Help!

climbintheladderouttadebt

here's the SOA link you need doomed

www.makesenseofcards.com

Curt.

The joint accounts issue is the #1 way in which you could junk her credit status the minute you start missing payments Doomed, so you HAVE to tell her so she can notify CRA's with a letter of dissassociation and perhaps save her own credit rating. (Assuming you have joint products). I know its a very difficult step but you seem like you want to put her and the kids first (which is admirable) given what you have said thus far, and this is the first step you have to take. Also you said a lot of the debts were from before you got married, so she may be understanding that before you met her things were different and what not - so long as you are not behavng with malice or something along those lines i think she will be okay....(fingers crossed). But you must somehow find a way of telling her so you can do the one thing you have shown a lot of concern over, which is her creditworthyness and the kids future.

Curt.

pixiechick wrote: »

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.)

Hmm with 33K of balances he would need a fairly large income to be approved on 0% cards with a large enough limit to trasfer significant balances...and that is assuming his credit rating is still at least somewhat reasonable. The only way a BT could work is if he literally shreds the old cards and doesnt spend anymore, if it even gets approved...and even that is somewhat of a long shot i guess.

Davewils

With regards to openess regarding your finances and your wife, Google Docs is your friend

I dont know how computer literate yourself and your wife are but one of the best things my girlfriend and I did for openess was writing a spreadsheet of all our incomings & outgoings (for our personal and joint accounts) and putting it on Google Docs giving us both access to it anywhere, anywhen.

Now i can sit at work and update my pages on it to reflect money i have spent and she can do the same, even at the same time if she wanted to. We both know exactly whats going on with our finanaces, and whether one of us needs to put a little extra in to cover a larger than normal bill or whatever, and it's not stuck on 1 person's PC and dependent on print outs etc.

pixiechick_2

Curt. wrote: »

Hmm with 33K of balances he would need a fairly large income to be approved on 0% cards with a large enough limit to trasfer significant balances...and that is assuming his credit rating is still at least somewhat reasonable. The only way a BT could work is if he literally shreds the old cards and doesnt spend anymore, if it even gets approved...and even that is somewhat of a long shot i guess.

I think you have misunderstood Curt. I was certainly not suggesting that he could get a balance transfer - though I managed it (I still had £30K 'available' credit when I said enough's enough.) I said that was the worst thing he could do.

Curt.

Ahhh i see, sorry for the misunderstanding.

pixiechick_2

Curt. wrote: »

Ahhh i see, sorry for the misunderstanding.

No problem!!

After all, we're both only trying to help.

Curt.

Yeah, and hopefully this will have a salvagable outcome. We all seem to be saying similar things and this doesnt seem like a situation that cant be resolved.

pixiechick_2

Curt. wrote: »

Yeah, and hopefully this will have a salvagable outcome. We all seem to be saying similar things and this doesnt seem like a situation that cant be resolved.

Certainly not easily.

Just want to say Good Luck to Doomed.

Doomed

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 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

the only joint thing we have was a current account set up before we got married. should i close this account?

as for this SOA, it really wont apply to my situation.

she pays the mortage,utilites,rates infact all the household bills. we keep our monies totally separate.