Husband's Big Debts!

jinnywren

Hi
Hope I'm on the right board & someone can help me!
My husband has built up some substantial debts on his credit cards. From what I can find about £20,000. As well as this he has taken an 8 year unsecured loan for £17,000 to clear past credit card bills.
I'm worried sick about these debts as I was brought up to believe you only bought when you could afford.
He gives me housekeeping every month & I can juggle & pay mortgage & most household bills as I work p/t but he is the main earner.
But I worry if he gets sick & does not get occupational sick pay.
How the hell do we pay back these interest paymts every month.
He seems to bury his head in the sand & ignores debt calls etc for late paymts. saying thats it's all under control :eek:
Is it possible I could lose my home if he continued down this line & debts got out of control.
Can they come after my money.
We never ever had shared bank accounts.
Our mortgage is in both our names.
Thanks for reading so far & please help.

GeorgeUK

Hi Jinny

I think you need to sit him down to go through all his accounts so you klnow the balance of each card as well as the interest rate. I would do a statement of affairs and put all the details together. This should show you how much you should have left at the end of the month and then you can try to save on your expenditure and find where any money is being wasted if its unaccounted for.
http://www.makesenseofcards.com/soacalc.html

Unfortunately it looks like the lesson about spending isn't being learned as that last consolidation loan has proved. You can't just deal with the debt - you also need to deal with why he is getting into debt. Credit is becoming harder to get and he may not have much room to manouver now. It may be possible to reduce the amount of interest he is paying which would make a dent in the debt.

Your money is safe if it is not in a joint account. It is his debt so his responsability. They may issue a CCJ so he will be forced by the courts to pay a certain amount each month. If he misses a payment, then a charging order may be put against the house. This just means that if you sell the house, they are first in line to get their money. You are a long way from there right now so don't worry about that.

You both need to tackle this together. It will drive you crazy if you don't know what's going on and he can't keep running away from this. You will both be better off to sit down and go through it all so you know where you stand and what you should tackle first.

I would strongly advise against another consolidation loan however. The last one didn't work and now things will be even tighter. If he says it's under control, tell him that's not good enough. You need to see what's going on as this has a direct effect on you.

jinnywren

GeorgeUK
Thanks for your advice.
The problem is my husband pays maintenace for 2 kids & refuses to use the CSA so will pay anything that is asked of him thru guilt. Over & above what he would be assessed for!!
He doesn't see / admit his debts are a problem.:mad:
Will not discuss them as it's not my problem
Should he be unable to pay debts/ credit cards what would happen next ?
Is it classed as a joint debt as we're married?
Greatful for any advice.

GeorgeUK

The debts are not joint and you will not be responsible for them.

If he is unable to meet the card payments, they may take him to court for a CCJ. The judge will rule what is a fair amount for him to pay his creditors. If he misses a payment though, the creditors may go back to court so that a charging order is placed on the property. This would mean that the previously unsecured debt is now secured against the property - this is where it directly affects you.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=15_charging_orders_in_the_county_court

Does he know there is free advice out there - CCCS or payplan?
Do you know how much debt there is?
Does he use 0% cards?
Has he checked his credit file to see if there are any problems?
Has he reclaimed bank charges or credit card charges?

There are a few things that he may be able to do to help him tackle this debt - possibly even come onto the site himself.

jinnywren

It's trying to get him to admit he owes too much & isn't leaving anything or unforeseen emergencies / sickness.
He just will not admit there's a problem & ignores the post, whch I started to open when the t/c's started from credit car companies, who refuse to discuss with me!!
I just think he's in denial & I can't get him to realise that most people don't live like this. He keeps saying I'm too tight & stop worrying as it's his problem.
But it won't be just his problem if it gets to remortgaging the house.:eek:

RAS

jinny

Is this why his previous relationship broke down? You do not need to answer that her, but you need to ask yourself and him.

jinnywren

Ras
The 2 kids (twins)he pays maintenace for are because he had an affair in early years of our marriage but kept it to himself & this is a major reason for debts.
But he insists the kids can't go without & willingly pays for anything.
We also have 2kids between us:eek:

tasha-debt

Hi,

Maybe put it to him that if he doesnt start sorting his debt out your 2 children will suffer. Maybe it will shock him in to sorting it out. He needs to realise that yes he is being a good Dad by making sure that his other 2 children are provided for but you also have two children at home. He will be no good to any of his children or you if his debts come crashing down on him.

I would also strongly suggest you don't look at remortgaging your house as then the debt is in both your names and becomes secured against your house.

Think its time for some straight talking.

Good luck. xx