Loan advice

Angelcake1_2

Be kind please

My partner has always looked after our Finances and I always assumed he was managing them well. We took out a secured loan against the property in both our names at this address with Welcome Finance.

Our first home was a mortgage in my partners name, we sold the house to pay off debts and "live life" I still understood the debts to be well maintained. The house sale was taken care of by my partner.

Now 2 years later we have just been evicted from our rental property as there are rent arrears. This was a lovely suprise to come home to on Wednesday and I am honestly still in shock.

It transpires that the secured loan we took out on our previous property had not been paid with the sale of the house and rather than tell me (a problem shared is a problem halved and all that) he was trying to juggle the bills each month and failed dismally. More details came out of other loans he had taken out without my knowledge at our previous address that had been cleared with the sale of the house.

He states that he thought the secured loan had been cleared with the proceeds of the house sale and that Welcome only contacted him 3 months ago threatening to send bailiffs round and (in his wisdom) he decided to pay this rather than our rent.

My partner, myself and our 8 yr old are now staying with his parents. Welcome want £354 per month which we just can't afford I just want advice on how to deal with this. Will Welcome accept a reduced payment offer?

I am going to take over the Finances but I really feel like I have got a mountain to climb as I have had no involvement for 10 years (we got our/his mortgage when we were both 18) I am only going to get us in more trouble if I can't keep welcome happy!

TIA

fatbelly

Angelcake - this might be better on the debt-free wannabee board. One of the guides might move it.

You are going to need to take a large-scale view and not worry disproportionately about Welcome.

The first task is to find out who you each owe money to, how much, and in whose name is it.

If your accommodation is stable at your inlaws for a bit, then put together a statement of affairs for us to have a look at and we can help you tease out your options.

Should you want to take third-party advice make sure you choose one of the good guys in Martin's list.

Well done for taking control. Be assured that there is a way forward. We just don't know which strategy is best yet.