Advice please :)

skint-at-19

Ok,
So i have a little bit of debt, and rubbish credit history
However im working ridiculous hours, with as little as 2 hours sleep a night, its really running me down.
I'm thinking of getting a debt consolidation loan, however i won't be able to get it in my name, as my credit is rubbish, so was thinking of asking my partner to get this.
However, he may be worried, that if we ever split up, he will be left to pay this, is there any contract we can get drawn up, to ensure that if we split, he won't be left with the bill?
Thanks

Person_one

Please don't ask your partner, its too much to expect of someone else. You need to find a way to sort it on your own. Go to CAB.

wannabe_sybil

You may find it useful to post over on the Debt Free Wannabe board

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

As they are very knowledgeable over there.

gingin_2

skint-at-19 wrote: »

Ok,
So i have a little bit of debt, and rubbish credit history
However im working ridiculous hours, with as little as 2 hours sleep a night, its really running me down.
I'm thinking of getting a debt consolidation loan, however i won't be able to get it in my name, as my credit is rubbish, so was thinking of asking my partner to get this.
However, he may be worried, that if we ever split up, he will be left to pay this, is there any contract we can get drawn up, to ensure that if we split, he won't be left with the bill?
Thanks

Yes, I would imagine you could have a solicitor draw you up a contract but it won't stop his credit rating being affected if you are unable to pay.

Do you really think it is fair? Have you been together a long time?

It's a recipe for resentment as well as disaster.

skint-at-19

I would be halving my monthly payment, yes we've been together since i was 15. Its a stable and mature relationship despite me being only 19.
We're both very trusting, and i can afford the monthly repayments with ease.

Lotus-eater

If you only have a little bit of debt, what do you need a consolidation loan for?

And why are you working these long hours? Is it to pay off your debts?

Go to the DFW board, you will be told not to get a consolidation loan and they will be able to help re repayments.
You will also be told to post your SOA so people can see where your money is going.

skint-at-19

Well its about 6500

Person_one

skint-at-19 wrote: »

Well its about 6500

Why do you think you need a consolidation loan? If you could easily afford the repayments on one then you could probably manage without one. I agree with others who say get yourself over to the DFW board, they'll have answers you never even thought of!

I don't think the length/stability of the relationship matters, I have a mortgage with my OH and I still wouldn't ask him to do this! You can't predict the future and if you lost your job and couldn't keep up with payments anymore he'd be the one to suffer. Please don't even ask him as he may feel he can't say no, or may genuinely want to help you without thinking it through and then regret it afterwards.

You don't want this hanging over your relationship.

angelicmary85

Hiya,

As Wannbe Sybil has already said, you're better off on the DFW board. You'll need to post up your SOA (statement of affairs) and you'll get loads of help and advice.

You could also have a look at the Old Style boards for meal planning ideas and frugal living!

As for your OH taking out a loan for you...There have been people that have done this and just wrote up a contract between themselves which both parties have signed and taken a copy of....although not something I'd recommend doing!

I'm a DFW and the vast majority of us don't judge others!

skint-at-19

I will wait until tomorrow to post on there, as ive previously done a post
Thanks

Pollycat

If you post on the DFW board - which is absolutely the best place for you to be - you'll be asked to complete a SOA (Statement of Affairs) so you might as well make a start on that by using this template:

http://forums.moneysavingexpert.com/showthread.html?t=107280