In complete shock!

saulhudson

I've just discovered my wife has took out another loan behind my back, along with some other debts she has also got, this has now stretched the marriage to breaking point, with her still not admitting the total amount of debt owed or who the other debts are with.

I've been fighting this kind of behaviour on and off now for 23 years but now the kids are of an age where I'm no longer expected to pay and are also aware of the problem between us I may well call it a day having tried counsellors, bailing her out over the years.

The latest loan is with one of the more dodgy elements in the loan world, ''Logbook'' loans, where clients basically free up equity in their car, but the APR is a staggering 437.4% advertised on their site, I guess this is obviously legal and 'above board' but why are these rip off merchants allowed to operate and does anyone else have similar experiences/advice?

R0bert_Sterling

A friend of mine uncovered his wife's debts.... just over £16,000 all on credit cards with absolutely NOTHING to show for it at all.

He stood by her and managed to drag her out of the hole she had dug.

He managed to get the debt down to less than £2,000 when she walked out on him taking the three kids with her.

Blimmin Wimmin!!!

asbestross_2

Hi Saul,

Firstly i'd like to offer condolences. I've never been in the position your in, but can imagine it being difficult.

I think, if I may offer advice, the first step would be to try to introduce her into debt councelling. For some people, credit can be addictive and once they're into that rut, its very difficult to escape from. Assure her that you're willing to stick by her, providing she is willing to try to deal with the situation and not turn her back on it.

First point of call if you want to go down this route is to clear this Logbook Loan immediately, and in Full. They charge extortionate amounts of interest, and if it isn't repaid when they expect then the charges and interest will soon add up:

If you dont mind me asking, what amount has she secured against your car? 437% apr equates to 36.4% per month. You need to ask her for the agreement she has signed, and read the terms and conditions of the agreement...some may enforce charges if the debt is repaid early.

Also is the vehicle registered in her name or your own? If it's in your name, I dont believe they can legally loan on the equity of the car... but i may be wrong on this one.

Ross