I have just told my OH about my debt

Lisa1978

Well done for telling him :). When i met my now hubbie i had approx £5k debt, then i went wild n crazy, buying anything and everything, little did he know that i was in debt (he hasn't 1p debt). I let it amount up until it go to £12k in February of this year. I have now reduced it by a few grand and intend to be debt free next June - added to this hubbies help He works a part time job alongside me and helps me when i need. I really don't want his help, like you, i think it's MY mess, no-one elses so i refuse to accept any help but at least we've got support and help when required which is the main thing. You've done brillantly already, keep at it, you'll be debt free in 2years or so :) Don't loose sight of what is important, paying those debts off :) xx

50quidonRED

Fair play, it will make things better not having to hide it anymore, from my experience anyway things will be looking better from now on, about 2 years ago i told my partner, she was able to help. things are great between us and we are alot better off.

kerri_gt

Well done for getting so far in paying your debts off to the level you have. I am sure that although your OH is no doubt hurt that you didn't tell him sooner, the fact you have paid off so much in such a short time really does show him you are serious about clearing the debt. From your update it looks as if he's taken what you've said on board and wants to look for the best possible solution to help the both of you - he sounds very supportive which is exactly what you need.

I am sure a lot of the tears and emotion you feel now is the relief of telling him - you can only move forward from here.

Work together, and keep up the good habits you have formed over the past 18mths - not only will it mean you don't get back into that position again, but you could put away some funds for a little nest egg as well.

footiemom

good luck you have done really well in 18 mths and im sure that will continue. I ran up debt without my other half knowing and i thought that would be the end of us when i told him. Sure he was angry, upset but i definately think our relationship is stronger now its all out in the open and we are working hard to pay it off. i hope all goes well for you both and good luck in your debt free journey!
footiemom:)

gargrave50

Engeroosi wrote: »

Gargrave not always, depends what int rate on the mortgage and how quick you pay the 27k debt, if you still try to pay that debt in the same time frame Im sure the debt will work out alot cheaper. 5% mortgage rate as opposed to 17% credit card rate.

As I said perhaps not my area of expertise(I'm a midwife!!), but I assumed that by adding it to the mortgage it would be borrowed over the same remaining time as that on the mortgage?:cool:

clearmydebts

I just wanted to say fair play to you for telling your OH. That must have taken a lot of guts.

pleasedelete

As he is a non exec I assume that he has significant shares that he can sell

What has happened to his bonuses? Has he spent them all?

What else does he do apart from being a non exec? Is he only working part time but living a full time lifestyle?

I think the issue is that you dont have joint finances. I can't believe that he wouldn't have a clue. What is his money going on?

If you don't have the 30 k needed in a bank or in shares and he is a non exec director of a building society then I would worry that he has some hidden money secrets of his own.

Hanginginthere_2

I'm new, but just wanted to say well done and hope all goes well.

SpiderFreak24

you are a credit to yourself. how you kept this all to yourself till now i will never know. i too have a husband who is great with money whilst i spend every penny and time after time he pulled me out. i ignored letters and phone calls and finally my health suffered. trying to keep secrets regarding money is horrible for us. when i fially came clean the state my finainces were in, he was great. i hated the thought of telling him and thought he'd say here we go again. but he didn't. he sat down with me, we sorted it out and im chipping away at my debt. yes its my debt and im paying it, but the worry is not mine anymore. all will get sorted, maybe not today, but it will get sorted. money, job, houses are fine. but i have my health, beautiful children and a brilliant husband. no amount of money would buy any of us that. good for you, it will work just fine.

Engeroosi

gargrave50 wrote: »

As I said perhaps not my area of expertise(I'm a midwife!!), but I assumed that by adding it to the mortgage it would be borrowed over the same remaining time as that on the mortgage?:cool:

I agree if you pay it off as per normal with the mortgage, but although the 27k is now tied into the mortgage, overpay by whatever amount it would take to pay off the debt at credit card interest rate in for eg 2 years and you will find the 27k paid off alot quicker and cheaper. If that makes sense.