£100,000 Debt "club"

Debtomaniak

lswwong wrote:

Renting can make financial sense:

http://www.ft.com/cms/s/217f9438-11bd-11db-b1ff-0000779e2340.html

[Opppps sorry just realised above link can only be accessed by registered users of FT.COM]

The original article is called:
"To buy or to rent?
By FT reporters

Published: July 14 2006 15:15 | Last updated: July 14 2006 15:15"


**((BIGGEST HUG))** to the OP!!!

With regards to pre-employment credit checks, it is true that a lot of FSA regulated companies credit check their new employees to make sure that there are "no problems lurking". I worked in an investment bank as well as a commodities exchange between 2002 and 2004. Both credit checked me. But don't let it put you off. Best thing, and I hope other posters would agree, is to get hold of a copy of your own credit report.

All the best!

Sounds scary. Thank you for the link.

Debtomaniak

More thinking loud. What if we sold the house for £250K split the money 50/50. Out of his £125K he pays the whole of the mortgage off and the remaining say £45 is then offered to the creditors? Am I bieng too silly now?:o

Justindebt

But surely they will take the oustanding debt on the mortgage out of the house proceeds and onlky give you what is left after the mortgage is redeemed?

lynsayjane

erm hate to say it but i see a prob with the earlier suggestion of selling the house and using his share of profits (83k i thinks) to offer to creditors...you said you had credit card in your name you'd bt'd to, they'd have to be paid and your share could then be used as those debts are now in your name.

Debtomaniak

Justindebt wrote:

But surely they will take the oustanding debt on the mortgage out of the house proceeds and onlky give you what is left after the mortgage is redeemed?

Even if my name is not on the mortgage? If mortgage is in his name, technicaly why would I have to pay his mortgage out of my share?

Debtomaniak

lynsayjane wrote:

erm hate to say it but i see a prob with the earlier suggestion of selling the house and using his share of profits (83k i thinks) to offer to creditors...you said you had credit card in your name you'd bt'd to, they'd have to be paid and your share could then be used as those debts are now in your name.

Well so far I must have took about £4K of his debt onto my name and think we can transfer it back onto his. Lots of banks would not give him a credit, but there is still couple that offer to extend his limit, so I'd probably be able to shift it back to him?

Justindebt

Do not transfer any more of his debts into your name.

Debtomaniak

Justindebt wrote:

Do not transfer any more of his debts into your name.

I was going to, but since started reading things on this website, changed my mind. So no more transfers

Debtomaniak

Hi guys,
my hubby and I had a little chat tonight, think he is coming out of his shell a little bit, hopefuly more and more each day.:D
Wish I could get hold of his cards and statements to calculate exact amount of debt. Suppose I'd better take one step at a time, give him some breathing space, for tonight anyway.:D

pjala

Debtomaniak wrote:

More thinking loud. What if we sold the house for £250K split the money 50/50. Out of his £125K he pays the whole of the mortgage off and the remaining say £45 is then offered to the creditors? Am I bieng too silly now?:o

Ok, if you go for an IVA, then his debt is his alone - he owns half the house so what you say would work.
On another note though, he needs to feel guilt etc etc, if he doesn't, then not only is he in denial, he will be dragging you down too. After all, it could very well be his fault that he has ruined your life - to put not too fine an edge on things.
Speaking positively on this, if you love him and he admits to it, then it is entirely up to you if you accept this situation. If you don't then no-one can blame you at all.