advice please

failte_2

I owe money to several banks total £43,000
i have no savings
the loans have accumulated over ten years
i have a small terraced house in joint names (myself and husband)
due to ill health i cannot work
my husband does not want to sell the house to pay off the debts
Loans are all unsecured and in my sole name
I have made token payments to each bank each month.
There is no doubt that i will be taken to court for the loans
can they take my house ? if it is in joint names
what is the worse thing that can happen ?
I am know I am fully responsible for the loans and if it takes the rest of my life I am committed to paying back the loans. I currently pay £20 a month to each bank.
I have been advised that even if I go through CCS i will still be taken to court.
I know this problem is of my own making however I do feel very low and the constant worry it is taking over my life . I feel very alone.
my husband has washed his hands of me and will not talk about the loans or the consequences of my irresponsibility.
can we lose the house ?
grateful for any replies.

grumbler

For some basic information see:
Dealing with a Charging Order.
Charging orders in the County Court
Charging order

More information (including about a house in joint names) is available in NATIONAL DEBTLINE F A C T S H E E T N O 15

Locana

Why dont you post in the 'Debt Free Wannabee' board. You will get tonnes of advice..

[Deleted User]

If the loans are UNSECURED then that means they are not against your house.

£43k is lot to pay back and token payments will not do it. However, token payments do count for something - all the time you are paying something the lenders are getting something. If you went bankrupt - which you could opt to do - you would lose your house. However the lenders will get far less - so it is in their interests that you keep paying.

For them to take you to Court, you need to have stopped paying altogether and have been issued with the relevant Court papers.

Before you sort out the debt - (which is important and needs urgent attention) -

First of all - try again to communicate with your husband. Get him to sit down with you so you can have a proper discussion. If, for whatever reason, you are accepting responsibility for the position you now find yourself in - explain that to him. Explain that you are sorry, that you accept responsibility and that now, you intend to do something about it. If he is also responsible, explain that too - and get him to accept his part in things.

Explain to him that you need his support and for him to be on side with you. He cannot and should not hold this against you forever. Otherwise what's the point in staying together? You both have to be able to work together with this and the only way to do so is to move on from the blame stage.

If he intends punish you endlessly over this rather than accepting what's happened and moving on - then perhaps you need to sort out your relationship too. What you don't need whilst you are trying to do the right thing - is the worry of not having his support and backing and the stress of a bad relationship.

Regarding the debt - get all your paperwork together for all the loans. Make a complete list of all the money you have coming in - benefits/salary etc...

Then make a list of all the money going out -

Mortgage, council tax, loans, EVERYTHING.

From the Out list - what can you do cross off that is not essential - eg. Sky...

You sound as though you have already tried to negotiate with the lenders. You need to get the interest on the loans frozen (if not already done).

Contact your local Citizens Advice Bureau and ask to speak to someone regarding debt counselling. You will have to take in all your paperwork regarding the loans. CAB can also check you are receiving all the benefits you are entitled to.

With your permission they can negotiate with the lenders and take the heat off you.

If paying the debt back is going to be unrealistic they can advise you regarding your options.

failte_2

I am now signed off work with depression. I did take out insurance on one loan (First Direct) however they contacted my gp and because I have a history of depression they refused to honour the insurance policy ! wish I had known that before I added the extra to the loan by thinking I was insured. Waste of time insuring loans.