Hi all,
just after a bit of advice on securing a debt against a family member.
Putting a charge on a house is not an option, the best asset is a valuable
camper van worth considerably more than the sum to be owed. The person
giving the money would rather not become the owner of the van for various
insurance based reasons (having it in their name would add considerably to
the insurance bill), but they`d like the ability to force the sale of the
van to clear the debt if the monthly payments stop for some time.

Any relatively easy ways of doing this?

I have told the friend all the usual things about mixing debts and family,
but they still want to go ahead with it :-)

In ,
Simon Finnigan opined:
Hi all,
just after a bit of advice on securing a debt against a family member.
Putting a charge on a house is not an option, the best asset is a
valuable camper van worth considerably more than the sum to be owed. The
person giving the money would rather not become the owner of the
van for various insurance based reasons (having it in their name
would add considerably to the insurance bill), but they`d like the
ability to force the sale of the van to clear the debt if the monthly
payments stop for some time.
Any relatively easy ways of doing this?

I have told the friend all the usual things about mixing debts and
family, but they still want to go ahead with it :-)

Very hard. An individual can't grant a charge on goods without it being
registrable as a Bill of Sale - which makes it impractical in almost all
circumstances.

I like the idea, though, of securing a debt against a family member - "we
have your wife and children!". I'd morgage my kids if I could.

C.

On Aug 27, 9:50 pm, "Chris R" wrote:
I like the idea, though, of securing a debt against a family member - "we
have your wife and children!". I'd mortgage my kids if I could.

Yes, but would you make the mortgage payments ... or just threaten the
mortgage company with repossession (sic)?