Help!

climbintheladderouttadebt

Dont worry- your house cannot be 'blacklisted'. any adverse info will be on your credit report. Do you and your wife have any joint accounts? If so, there may be a link between your 2 reports.

Unenforceability means they cannot chase you for more money. This can be established (whether they are enforceable or not) by sending them a CCA request. Hopefully someone on here will have a link (or I'll copy & paste the letter if needed)

If they cannot chase you for the money, you will no longer owe it, but it will be reported on your credit rating as a 'default' that will stay on your credit report for 6 years.

Davewils

The 'household' should be fine. A debt is recorded by the person's name, not the property. However you may have a finanacial link on your credit file to your wife, so i'm not sure how you defaulting or whetever, would affect her if you do.

You might want to make sure she's not near an sharp objects when you tell her

pixiechick_2

Davewils wrote: »

Personally i wouldnt worry to much about your credit rating, you might be better off having a terrible credit rating to avoid the temptation of getting another card or loan.

I agree. I think your credit rating is going to plummet whatever option you take.

I think the worst thing you can do is to take out another card or consolidation loan (balance transferring onto new 0% cards and then carrying on using the old cards is how I got into my mess.) Whatever you do, do not go with a Debt Management Company which charges you for helping with your debt. There are plenty of free debt advise charities around (though they won't advise you on unenforceability.)

Thinking about it, I think it could be a good idea to post on the debtfree wannabe board. there are a lot of very knowledgeable people over there.

Finally, please tell your wife. Yes. She'll probably go ballistic at first but the worry of your financial situation is bound to be affecting your behaviour (even if you think it isn't) and she may well be worrying about why you are acting slightly different. In fact, telling her that the cause of it is debt might come as a relief - she could be thinking that you're having an affair (as a woman I know how our minds work!)

kilasuit

Doomed wrote: »

what i cant do is destroy the household credit rating

There isnt a Household Credit Rating.

Theres your Credit rating and your wifes credit rating

Both completely seperate unless you have any joint accounts ie bank account, loans, mortgage.

In which case not speaking to her and allowing her insight into your financial issues at present could in future cause more problems for both of you.

Fill in this SOA http://www.makesenseofcards.com/soacalc.html and post the results back in here and we'll see if theres any spending you are doing that can be cut down on to help tackle these debts and hopefully not have to look at unenforceability just yet. But in any case it will help you to do this SOA

HTH

pixiechick_2

kilasuit wrote: »

There isnt a Household Credit Rating.

Theres your Credit rating and your wifes credit rating

Both completely seperate unless you have any joint accounts ie bank account, loans, mortgage.

In which case not speaking to her and allowing her insight into your financial issues at present could in future cause more problems for both of you.

Fill in this SOA http://www.makesenseofcards.com/soacalc.html and post the results back in here and we'll see if theres any spending you are doing that can be cut down on to help tackle these debts and hopefully not have to look at unenforceability just yet. But in any case it will help you to do this SOA

HTH

I don't think there's any harm into looking into unenforceabilty - it's just another option and, as I said, not one to take lightly. It doesn't hurt to have as much information/options as possible.

If Doomed followed my advce and started a thread on DFW, then he would be asked for a SOA but I honestly can't see how he's going to make up that amount of money.

btw Doomed - where on earth does your wife think £850 a month is going? What has happened that you can no longer pay the minimum repayments?

pixiechick_2

I've just seen this on another thread - 'Just found out about my partner's debts.'


"I hope this gives people anotehr side of the tale, and also hope anyone hiding things from their partner can find the courage to be honest. The lying is the very worst bit." (Sorry, not sure how to do a direct quote from one thread to another.)

Doomed

sorry i knew i would post this in the wrong section.

do admin ever move them to the correct section?

Doomed

Whats a SOA?

[Deleted User]

SOA - statement of affairs - what you're earning, what you're spending, etc in a very detailed fashion

immoral_angeluk

You need to do 2 things...

Talk to your wife

Talk to one of the debt charities, CCCS, National Debtline, or your local CAB.