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A Bank Holiday Present From Hell

On May bank holiday this month I had a shock, when my wife arrived home with her brother from London to tell me she had run up £45k in Credit Card Debt. That was such a shock but it got a lot worse when after 10 days the reality set in and it was £85k. Among this was a loan from Sainsbury for £28k that she kindly forged my signature on.
I have started to seek advice and I am working with an insolvency company who has advised me that we have no option but to sell the house and then its game over.

This appears to be going on for around 7 years and in that time was so well hidden from me I didnt have a clue what was going on. It would also appear that this was taking on debt to service debt until it spirralled out of control. At this time I am numb and not able to concentrate on anything and my work is starting to suffer.

I would however like to know your views on your experiences and the best way to approach this type of situation as well as anything I can do to try and keep the house and deal with this debt.

Its hard to think of anything else to say apart from putting it out there and hoping for inspiration and advice from people who have been through this type of thing.

Thanks
«1345

Comments

  • NeverAgain_2
    NeverAgain_2 Posts: 1,796 Forumite
    Depends on your income, expenses, assets and so on.

    For most people, £85,000 would be desperately difficult to repay.

    As a start, you mention 'sell the house' - what's it worth?

    And is there any mortgage or other loan secured on it?
  • CH27
    CH27 Posts: 5,531 Forumite
    Is your marriage over?
    Do you have children?

    What you consider getting your wife charged with fraud?

    How much equity is in the house?
    Try to be a rainbow in someone's cloud.
  • Valentino246
    Valentino246 Posts: 12 Forumite
    House is worth £260-£270k with a £152k Mortgage on it. There are no other assets, as she managed to spend all savings in our savings account worth around £15k. We only have one car a 3 yr old Corsa 1.2 and she has given that to logbook loans. So we can wave goodbye to that as well.
  • RAS
    RAS Posts: 34,438 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    you are no the only one.

    Please can I ask why you are talking to an insolvency company who will charge fees, when you can get the same advice, probably for free from a debt charity?

    Also do you appreciate that wife run up in your wife's name is not your responsibility and you share of the equity is protected? Nad that if you did not sign the Sainsbos loan, then you are not laible for that either?
    If you've have not made a mistake, you've made nothing
  • Valentino246
    Valentino246 Posts: 12 Forumite
    I am considering that right now but there are a few implications the debt will not go away and my kids may never talk to me again if she goes down for a stretch at her Majestys Pleasure.
  • Valentino246
    Valentino246 Posts: 12 Forumite
    The insovency company has been used by many people here they are Jones Giles and that made me want to speak to them as CCCS outlined their charges to do this would be in excess of £10k too. Its all such a mess.
  • CH27
    CH27 Posts: 5,531 Forumite
    I am considering that right now but there are a few implications the debt will not go away and my kids may never talk to me again if she goes down for a stretch at her Majestys Pleasure.


    How old are the children?
    Try to be a rainbow in someone's cloud.
  • RAS
    RAS Posts: 34,438 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You seem to be going diown the IVA route? Why?
    If you've have not made a mistake, you've made nothing
  • Valentino246
    Valentino246 Posts: 12 Forumite
    Its a tough question but I might be up for it if it frees me from Debt I never wanted or asked for.
  • CH27
    CH27 Posts: 5,531 Forumite
    Do you need an IVA?
    Surely selling the house & clearing all the debts now will be easier?

    What has she done with all the money?
    Try to be a rainbow in someone's cloud.
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