Our SOA as requested

gizmo111

Check out your credit cards as they do not come in joint names - one will be the account holder and the other will be an additional user, only the account holder can be responsible for the debt.

ms_london

Perhaps you should re-consider your hubbie's new business venture until you have got yourselves back on your feet a bit? Not saying give up on the idea completely, but can he work full time and do that on the side for the time being?

Its great that you are still wanting to support your children while they are at uni, but they are infact adults and it should be the time in their life where they stand on their own two feet and acknowledge the fact you are both struggling, and help YOU out.

xx

Cheeselady

gizmo111 wrote: »

Check out your credit cards as they do not come in joint names - one will be the account holder and the other will be an additional user, only the account holder can be responsible for the debt.

Thanks, I didn't realise that. In that case it's only the overdraft and loan which is joint.

ms_london wrote: »

Perhaps you should re-consider your hubbie's new business venture until you have got yourselves back on your feet a bit? Not saying give up on the idea completely, but can he work full time and do that on the side for the time being?

Its great that you are still wanting to support your children while they are at uni, but they are infact adults and it should be the time in their life where they stand on their own two feet and acknowledge the fact you are both struggling, and help YOU out.

xx

To be honest, the chances of DH getting a full time job are pretty slim, as he is 58, so his best chance of getting a decent income is to set up the new company.
I know what you mean about the children, I just don't think it's fair that they should suffer for our mistakes.

Cheeselady

Tuesday_Tenor wrote: »

Being blunt (as you say, good to get the facts clear):

If you husband dies, his personal debts go into his 'estate', from which the executor would pay them off from his assets, before any of the estate can be paid to any beneficiaries of his will.

However, when there are NO assets left in the estate then the debts cannot be paid and have to be written off. In this situation the debts 'die with him' as no one else has to take them on.

Someone else can tell you more explicitly about joint debts, I've never dealt with these and don't want to tell you wrong.

HTH

Thanks for your help, that makes it clearer, still researching into joint debts at the moment.

Trollfever

his best chance of getting a decent income is to set up the new company.

Have you seen a business plan and cashflow forecasts for this new business venture?

Cheeselady

I just asked DH to ring Sky, he told them he wanted to stay with them but couldn't afford the price it was, and they have agreed to reduce it for 6 months, reducing it from £58.50 to 34.25, saving us £24.25 per month. He is amazed it was so easy, just a 2 minute 'phone call, just shows it's always worth trying.

hackedoffatthem

WOW thats excellent Cheeselady- might get my hubby to do the same! :money: