Opinions please

baddecision

Hi, my oh is facing possible bankruptcy due to a huge reduction in available overtime, wage has gone from an average of 1750pm down to an average 1398pm. It is looking possible that I will be gaining a place at uni in sept therefore supplying me with a student loan and grant totalling approx 6k....what do I do? do I let him go bankrupt or do I accept the place at uni (providing I get the offer) max out student loan etc and spend the next 3 years using all of my student paying off his debts? and land myself with a huge student debt owned and paid back purely by me?

Any opinion appreciated as I am in such a state over money and his reaction is along the lines of 'whatever'

Thanks

stintond

It depends how much is owed.I would say if you ultimately end up with a debt of 20000 or more then bankruptcy ,otherwise I would pay it off if you have a job by then

baddecision

Thanks for your reply....OH debt is approx 16000 atm, excluding car on hp, if they took the car and added on the difference then the debt would be approx 20000...my student debt would end up at approx 20/22k...and as to wether I have a job or not afterwards, I do not know , probably only part time initially as I have 3 kids.

Merry_Gentry

Hey Baddecision, I hate to say it but I don't think you should bail your OH out. The reason I say it is because I have read in various places that the worse thing you can do to sort out debt is get yourself into other debt i.e. like consolidation loans, etc.

I also wouldn't recommend changing debt from his name to yours i.e. you paying it off and taking it on yourself. Nothing is cast in stone - what happens if you and he break up (God forbid) and you're left with his debt - how would you feel then?

I think he needs to get some proper advice from National Debtline, CCCS or CAB to find a different way to manage his debt. It might be possible to do a DMP, IVA, or something else - bankruptcy is obviously the last resort.

JMHO

philnicandamy

Have you spoken to any of the free debt helplines?? they should be your first port of call......they are pretty busy but give one a try (in my sig below)

baddecision

Thanks for your replies, he has spoken to a helpline provided through work but was evasive in what he would tell me about it,I did cccs debt remedy, it recommended br as no surples income??...I have made token payment offers to creditors starting this month, just to keep them happy really... I dont think IVA will work as not enough surplus income and dmp (providing I do not go to uni) is near impossible unless his overtime reappears as we have very little left each month, it is stretching it making the token payments right now... I appreciate what you are saying Merry Gentry regarding consolidation and in effect transfering it into my name and I know that this is probably not the answer, but thought id ask others opinions

I think I may make appt with CAB, then he can take me with him and wont be able to fob me off or avoid my questions

Merry_Gentry

Speaking from personal experience, when my OH got into financial difficulty the first time, we remortgaged. The second time, he took out a loan and borrowed money from his parents. By the third time, we went bankrupt, lost the house and as soon as money isn't such an issue I imagine he'll want a divorce as he's moved in with his girlfriend!

I had advice from people who told me I should have let him sort himself out in the first place because otherwise how would he learn to handle his money, etc but I thought the right thing to do was to help him sort it out. Now I know I did him no favours by 'rescuing' him - I should have supported him, helped him with the admin, etc - but let him sort it out for himself.

Do you have any joint debts?

baddecision

Ouch, that must have been an experience!!!
No, no joint debts or joint bank accounts,,,I learnt the hard way from an ex partner of whom I had joint everything with and would never go down that route again, he cost me thousands upon thousands. I am just so doubtful about everything now, I dont trust my own opinion or thoughts about any of it anymore

Thanks for your advice, I think I will have to take a step back and let him deal with it for now just to keep my sanity

Merry_Gentry

Glad you didn't take offence cos I didn't want to look like I was lecturing or anything , and we're here if you need any help, advice or support.

baddecision

Thanks a lot, it is much appreciated, guess we will just have to see what the next few months bring and see where we stand then... Thanks again