Elderly/Ill Husband's Huge Debt

razzle_3

I desperately need some help here. My husband is 72 (I'm 48 - and no he's not my sugar daddy - I wish he was). A long story but I just hope someone out there can help me. I'm the sensible one, my husband i'm afraid buries his head in the sand. We married in 2000. The house is in my name and has been ever since I paid off my first husband back in 1986. I extended the mortgage to settle his claim - he left me - but that's life eh.

My new husband was made bankrupt in 1993/94, basically I took pity on him as I knew him from the small community in which we live. I offered to rent him my small cottage. Warning bells should have rung loudly then - he never paid the rent. Eventually I moved back in and we shacked up together, eventually marrying in 2000. Credit Cards are his problem. I have moaned, shouted, nagged for the last six years or so to no avail. Situation now is I've got rid of the most expensive CC (Monument) by transferring some of the balance to his Halifax card at half the rate and taken on £2000 of the debt myself on a 0% CC - I figure I could help in a small way! Monument now clear. However he has Halifax at nearly £10k, Royal Bank of Scotland £1230, Saga £2809, Barclaycard £1800. Whew, frightening, plus of course the £2k I took on.
He obtained credit cards by using a combination of my maiden name and his name - not clever, but you would have throught checks would have been made. Obviously not. We are now in a situation where we can't hope to pay these. Have contacted National Debt Helpline and they're sending an information pack. My husband was recently diagnosed with Heart trouble and is waiting for a Triple Bypass OP. He was working as a gardner/handyman and part-time Picture Framer - he now can't. I receive Incapacity Benefit and have done for a long time - Anxiety related problems. (I wonder why)?

What do I do? I'm afraid that MY house will be taken from me which I have struggled long and hard to keep. My mortgage is curently £45K, value approx £190k. I extended the mortgage by 10 years when I paid off my first husband, so rather than 4 years to run it has 14 - depressing thought.

This is all becoming a bit disjointed - sorry. My biggest niggle is the fact that halifax obviously realise my husband's age and that he only ever makes the minimum repayment, yet they still keep increasing the credit available. It seems to me it's their own fault if they lose their money! Anyway, that's not going to happen is it. They will fight long and hard to recover what is rightfully theirs. I need some advice on the house front. How do I/Can I protect it from being taken from ME? What do we say to all these creditors. Is there a way out of this? You've probably heard all this before but I need some help. Not only have I my own health to think about, which at the moment isn't too bad (mentally) but I have myhusband's forthcoming Operation to worry about and, of course, all this money he/we owe. I don't know where to turn, for say, free legal advice re: the house.

Lots more I could say but that's enough to begin with. Happy to answer any questions in order to resolve this. THANKS TO YOU ALL and, of course to Martin, for his fabulous site which has saved me a lot of money in one way or another. Eagerly waiting some feedback.

Moggles_2

Hi there

Welcome to the Credit Card board!

Please post this thread again on the debt-free wannabe board. You'll get lots of help over there.

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

Very best
M

razzle_3

Thanks 'M'. How do I do that exactly? Thanks, razzle

JohalaReewi

First off. These are your husband's debts not yours so you are not liable.
If the house is in your name only, then the CC companies etc. can't use it to pay off your husband's debts. They can only go for your husband's assets and income, not yours. Sit tight and ride it out.

Second, don't borrow money in your name to pay off your husband's debts.

Third, I suggest a visit to the local Citizen's Advice Bureau.

How do I do that exactly?

Perhaps a friendly moderator can move the thread to the Debt-Free Wannabe forum??

razzle_3

Many thanks for that. Have previously spoken to CCCS and just recently National Debt Helpline. Both are of the opinion that MY house is not safe. The example they give is: if we were to divorce and my husband wanted his "fair share" he would probably be entitled to money from the sale of the house, as he's helped towards its running costs etc. No question of divorcing, just need to sort this out. At the moment, any money coming in goes straight out to payoff Credit cards. An all too familiar story.

Is there a lovely moderator out there anywhere who could move this post for me please to the Debtfree wannabee page, Please/

Bossyboots

razzle wrote:

Many thanks for that. Have previously spoken to CCCS and just recently National Debt Helpline. Both are of the opinion that MY house is not safe. The example they give is: if we were to divorce and my husband wanted his "fair share" he would probably be entitled to money from the sale of the house, as he's helped towards its running costs etc. No question of divorcing, just need to sort this out. At the moment, any money coming in goes straight out to payoff Credit cards. An all too familiar story.

Is there a lovely moderator out there anywhere who could move this post for me please to the Debtfree wannabee page, Please/

Yes, if you divorced he would be entitled to a small share of your property from which the credit card companies could expect a share. They could only do that direct from his share when he physically has it. The same would apply if you died before him. Both of these are irrelevant at this moment in time and I am a bit shocked that they have told you this. Just because he is entitled to a share as a divorcing spouse, does not mean that the credit card companies can attach a debt to YOUR property if that debt is not in your name. It is not for the credit cards to presuppose any entitlement to your property. After all, your husband's entitlement may not even be anything like the amount of debt owed. This is another reason why your house does not come into the equation.

inmypocketnottheirs

Hi, sorry to hear of your plight. The mess we get ourselves in through kindheartedness eh? Anyway, do you have any joint accounts or any of your debts in both names. Is there any financial association between you both. I would get a copy of your credit report from Experien and Equifax to see exactly what is on there. Then I would look at how to disassociate yourself financially from your husband. This is explained by in leaflets from both credit reference agencies. If none of the debts are joint and you are not associated then none of these companies will be able to chase your for his debts.

Once you have established there is no association why not post here a statement of your husbands affairs, his income and outgoings to see how others here can help reduce the debts.

Hope this is of some help to you.

JohalaReewi

razzle wrote:

Many thanks for that. Have previously spoken to CCCS and just recently National Debt Helpline. Both are of the opinion that MY house is not safe. The example they give is: if we were to divorce and my husband wanted his "fair share" he would probably be entitled to money from the sale of the house, as he's helped towards its running costs etc.

As well as the advice from Bossyboots,

Don't divorce !!

Seriously though, whether or not your husband would have a claim to part of the house if you divorced (or sold the house) depends on a number of factors and you would need to take legal advice (not advice from debt helplines or me!!). I notice that initially, your husband was renting the property? Might be significant.

If he was awarded a share of the house by some means, the CC companies could only register their debts against his share and not yours. Even then, they can't force you to sell the property. They have to wait until the property is sold by you, and get thier money then (if there is enough).

razzle_3

Thank you. We do not have any joint accounts as such. I have an account with the Bank of Scotland and my husband is an associate cardholder. The account and Statements are in my name, but the cheque book shows my name first and then my husband's. I obtained credit reports for both of us just a couple of months ago from Experian and Equifax. All Credit Cards are in my husband's sole name and equally my credit card is in my sole name. I'm more concerned about the fact that my husband was made bankrupt in 1993/94 and has obtained this credit illegally/fraudulently: ie. he shouldn't have applied for it being a bankrupt. BUT, you would have thought this would have shown on his credit report and have been declined? It's a minefield! Thank you for your advise - I need to do a lot of reading on this site.

razzle_3

JohalaReewi - thank you. No question of a divorce or selling the house. At the moment we 'manage'. I just need to find a route through this so we can begin to have a life and not just exist. Thank you to all who have given advice, I'm new to this particular part of MSE and have not quite familiarised myself with posting/replying to messages. Bear with me - I'll do some homework.

JohalaReewi

razzle wrote:

I have an account with the Bank of Scotland and my husband is an associate cardholder. The account and Statements are in my name, but the cheque book shows my name first and then my husband's.

As you are probably aware, any spending by your husband using the associate card becomes your liability so you may want to consider cancelling the associate card and getting your husband's name off the cheques. This is really to protect you financially because it could be that as your husband's source of credit dries up, the only thing he has that will still work is the associate card and you could end up with a massive bill.