Just a bit of advice for down the line please....

Jolly2009

Hello,

Just a bit of advice as to what best/likely to plan for....scenario is....

OH - no debts, approx £35K savings through inheritance etc, salary approx £30K per year, plus regular overtime

ME - huge debts (£54K) - on dmp and earn £32K per year

We currently rent and want to think about buying house but in current climate and obviously my situation I don't think we can? How best would we go about this? I am assuming that I won't get mortgage ever and that OH will have to go it alone. We could potentially have about £40K by summer time...would this help the situation.

Aplogies but have no idea re mortgage but I think I am right in that OH would have to go it alone.

Thanks in advance.

Jolly2009

Bump........

Sorry to be a pain but could really do with some advice how best to do things....

Fliss_M

looking at this site
http://www.payplan.com/frequently-asked-questions/debt-management-plans.php
it states We ask clients not to obtain further credit whilst in a DMP. It can be considered fraudulent to take out credit that you know can't be repaid so your dh would need to go it alone.

The amount, well that depends on how much times his salary you can get. They will count overtime. Also how much LTV you want. So if you got 4 times, then plus 40K you got 160,000 for a house with 75% LTV

GGGG

Choices-
Go ahead in OH's name only, which restricts how much can be borrowed.
OR continue renting & work out a plan to clear your debts ASAP, & stick to it.
There's no easy solution & you shouldn't expect there to be. You must be honest with your OH, & accept responsibilty for the current situation. I don't know how you came to have such a debt (sometimes things happen in life where we have little control) and it's none of my business, but it's a fact that it needs to be addressed so you can move forward with your life.
Sorry if it's not what you wanted to hear...

Jolly2009

Thanks guys, it's what I though re OH getting mortgage on his own - Oh knows all of this anyway. Just wanted those with a bit of experience to confirm/advise.

Currently on dmp and should finish within 5 year if not sooner if I have anything to do with it!

GGGG - thanks for being so up front. I don't mind, i'm annoyed with myself for getting myself in the situation and many contributing factors unfortunately but I am trying to get there.

I think we should be ok with OH getting mortgage, nothing planned for a while yet but it's nice to have the info :-)