Need help to get Debt Free

asparagus1968

hi,


to summarise:
you have put down your spends, you have a big excess, there is lots more overspending you can cut easily- £200 on clothes?
- £200 entertainment
-£60 hair
-£45 mobiles-ring and see if they will reduce tariffs at all
you need to budget for the house insurances, where does that money come from-the emergency fund/savings etc?
Pesumably you do buy birthday/xmas cards and presents-if so this needs a figure in the list.




so looks like you have quite a lot of money to repay OH debt , all good.
he just needs to know how much he owes, and to who.
you need to see what excess is left each month (over £1000!) and pay the debts asap

MissDitton

Thanks for all responses.


I am not looking to massively cut back spending, as this isn't my debt to be clearing so I would still like a comfortable life in the process.


I think I was looking for more of a definitive answer on the defaulted loan, with no contact is it true that it will come off his credit file after 6 years. would lenders still have access to this?


Thanks again

asparagus1968

IIRC if there is a period of 6 years with no contact or payments the debt becomes unenforceable by a court.
does he not want to repay the money he has borrowed?
think there is lots of info on "statute barred" ,pop in into search bar, top right of home page.

heartbreak_star

I have nice hair too but I don't spend £700 a year on it

There's a statute barred letter template somewhere for debts over 6 years old

Regarding annual expenses, you should still break them into 12 and pop them into your SOA for reference. Do you still have the surplus stated at the end of the month?

HBS x

MissDitton

Hi thanks for all responses;


I suppose it isn't a case of him "not wanting to pay back" what he owes, but if it comes off his credit file next month and it is unenforceable then what is the point?


In 5 years (at the end of my current fixed rate) we want to get a mortgage together and have a home that reflects our earnings so I am looking for the best ways to get him credit worthy again


Thanks x

Ashingtonian

MissDitton wrote: »

Hi thanks for all responses;


I suppose it isn't a case of him "not wanting to pay back" what he owes, but if it comes off his credit file next month and it is unenforceable then what is the point?


In 5 years (at the end of my current fixed rate) we want to get a mortgage together and have a home that reflects our earnings so I am looking for the best ways to get him credit worthy again


Thanks x

Getting a joint mortgage with him would be a disaster waiting to happen, unless of course you enjoy paying for everything out of your own pocket.

National_Debtline

MissDitton wrote: »

I suppose it isn't a case of him "not wanting to pay back" what he owes, but if it comes off his credit file next month and it is unenforceable then what is the point?

Hello there,

If the debt is, or is about to become, statute barred - then there is little point in paying it back unless your partner feels like he has a moral obligation to pay it. Six years is long enough for someone to be located and action brought, if a creditor hasn't been able to do it in all that time it'll be their loss. The law is the law, and the Limitation Act is pretty clear as far as legislation is concerned. A statute barred debt should never appear back on a credit file as your partner will be able to challenge any legal action brought in respect of the debt.

More infomation on the Limitation Act can be found within our fact sheet, here: https://www.nationaldebtline.org/EW/factsheets/Pages/25%20EW%20Time%20limits%20for%20recovering%20debts/Default.aspx

Best wishes,

David @ National Debtline.