Husband £90,000 in debt what can we do?

londonchap

Credit Action have a freefone helpine and have lots of useful information on their web site:

http://www.creditaction.org.uk/advice.htm

Best of luck in sorting out your problem. The advice posters have already given is sound imo - stay calm, enter dialogue with your lenders and don't do anything rash.

asp746

mandy, you said you were desperate for help as you didn't want to lose your house. Pls let us know how you are - last time you did the same - posted then vanished.

pls post your soa etc so people can help you sort it out once and for all this time.

alant1000

Hi Mandy,

thats a real sad story, and lets face it £90k debt is serious. Be honest - is he going to be able to pay this off - doubt it. With the high interest rates you'd be better off sticking it on a mortgage (although you cant), just pointing out that on cards you'll be paying such a high %.

Obviously it depends on what your joint income is too.

Its just as sad for your hubby as it is for you, and it takes guts to face this head on but the harsh truth is he needs to take responsibilities for this, regardless of how easy the banks offered him the credit.

Look at your outgoings per month after mortgage / rent / food / petrol, just the BARE ESSENTIALS, look at whats left over. Be realistic with what you can afford in payments per month (not what you'd like to pay which will no doubt be less!), and maintain some dignity buy selecting maybe the lowest balance card to pay this off bit by bit. Sell a load of things your hubby bought, car, electrics etc?? For as long as you owe the balance, its really morally not his to keep, so do all you can to sell stuff that he bought with it to pay more of the balance off. Every penny counts!

The remaining amount, you should look to get this written off or declare yourselves bankrupt ASAP. Some people see shame in this, but at the end of the day you cant live a life of total misery so forget what other think, its time to think about yourselves. But definitely do all you can to try and raise money and keep 1 card to pay off if thats all you can afford - again to keep a bit of dignity and to demonstate some responsibility.

And most of all you need to get your hubby to face his actions and seek help - it might not seem manly to him, but there is an underlying issue that needs to be put to bed.

ALL THE BEST OF LUCK

poppy10_2

O honey, how shocking!

Please try not to panic (I know it's not easy), see if you can post an SOA and we can try to help you out.

itsnowtime

Hi Mandy,

As you can see from my signature I am in a very similar situation in terms of the amount of debt I have. Mine was built up through failed business ventures / relationship breakdowns etc.. - and poor decision making on my part but hey what's done is done - you're now dealing with it - that's the best part!

I contacted cccs at www.cccs.co.uk - you can either speak with someone direct over the phone or do what they call a 'debt remedy' online. Here they'll take you through your incomings and outgoings and you current family situation and then work out how much you can afford to be able to repay the debt.

I'm just starting a Debt Management Plan with them now and it's been a huge weight off my shoulders.

You'll get lots of support on here - good luck.

In_Search_Of_Me

How you doing? At the end of the day we dont know your income etc so impossible to tell whats what so DONT do anything rash! If you husband earns loads then the 90,000 is less serious than if he earns pittace IYKWIM!! Hope you do start to sort this. It doesent really matter that you knew you were in debt last year - what matters is that you face it. I know its REALLY hard but I promise when you know where you are the weight is lifted & you can start planning! Big hugs!

sarahm1977

can you not release equity in your house and change your mortgage ie over 40yrs as the payments will be lower or even change it to interest only till u sort your debts out