he files for bankruptcy they look into his assests and equity which incluses looking at the property. You may be able to speak to your mortgage holder for rurther advice depending on the nature of your agreement.

honey - I thought your credit rating could be affected by debts under the same surname at the same address. Is this not the case?

DancingHippo - Not necessarily. That is a common myth. Lenders are not allowed to look at other people living at your address, regardless of whether or not they share your surname. However they do look at your financial associates, so if you have a joint mortgage or a joint account with someone their credit history may affect your rating even if they have a different surname and/or different address. So in this case, with a joint mortgage, it is possible that his credit history will affect her rating. Ultimately that is up to the lender to decide.

By the way, when I say it is up to the lender to decide I mean whoever the OP is applying to for a loan, NOT the mortgage lender.

Ah, I see prh.

prh47bridge is spot on, if she was looking to a new lender they could see that as a risk, but as long as the op maintains all payments that are in her name she should not be liable for her husbands debts. She must also insist he organises any repaymenyt plans based on his income and assets only.... not hers.

ok so i need to be careful?. i wouldn't be surprised if one day bailiffs come knocking and want to know what i can do.

If your DH is a sole trader, this might well impact upon any assets that are jointly held

Take for instance a house. You might own that in joint names. But you (both) might also have equity in that house. This means that your husband's creditors could legally have a claim on your husband's share of the equity in that house.

Which might affect you. You might not be able to afford or even to obtain a mortgage on a house without your husband's share of the equity in it.