Being Honest about debts

Jaylith

Hi All,

I wanted to seek help with this as it is eating away at me and I need to get this pollution out of me.

Basically I cleared all my debt in 2008 and becuase of relocation costs and unemployment in 2009 had run up debt again.


Me:

I originally came to Britain in 2004 on my own without any family or friends. I have lived here for 6 years so far and I have recently obtained my Indefinite Leave To Remain. Unfortunately, I have had to move around a lot in the city I live and therefore and many other extenuating circumstances not ever built up a good credit rating.

I have not ever shirked from paying me debts but have not always managed to pay my creditors large amunts due to unemployment in the past and immense financial contraints. In 2008 I cleared my debt with the help of my partner and now we both pay a loan together of £10,000. We have been paying it for the last 2 years and have 3 more to go.

The situation:

Because of unemployment last year etc I had run up my debts again and struggled to pay them. I have not told my partner of the full extent of my debt which is just under £3,000. I have in the past 2 months enetered into a DMP with CCCS to help manage my payments.

She has her own house, car, a good job, very good credit rating and her debts are under control although she has not got much money. I have a not so good job and lower salary.

My issue is I do not feel I can tell her as she aready has enough issues to deal with. It goes against my values not telling her but I feel she will judge me.

It has been a long slog building a life here in the Uk on my own but this is about us now not only me.

Would appreciate any advice!!

DarkConvict

Its best to be honest about your debts, because they obviously do affect you.

If you are paying debts together, when you do budgeting they will notice you have £xxx going elsewhere and not into the joint debt fund. I am surprised you ran up £3,000 of debt again as you have already had the shocking moment of taking out a £10,000 loan to cover them, not to shout at you but usually at this point people learn to budget and work out not to take out contracts/guarentees etc unless they can afford it in full already.

To keep it short, i would tell them rather than they find out themselves. Whilst you will be left to pay it back, you will atleast have a better understanding of your budgets.

RAS

Hi

If you have a joint loan, then your credit records are associated.

The fact that you are doing a DMP will wreck her credit rating.

If you have included the loan in your DMP, then the creditor will start to chase her for any deficit in payments.

You need to speak to her immediately, before she find out because she is refused credit or gets late payments added to her credit record.