Advice please

B2B_2

Am due to get married in 5 months....then this happened.

After finding a hefty credit card statement belonging to H2B Wednesday, he dropped a bombshell.

Basically, when we started going out 7 years ago, he told me that he had planned to marry a few years before, but had found his fiance in bed with someone else and called it off. He had taken out a loan for £10K for the wedding that he was still paying off. Obviously, as it was in his past, it wasn't an issue.

However, after 7 years, a mortgage and 5 months until our wedding, he has just confessed that the original loan had been for a lot more. After years of trying to get straight, this debt has spiralled out of control. His outgoings now far exceed his income. He didn't ever want to tell me, as he thought he'd loose me, and so it just got worse and worse.

I have come to a decision and want some advice as to whether we are doing the right thing. We am going to sell the house, and then rent somewhere (for over half what we are paying at the moment for mortgage and equity release loan). He is then going to pay off this otstanding debt he has with most of his disposable income which will be a lot better once we have got rid of the mortgage. We will then start again from scratch, but debt free.

Has anyone else done this? Does it work?

Lydia.42

Hi
Just wanted to say welcome, and i think you are great, very understanding, and wonderful to stick by your man. He must be so relieved you have stuck by him, having probably worried for ages about how he was going to tell you.
Good luck, and well done for coming to the right place.
With the wto of you working together, i'm sure things will be ok
L

D&DD

Hi B2B and welcome Just clarifying..you have the mortgage,plus an equity release loan,plus his debt yes?Is the sale likely to clear these or not? There'll soon be some other more knowledgable peeps along to help you out they may be able to think of something better for you...hang around!

spaghetti_monster

Hi there,
this is the right place for some good advice and some motivation in tackling the situation. Good too that you OH has come clean and you seem set on sorting thinks out.

Good Luck!!!

tyllwyd

It doesn't sound like a bad plan, using the equity in your house to get rid of this millstone round your necks. And you seem amazingly calm about it all, it must have been a huge shock.

If you wanted people to give more specific advice, you could always post a summary of your income, debts, figures for your mortgage, your monthly budget.

fairylights_2

B2B wrote:

His outgoings now far exceed his income.

May seem like a daft question, but do they exceed your JOINT income? Because if you can get those debts (however much they are) paid off between you without having to sell the house, then you might be best off doing so. It is going to be your joint finances after you're married anyway, so why not share the burden now, if you can?