Help Needed regarding Debt and Consolidating it.

Nickjc001

Hi my wife owes a substantial amount of money to various Credit Providers this comes in at a region of £30,000. 3 of these debts are between £5000 to £10,000. This debt was accured in her previous relationship around 5 years ago and since then we have married. She has been managing this debt through Euro Debt. (I am not sure if i can mentiond the company. There are some things i need to have answered and looking to seek some advice to help her managing this as i feel Euro Debt have no interest in settling any of this due to there own monthly charges being excessive.

Questions:
1. As we are married am i accountable to any debt that was accured prior to meeting her. The debt was ran up in a previous relationship at an address she lived with her previous partner. The mortgage to my property is in my name and we are now married and have x1 dependant.

2. I feel the company who is managing this debt are in no way handling this in the interest of my wife and are clearly lining their own pockets in charging around £40 handling charge and the remaining £50 is spread across the creditors owed.

3. What advice can you give regarding a IVA and what should we expect from this.

4. The money she has paid for the last 4 years through Euro Debt will this go in her favour in regards to a IVA or do they re calculate the actual figure owed.

5. Is there any way we can handle this ourselves to offer each debt to creditor a set amount or is this not advisable.

6. If entering into a IVA and our employment status changes and we struggle to pay this can you have a period where it can be reduced. The reason for this question is repayment is quite high and is obviously dependant on my wife working part time and handing a large chunk of her wage to repaying this thus effecting my income as i will support her and our son. Or will this be based solely on her income.

Any help regarding this would be great and really for me i feel it difficult as i have become part of a debt that my wife had previously ran up but have become part of this by default of marriage. We did speak about this prior to marriage and Euro Debt said i would not be accountable for this however I can not see this is true as all debt consolidation companies want to no my incoming and outgoing expenditure.

paybacktime2008

I don't know the answer but didn't want to read and run. I would suggest a call to CCCS. Their number is at the top on one of the stickies.

paybacktime2008

Consumer Credit Counselling Service: Full debt help service. Link: CCCS Tel: 0800 138 1111 Opening times: M-F 8am-8pm

RAS

Nickjc001 wrote: »

Hi my wife owes a substantial amount of money to various Credit Providers this comes in at a region of £30,000. 3 of these debts are between £5000 to £10,000. This debt was accured in her previous relationship around 5 years ago and since then we have married. She has been managing this debt through Euro Debt. (I am not sure if i can mentiond the company. There are some things i need to have answered and looking to seek some advice to help her managing this as i feel Euro Debt have no interest in settling any of this due to there own monthly charges being excessive.

please speak to one of the debt charites and move her DMP to them.

Questions:
1. As we are married am i accountable to any debt that was accured prior to meeting her. The debt was ran up in a previous relationship at an address she lived with her previous partner.

No.

The mortgage to my property is in my name and we are now married and have x1 dependant.

Avoid joint accounts as it will wreck your credit record.

2. I feel the company who is managing this debt are in no way handling this in the interest of my wife and are clearly lining their own pockets in charging around £40 handling charge and the remaining £50 is spread across the creditors owed.

This is barmy - move to a debt charity but check how much notice she needs to give. Actually after 5 years if she had not been paying she would be close to the debt being statute barred.

3. What advice can you give regarding a IVA and what should we expect from this.

She needs £300 per month and you should only do this IF a debt charity advise it. Read martin's IVA Guide as they are only sutiable for a few people

4. The money she has paid for the last 4 years through Euro Debt will this go in her favour in regards to a IVA or do they re calculate the actual figure owed.

See aboive

5. Is there any way we can handle this ourselves to offer each debt to creditor a set amount or is this not advisable.

I would think you might be able to settle some debt via full and finals at this stage.

6. If entering into a IVA and our employment status changes and we struggle to pay this can you have a period where it can be reduced. The reason for this question is repayment is quite high and is obviously dependant on my wife working part time and handing a large chunk of her wage to repaying this thus effecting my income as i will support her and our son. Or will this be based solely on her income.

They will expect her contribution to the household to be reduced becuase of your higher income. Really I doubt if this is a good idea. if is goes pear-shaped (she has another child for example) she may have few options except bankruptcy, not that BR is a bad thing but if she wants to do that, it would be better to do it and be done with it.

Any help regarding this would be great and really for me i feel it difficult as i have become part of a debt that my wife had previously ran up but have become part of this by default of marriage. We did speak about this prior to marriage and Euro Debt said i would not be accountable for this however I can not see this is true as all debt consolidation companies want to no my incoming and outgoing expenditure.

You are not liable but your wife is being poorly advised. Speak to the debt charities.

Nickjc001

RAS wrote: »

You are not liable but your wife is being poorly advised. Speak to the debt charities.

Thanks for the advice.