Lending money to husband

Head_Girl

Hi from an MSE Newbie!

I would really like some advice.

I have recently lent a very large amount of money to my new husband to clear credit card debts accrued by his ex wife on a card in his name. This was money that had been in stocks and shares ISAs for years and was just sitting there for later on in my life. I couldn't just sit back and watch him pay back the minimum amount each month at a ridiculous interest rate of 22%, it would have taken him years to pay off. He didn't want me to do it, but I insisted and said that I would want it paid back monthly with interest (but at a much lower rate than the credit card companies), which he has agreed to do.

I trust my husband completely and am not asking for comments on how stupid I've been, etc, this is my decision and I am happy to be able to help him as I am fortunately in a very comfortable position financially.

The advice I would request is the wording I should use in a formal letter of agreement between us in respect of the loan and if this would be legally binding should our relationship break down in the future? I am obviously not expecting this to happen, but after having divorced after being married for 22 years to my ex husband, I now know that nothing is certain in this life (except death and taxes!)

I would really appreciate some useful advice and thank you in anticipation.

Have a good weekend everyone.

:j

justjohn

Are you joking?
Did you have a pre-nup aggreement before your marriage?

gratefulforhelp_2

How about asking a solicitor to draft you a letter? It will cost but as its a large sum, may be worthwhile.

Broken_hearted

Wow I see a divorce in the near future. Ever heard of working together.

BLT_2

Head_Girl wrote: »

Hi from an MSE Newbie!

I would really like some advice.

I have recently lent a very large amount of money to my new husband to clear credit card debts accrued by his ex wife on a card in his name. This was money that had been in stocks and shares ISAs for years and was just sitting there for later on in my life. I couldn't just sit back and watch him pay back the minimum amount each month at a ridiculous interest rate of 22%, it would have taken him years to pay off. He didn't want me to do it, but I insisted and said that I would want it paid back monthly with interest (but at a much lower rate than the credit card companies), which he has agreed to do.

I trust my husband completely and am not asking for comments on how stupid I've been, etc, this is my decision and I am happy to be able to help him as I am fortunately in a very comfortable position financially.

The advice I would request is the wording I should use in a formal letter of agreement between us in respect of the loan and if this would be legally binding should our relationship break down in the future? I am obviously not expecting this to happen, but after having divorced after being married for 22 years to my ex husband, I now know that nothing is certain in this life (except death and taxes!)

I would really appreciate some useful advice and thank you in anticipation.

Have a good weekend everyone.

:j

It must be love :rotfl:

Proc

Never lend what you can't afford to lose.

The thought of my wife putting in some formal paperwork for lending me a few grand (or visa versa) is about as romantic as the thought of a pre-nup.

I would just keep receipts for everything you've paid on his behalf so when your relationship inevitably goes down the pan (which is the thought process I seem to get from your post) you can show what you've paid.

Oh, and charging interest to your husband? Is this for real?

Also, I just noticed this:

I trust my husband completely

You could have fooled me.

justjohn

Surely if there is no pre-nup its more or less irrelavent?

Head_Girl

No I'm not joking.

No pre-nup, but I understand you can have a post-nup drawn up, but as I am in the process or writing a new will, it's possible that this can be included in that. However, this is being done through my Union and I would like to have all the information to hand before completing their application form.

[Deleted User]

What's yours is mine, what's mine is yours at a reasonable APR ?

Time to realise that your finances are shared now - there's no such thing as 'lending' to a spouse

justjohn

Head_Girl wrote: »

No I'm not joking.

No pre-nup, but I understand you can have a post-nup drawn up, but as I am in the process or writing a new will, it's possible that this can be included in that. However, this is being done through my Union and I would like to have all the information to hand before completing their application form.

Poor sod your man (only my view). I would be so embarassed if my other half did this.

When i got with my other half she had net assets(money lol) of around 250,000 i had aprox 100,000.

Can i ask out of interest how much we are talking here?


Ok go to a solicitor for pre-nup/Loan aggreement he will rattle up a document.

carolinejane_2

Surely if he was struggling to pay off the cc loans (you said he was only paying the minimum amount) then somewhere down the line he is going to struggle to pay you? Wouldnt it be better to set up some joint savings for your future together and pay as much as you both can into those rather than having the yours and mine mindset. It does sound like you are planning on not being with him when you need your savings so want to protect your share.