Wife's share of equity

Massive_debts

I have run up big debts gambling,if we were to sell the house this would just about cover the debts,but would the wife share of the house be expected to be put forward to pay my debts or is her share of the house safe?

LilacPixie

well it depends what exactly you mean. Is your debt secured on the home??

GeorgeUK

If your debts are on creditcards, then it is unsecured debt and you may be able to come to some kind of repayment arrangements without selling your house. If you have joint accounts or mortgage with the missus, then if your credit rating takes a nose dive - hers will also be affected.

Try posting up a statement of affairs and we'll see if there is anything we can suggest. I'd also advise speaking to one of the free debt charities once you have an idea of where your finances lie.

Massive_debts

Its all unsecured debt,credit cards and a loan.

kimlisa66

Does your wife know about these debts ? And have you stopped gambling or sought help for your problem ? ( I am not being judgemental here, had this with my Ex OH, I had no idea either)

I'm sure its sortable, depending on the amounts involved, and there are some very knowledgeable people on here that will point you in the right direction.

K

Massive_debts

She doesn't know and i have stopped.

isgman

Welcome, first thing you need to do is "talk" with your OH, she may be a bit upset and throw a wobbly at first but i Know Talking Helps, once the air clears, try giving CCCS a call for some advice (www.cccs.co.uk) Good Luck (Remember to Duck !)

GeorgeUK

Depending on how much debt it is (and if you have late payments or defaults), you may be able to use 0% promotional offer or Life of balance cards to transfer some of the debt to.

Can you give us a brief idea - incomes, expenditure, list of debts

**Amy**

HI and Welcome

First things first, it would be a good idea to do as George has suggested, post up an SOA (statement of account) which should help us to help you find a route to paying back your debts.

http://www.makesenseofcards.com/soacalc.html

It may be also beneficial for you to call CCCS or National Debtline. These are free debt charities and maybe able to offer some additional help and support.

x

RAS

Welcome

We need to knwo a fair bit more about the situation to really help.

I am assuming there is a fair bit of equity in the house? roughly how much?

And I know it is scary but whether you sell the house or just go for debt busting, your OH is going to have to know. There are quite a few folk here who have come from the same sort of scenario. Some will post up, I am sure.