Need to clear debt

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Oldham359
Oldham359 Posts: 4 Newbie
in Loans
My ex partner has left me with a lot of debt around £17000
She would rather me lose the house than help me out so I'm looking for a loan to pay off the debt
She wouldn't sign for a secured loan so I'm looking for advice on this matter

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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    A new loan won't clear the debt - just shift it.

    Your options will depend on your circumstance,

    You will need a very high income and an excellent credit history for an unsecured loan of that size. It's unlikely to happen.

    Probably better to focus on the debt you have and cut costs to start paying it down. Visit the DFW boards for advice.
  • MEM62
    MEM62 Posts: 4,754 Forumite
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    Oldham359 wrote: »
    My ex partner has left me with a lot of debt around £17000

    In your name or joint names? Partner - wife or girlfriend?
  • undlou
    undlou Posts: 48 Forumite
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    Definitely head over to DFW board as zx81 said. http://forums.moneysavingexpert.com/forumdisplay.php?f=76

    There is some great advice on there that will be able to help you out.
    My old materialistic lifestyle left me in debt worth £38,250.

    Current debt balance £35,966 16/07/2018
  • John-K_3
    John-K_3 Posts: 681 Forumite
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    As above, you cannot borrow money to pay off your debt, you just change who you owe.

    This is not a question of semantics; many people do seem to think that they can get a loan to reduce their debt. It is not clear why anyone would think this, but they do.
  • Dobbibill
    Dobbibill Posts: 4,135 Ambassador
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    By not agreeing to sign she has probably done you a favour in the long run.

    You need to look at earning more/spending less and chip away at it.

    Post a SOA on the DFW board if you want the forum members to look at it with fresh eyes.
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • letitbe90
    letitbe90 Posts: 345 Forumite
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    Oldham359 wrote: »
    My ex partner has left me with a lot of debt around £17000
    She would rather me lose the house than help me out so I'm looking for a loan to pay off the debt
    She wouldn't sign for a secured loan so I'm looking for advice on this matter

    Use one of those loan eligibility checkers, then try put through an application and hope for the best. Last time, Post Office/Sainsburys and Zopa all offered me ~£20k, and my credit history wasn't super high, but my salary was more than double the loan amount (but I did have existing debt).

    Good luck.
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