I really need some advice

Larrio

Ive been married for 30 years but am going to seperate from my wife. I dont want to leave her struggling financially so want to try and sort her finances out in order to make sure she doesnt struggle in the future. I have found out that she has 3 credit cards and a store card with a combined outstanding balance of £32,500. I also have some debt but intend to pay it off myself and should be able to do so within the next 12 months. The advice I need is how to best sort a loan out for the £32,500. The house we have is paid for and worth around £120,000. I would like to complete paying off the debt in 5 years. My wife cannot afford all the card payments on her cards by herself and I currently help her out. I have looked at our combined finances and worked out that we could afford a figure in the region of £600/month. Based on a 50/50 split it would mean that she could lead a comfortable lifestyle and with my help see her debt disappear in 5 years. My question is, which type of loan should I consider. Should I approach a building society?
I am not sure of my credit rating but it was not good in the past. However in recent years I have been able to get a credit card and secure an overdraft which means my credit score must have improved. what I dont know is how good my wifes credit score is.
Anyway does anyone have any advice for me please?

Penniesmakepounds

Go to Citizens Advice they will point you in the right direction.

chalkie99

I have found out that she has 3 credit cards and a store card with a combined outstanding balance of £32,500.

she could lead a comfortable lifestyle

Sounds like she has been living a comfortable lifestyle.

I think the telling words are: "I have found out"

If you are separating how will you know she has changed her spending habits? It seems you did not know what she was spending until now.

Are you joint owners of the house? Are you remaining joint owners or is one name coming off? Do you have an income to repay a mortgage and can clear it before retirement?

LovelyLeeds

Larrio wrote: »

My question is, which type of loan should I consider.

That will depend on your income - are you able to post that up?
One of the first things you should consider is to draw a line under the joint debt already owed, by applying for a separation order, through a solicitor - any new debt your wife racks up will be hers thereafter.

BoGoF

By all means give your wife her fair share but do not clear her debts for her.......what does she have to show for this £32,500?

Emmzi

I would leave it until you have reached an agreement on the overall financial settlement, for all you know you will be tied in to spousal maintenance. Agree what first, then worry about how.

heathcote123

Emmzi wrote: »

I would leave it until you have reached an agreement on the overall financial settlement, for all you know you will be tied in to spousal maintenance. Agree what first, then worry about how.

Yes, what he said.

A judge may well lumber you with half her debts anyway. Dont give away anything at this stage.

I have a sneaking suspicion what you see as 'her finances' may turn into 'our finances'.

LovelyLeeds

mukeshsoftona wrote: »

i read your post but sorry i have no advice for you.

Most informed post of the week alert!

bris

I have seen this happen before with a good friend of mine, it was 18k instead of 32k and they were not seperating but similar in a way. My friend sat down with his wife and worked out how to remortgage to give them a fresh start. Did it work, no, soon as the debt was cleared, instead of learning from it she took the oppotunity to see it as a green light to run up the credit cards back to the max. Six months later they were back to square one.
The moral of the story, be sure she learns from her mistakes or it's all for nothing.

27col

mukeshsoftona wrote: »

i read your post but sorry i have no advice for you.

This has to be the most pointless first post ever. I trust that any further posts from this source have a little more content.

Emmzi

27col wrote: »

This has to be the most pointless first post ever. I trust that any further posts from this source have a little more content.

just hit the spam coming, they're getting their post count up to the magic 15