Help With Debt

A question about : Help With Debt

Please help
I own my property outright and I am currently unemployed. I have several debts that at the moment that I am up to date with but my savings are about to run out. I would just like some advice on whether my home can be taken off me? I have 2 loans both are unsecured these total Ј12,000 plus I owe around Ј7000 on 3 different credit cards and about Ј1300 on catalogues. Also I bought my property with help from my Dad but we have no paperwork to prove he lent me money. I am not sure on what steps to take and would really appreciate some advice. As I am scared I will lose everything and in turn lose my dads money too.

Kind Regards

Best answers:

• Hi shellywelly151, thanks for your query re help with debt.
  As all your debts seem to be non-priority debts the only way your creditors could take your home off you would be if they obtained a county court judgement, a charging order and an order for sale or made a creditors petition for bankruptcy. Both of these are complex areas of law and I would suggest you seek advice from a specialist debt adviser. You can find your local citizens advice bureau at www.citizensadvice.org.uk. It is very unlikely your creditors will seek a bankruptcy petition and if they apply for a county court judgement you will have an opportunity to explain your circumstances and submit an offer of repayment and as long as that repayment offer is accepted by the creditor or the court and maintained a order for sale cannot be sought. The most important thing is to keep in contact with your creditors, explain the reason for your financial difficulties and make some payment to them if possible even if it is only very small and get specialist advice stright away if any legal action taken.
  Hope this is of assistance