Help....

Psychokatz

My husband has accrued nearly £90,000 of debt and is in the process of tyring to make temporary payment offers to his creditors as it is impossible to meet the monthly payments.

Most have been agreeable and have entered into arrangments which will help no end. However, one of the creditors are insisting (stating legal requirement) that I declare my income which wil be taken into account when they agree any future payment plan.

There are no joint accounts or debts.

Do we/I have a legal obligation to send this info? If I am honest I am loathed to send this and only will if it is illegal for me not to provide. My reason being is our relationship is now in threads and any spare money I have I need in case I have to find somewhere else to go - which I think will happen, just not sure when... really don't know what to do

Am considering bankruptcy - but hubby unsure, we have no assets, home is rented, car needed for work.. really don't know what to do.... and this is having a massive impact on our marriage.

Kevicho

I think the first thing to do is make sure this stops having an impact on the marriage, easier said than done i know, but you both have to be adult, calm and talk the situation through in a calm way.

look at it from a numbers point of view, and try to avoid any emotional attachments here, that way it will be easier to get through this still in a marriage

Right in reality, are the debts solely in anyones name? memory fails me know whether the marriage aspect makes a difference, i'm sure it likely does, either way I am sure that amount of debt wasn't just his or yours


Also as a matter of course it would be better if you budgeted together as that way its a team effort, and also will likely get you out of debt quicker.

From a logical point of view 90K of debt with no assets, then bankruptcy is an option, but one id get professional advice regarding.

Also there's the moral issue, would you sleep at night knowing you've run up this debt and then put the burden on everyone else to pay it back
(ie through higher interest rates etc)
.

I think if you post an SOA on here we may be able to help you find ways to help spend your money better, and keep the creditors happy.

Best wishes

Kev