Debt and Secrecy

margaretkb

Hello I am new to this site (it's great!!). Apologies if I am repeating something that has already been said...my debts are around £21k and no-one including my husband knows. (I can't tell him). The shame is awful - the secrecy killing me. One debt (£10k) is over 3 years (6 months paid) another £7,500 is over 5 years (only one year paid off.) The rest is on credit cards. I am thinking (carefully) about putting the credit card debts on 0% balance transfer.

My main concern is that I had hoped to pay off the debts and at some point come clean (after). My husband now wants to move and I am really worried that my debt will be revealed on the mortgage application - do you have to reveal outstanding debts? I checked my credit reference which came up as excellent. My own bank (I have the 10k loan with them) when I enquired offered me a mortgage immediately. But my husband quite righly wants to shop around. I am so worried.

The pressure got too much and I spoke to someone at credit counselling - they will call me soon but want me to freeze interest on my loans immediately
and have my salary paid into another account. I am worried about this as I have always felt supported by my bank and they might change their mind about the mortgage offer!

sorry for rambling any advice welcome - I can't sleep.

Emmzi

This is going to be bad news, I'm afraid...

You have to put all debts on application.

Outstanding balances show on credit report.

Why can't you tell your husband? He probably knows something is up...

MCBIRNIE25

Hi Margaret,
it can be really hard telling people. I am sure hubby would understand and support you fully, there are many thereads on here where people felt the same then said it was the best thing they did. Can you not breing him to this site to read your message?
The mortgage company will credit check you. Pass that, job done.

margaretkb

oh no. this is what I feared. I desperately want toi tell him but he takes money very seriously - if it was anything else but this - I just don't think he could handle it.

thanks for the response anyway!

margaretkb

McBirnie do you mean they will just do a credit check and leave it that?

Emmzi

If you need some emotional support at any time-we're here. Lots of friendly ears.

Mrs_Arkwright

Do tell him, you will feel so much better. A problem shared and all that. Mr A had no idea how much debt we were in till I told him, and he said 'well, we'll just have to work hard to sort that out then won't we' - go and tell him now. You'll feel better, I guarantee it.

MCBIRNIE25

Nah, you do have to put your debts down, but, the application depends on your overall credit score, if its excellent as you say, you should get the mortgage no problem. Maybe ring the bank and see what procedures they use and have a quiet chat?

margaretkb

thank you emmzi - didn't realise how much it had affected me until I rang the CCCS - started crying before I'd finished the sentence. Once I pay this off I will NEVER let it happen again it has been a nightmare.

Graham_Devon

I also think it would be much better to tell him. Butter him up in whatever way suits first though!

Otherwise your going to have lots of sleepness nights waiting for him to find out. It's only going to be worse then to be honest when you have actually got to the stage of applying.

I made the mistake of trying to cover up my debts, they soon found out and declined my application, though in reality they shouldnt have. Was honest with the next application and they accepted me.

margaretkb

Yes my bank agreed immediately - they know about the debts as they gave me one of the loans.

Believe me Mrs A, I would have told him before if I could...