Did he fraudulently sign your name on the loan papers? If so then surely you can dispute the loans.

no as far as i know he just took out loans in his own name

Hi pumpkin

There are 2 issues here. Firstly, you will be liable for any debts in your name. As a result of your husband's Trust Deed, you will also be held liable for the full balance of any joint debts which you had.

On the property side, assuming both properties are in joint names, then your husband's Trustee can and probably will seek to reciver one half share of any equity in both.

If the mortgage(s) have not been paid, they will likely repossess and again you would be left with any shortfall.

I am sorry its not better news.

Mark

Thanks Mark,

Does this mean that I am still responsible for half of the unsecured loans in joint names which he has had written off or it all? Im not sure how this works ? Does it mean that he will have lots of his debt written off and basically passed to me?

Hi pumpkin

Unfortunately if it is a joint debt, they will pursue you for the full balance of the debt, not half.

Unfortunately the onus for the debts will pass to you.

Sorry again to be the bearer of bad news.

Mark

Hi pumpkin.

When you took out a joint loan you were each fully responsible to repay the full amount of the loan.

I know this sounds strange, but it means the lenders can chase either or both of you for full repayment.

If your husband is in a trust deed the lenders will only be able to chase you for payment of these joint debts (your husband is "protected" by the protected trust deed, assuming it has protected status).

Eventually it's likely that the balances will be reduced by a payments from your husbands protected trust deed, though this might not amount to a huge amount and will not happen for quite a while.

I can see how this will feel like all of the debt has been passed to you. In reality it technically was all yours before (on any joint loans), though of course you'll have expected the help of your husband to repay it when the loans were taken out.

Sorry to be a pain but does this mean that my husband enters in to a trust deed, is responsible for his half of the secured debts but has all of his own and also joint unsecured debt written off and i become responsible for it all ?

I am really worried that i will become laden with all of this debt. If it is the case then i will not be able to pay it. Is a trust deed the best option for me as well?

Hi pumpkin.

It's the unsecured debts that are being dealt with by the trust deed. Any debt not repaid by his trust deed will be written off once he completes it.

You're already responsible in full for any joint unsecured debts, but you will not assume any responsibility for unsecured debts taken out in your husbands name alone.

If payments aren't made on a secured debt (like a mortgage) the lender has the right to repossess the security.

If the secured debts are "joint" the lender has the same rights to chase either or both of you for full payment.

To tell you whether a trust deed would be appropriate for you would require a "factfind" exercise running through your debts, income, expenditure and assets. You may find that another option or route is better for you depending upon your circumstances.
If you wanted to look into this you could contact your local CAB or Money Adviser, a trust deed firm, or my colleagues in the advice team here would also be happy to help.

I hope my answers to your questions are clear but just let us know if it needs some more explanation.

Hi pumpkin

I know this seems very unfair, but you have to now protect yourself. If there is equity in any of the houses, your husband's trustee may ask you to purchase it. If there is no equity and he is not paying the mortgage, you can be left with any shortfall when it is sold. Can I ask if you stay in rented accommodation, and are you bothered about either of the properties you own? Do you want to keep either of them, and have you still got tenants in one?