What now???

tallyhoh

My partner has a LOT of debt run up on loans and credit cards, its about £100,000 or even more now with interest. This happened about 5 years ago.
Most of his creditors have lost contact with him as he moved about a bit. He has absolutely no way of repaing the debts even with an IVA and if he declares bankruptcy he will lose his job.
He has not had any contact from creditors for about 3-4 years as most of them dont know where he is.
Whats his best option now? keep his head down? When might they give up chasing him, Ever?

livinginhope

I can't imagine what is going on in your partner's head right now,the stress of running away must be immense,but the thought of facing the debts after all this time must be worse,I can't even begin to think about the best course of action,but keeping your head down and hoping things will go away,never works.
i would go and take some advice from the CAB,or phone National Debtline or Payplan,they might be able to suggest what he should do.
Good luck
LIH

hypno06

I agree, National Debtline or one of the other charities, CCCS or Payplan would be well worth talking to.

The danger is that by running away, you can get consumed with the worry and the pressure of that worry will eat away at you day and night. This can make you very ill, and nothing moneywise is worth more than your health.

Good luck. Please let us know how you get on. It is a big amount of money to owe, but both Livinginhope and myself can tell you that you can live with it and get through it. Stick with these boards, you will get loads of support here.

CLAPTON

what is is job..are you sure he can't go bankrupt

tallyhoh

Yes, he's checked, he certainly will lose his job because of what it is.
To be absolutely honest, he doesnt seem to care, its me that feels the presssure and wants to sort it out. He has been bankrupt before and was not technically discharged, it just lapsed.
I cant believe that people loaned him money with his background. One bank loaned him money to pay a loan he already had with them and was not making repayments!!!

hypno06

Ooh, that makes it really tough on you doesn't it? What are the implications of his debt on you - do you have anything in joint names, and is your home at risk because of this.

Don't really know what else to say, except, stick with these boards for support - there is almost always someone around to talk/rant to!

Kaz2904

Would it be so bad if he lost his job? If he is able to get a different job then he could just leave and then go bankrupt. Otherwise it is just cosing him money to go to work each day.

steve700

tallyhoh wrote: »

To be absolutely honest, he doesnt seem to care, its me that feels the presssure and wants to sort it out.

I cant believe that people loaned him money with his background. One bank loaned him money to pay a loan he already had with them and was not making repayments!!!

I don't think that you can help him too much if he doesn't care and isn't willing to help himself...................

Where is the sense in that.....!! I can understand that banks are in it to make money, but why on earth would they give him money to pay back money he owes them! - Are you sure that he's being completely honest with you?

Good Luck

tallyhoh

Thank You all for your kind words. I regret that he is not being at all honest with me. Most of the stuff I know I have had to find out the devious route.
The house is in my name and I paid for it but I worry that bailiffs might get in and take my hard earned stuff.
Is there anything you can do to get through to someone who's had it all happen before and doesnt care?

tealady

If they don't care then you won't get throught to them. Sorry if that sounds harsh but I am trying to get you to be selfish and think of yourself. The bailifs can only take what is the debtors, but please, please NEVER allow your OH to borrow against the house.
Often debt can be symptomatic of other problems, you need to ask yourself can you carry the burden of someone elses problems when they are affecting you so much? What would you do if there was only one of you working?
There are a lot of hard decisions for you to face, only you know what is right for you. We will always be here to give advice or a shoulder to cry on so you are not alone. Take care and keep in touch.

SarahNeedle1872

I agree with tealady, if ur OH doesn't seem to want to sort it, then with all the will in the world, u will struggle to get thro to him. Give him as much support emotionally as u can, but u need to look after urself/any children first... and DO NOT take on any of his debt in ur name.

Keep posting here, u'll find lots of advice and support...

Sarah x