Can I stop banks giving my wife credit?

rich6870

My wife has got a lot of debt with Lloyds TSB Visa's (Yes 2 of them), over £7000. She also regularly uses an unorthorised overdraft, recently being charged £200 for 10 days (£20 per day!). Neither of us earn enough money to comfortably pay these fees.

On top of this, she has other accounts with Next etc. which she pays infrequently and are starting to mount up.

Can I persuade the bank to cancell her cards or reduce her credit limit to somethink quite low? Would they ever look at her details and realise she's out of control and offer her a solution?
On looking at her statements over the past couple of years the debt is increasing and she often uses one visa to pay the other and then visa versa.

I know this is a personal problem which I'm addressing but the bank can clearly see that she's spiralling out of control. Are they obliged to listen to my concerns being her husband with joint ownership of our house and contents? I also bank with Lloyds TSB and we have a joint account which is always in good order.

She's done this previously about 4 or 5 years ago with Lloyds TSB amongst many other companies and I paid this off. They are soon eager to forget and offer her £6000 limit on 2 seperate cards. I found many letters from debt collection agencies from about 4 years ago which originated from a Lloyds TSB debt but they obviously don't think she's at risk now.

Will her debts affect me and my credit rating? Can I find out if we have any joint debts as she's hidden mail from me in the past regarding this.
Am I liable for her debts in any way?

I'm not going to settle her debts this time and fear the result will affect me and my kids financially. My problem is that she doesn't think that there is a problem. All of her spending is on general rubbish, food, nights out, clothes ,petrol, cinema. It wouldn't be too bad if there was a car or holiday to show for it.

Why can the banks get away with this. She obviously has a problem and any idiot can see if looking at her details.

Help
Rich

Ansu

Unless she is not mentally capable, then unfortunately no.

In short answer is that she's an adult and (I'm assuming) she is capable of maintaining her accounts, they will essentially tell you it's none of your business.

I personally think the actual problem lies with the trust between you and your wife.

Your credit file will show any joint debts she has taken in your name, and I believe you will also be financially linked with her on your credit file as a result of your joint accounts so it may impact your credit file.

TheEffect

To be honest, you want to seriously consider if you want to spend the rest of your life with someone who is going to drag you down with debt, and is hiding letters from you and not being truthful.

If you're married and own your house, and you have join accounts/names on mortgage etc, then her debt becomes as much of a problem for you.

Sit down and talk over this with her. You need to get it sorted, otherwise it can effect yours and your kids lives.

rich6870

Your correct and unless she's willing to admit the problem and change, then it's time for me to move on.

I just wish the banks and credit card companies had to legally act responsible.

She might well be mental, it has crossed my mind. LOL.

Thanks.

Moggles_2

On looking at her statements over the past couple of years the debt is increasing and she often uses one visa to pay the other and then visa versa.

You cannot pay off one credit card using another.

You can arrange a balance transfer between them, although not if both credit cards are issued by the same bank, Lloyds TSB. That would be like trying to pay them off with their own money.

Jokaty82

It seems to me, there is a much bigger problem here - clearly her complete denial of the situation.

How hurtful to put you through this again?! Can you not sit down and talk to her about how its affecting you and make her cut these cards up?

She is supposed to be an adult, we are all capable of getting into debt, I am, but I realise it and am doing something about it. I hope never to be in the same position again.

She needs to realise what she is doing to her relationship and potentially her childrens future!

rich6870

It's hard but I need to make a decission so that I can get on with the rest of my life.
Are there any counselling services relating to finance and debt that she could attend?

puddy

what does she say about all of this though?

rich6870

She actually works as a financial analyst in a major bank and says debts are normal. She works with people who have more spendature and I think she try's to keep up and impress them. She never wants to discuss her debts as she's angry at being found out.
I'm happy with a few debts that are managable. If the car broke I'd get it mended on my visa but she uses credit for her own personal fun and clearly can't keep on top of it. I wish she would say ' yes it's a problem, can you help me' but she's in denial.
I think professional help is the only way forward or I will have to leave her.

:-(

TheEffect

Are you married and do you have join accounts/assets?

rich6870

Yes, married for nearly 14 years, house with mortgage, co-own everything in it and a car. No savings! To make things worse, our house is worth £25,000 less than when we bought it 2 yrs ago.