Too much credit card debt.

MAllen_2

Help, i am after some advise on credit card debt. I have currently seperated from my partner who has a loan secured on the property. This loan was a consolidation of her debt which i agreed we would secure against the property. She as now stopped paying the loan and built up some arrears, she is also making no contribution towards any payments of our property which i have put on the market to sell. the loan company are now chasing me to make payments and repay the arrears, i have sent them a monthly incoming/outgoing comparison, which quite clearly i cannot afford to pay them.They have suggested i try to reduce my credit card payments which will allow me to make some payments to them. they only seem to be chasing me for the debt as i am still at the property and i also understand that i am liable for the debt even though it was not mine to start with. can anyone help please.

It_can_get_better

Have you got any figures to post?

How much equity have you got in the house?

MAllen_2

The loan company are after £305.00 per month there are £600.00 in arrears. The amount outstanding on the loan is approx £26000 which goes the term of the mortgage. I am paying around £700.00 per month on credit cards.
There is about £40000 equity in the property.

Tixy

Hi

I would pop over to the Debt-Free Wannabe section of the forum for help.

Essentially though if you can't meet your repayments on all your debts the usual advice is to focus on paying secured debts first and then reduce payments to your unsecured debts.

You'll need to work out a detailed statement of affairs to see how much you can afford after paying your priority living costs and secured debts - and then need to try negotiating with your credit card providers - you might want to talk to one of the debt advice charities who could help with this.

Is the house owned jointly by you both - or just by you?

MAllen_2

The house is owned jointly