In despair

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.

yung

you have just overcome one hurdle by posting your worry on here, I am sure the peoples here will have some good advices soon. in the meantime can you post an S.O.A.

Mrs_Sparkle

Welcome and well done for having the courage to post. Please post some more details about your outgoings- an SOA- and we can advise you. Take heart- you're not alone here x

LookingAhead

Hi failte. I am sure there are things we can do for you as a collective.
Remember you have taken the first - and biggest - step by asking for help.
You can chisel this down and show your husband at the same time that you are making an effort. He may well soften and get on board when he realises you are serious about reducing the debt.

xx

LookingAhead

Also, if the loans are unsecured, I can't see that you can lose the house.

Please, somebody correct me on that though if I am wrong, but the "un" secured is a big factor surely?

livinginhope

Hi failte,welcome to DFW.Sorry to hear your situation.
Got a couple of questions,first does your husband work? do you have any kids?
Your husband needs to be more supportive here as this will affect him eventually,keep the communication going and let him know you want to get this sorted.
You will not lose your house if you keep up your mortgage or other secured loans.The only way these debts can cause you to lose your home is if you are taken to court and a CCJ is issued,if you then default on the CCJ the creditor can get this secured on your house and consequently force a sale,but this is HIGHLY unlikely.
Have you cosidered bankruptcy? if you are unable to work and the debts are in your sole name you could go bankrupt and your husband could then 'buy' you share of any equity in the house so you can stay there.
Post a statement of affairs and see if anyone can help out in the meantime.

HairyHandofDartmoor

I think the others are right, you can't lose the house as long as you pay the mortgage.

Credit card debt is unsecured so the worst that can happen is a ccj (someone correct me if I am wrong about this), a car loan they would repossess the car, gas and electricity they would cut you off for not paying.

The most urgent bills to pay are the mortgage, council tax and things like tax bills, as these are the ones that have more serious consequences if you don't pay them. Then try and pay the others as best you can. Credit card debt should be a lower priority than the other bills.

Post a statement of affairs and people will be able to give you more detailed advice.

halloweenqueen_2

If you post your income and outgoings we can savage it - no seriously there may be something someone on here will see that you don't through being so close to it.
Are there any bank charges you can claim back?
Have you checked to see that you are receiving any/all benefits you are entitiled to?
Are there things that you can sell, small things like selling books on amazon or bits and pieces on ebay can add up and help you pay more than £20 a month.
Have you spoken to all of the creditors?
You will have to have a long term goal in paying off the debts they weren't accumulated in a day and it will take a while to pay off - I wish you luck. We will all support you on here.

CLAPTON

post an SoA
see for details

http://forums.moneysavingexpert.com/showthread.html?t=107280

chevalier

Unfortunately your husband can't 'just wash his hands' of the situation. As you live at the same address, I believe you will be financially linked. This means that in the medium term, I think that your debt will start to affect his credit score.

How is it all your debt, did nothing of it get spent on joint things eg for the house, or on holidays for the two of you etc?
best of luck
chev