Boyfriends Debt Problems.. help

Ali_Netball

Hi my boyf is in debt by 14000. He is paying it off monthy and doing extremely well I am happy to say.

Sadly his monthly payments are v high, is there anyway of reducing them or having some of them written off. Thing is we want to look for a house after xmas. I have saved 16000 and look to have 20000 by the time we look. However I feel that his debts nigate my savings

rayday2

Is there anyway he or maybe both of you could work say part time in a bar - me and hubby did that it was like socialising at work we got paid well for it too.

If you look into writing debts off you damage his history which will effect the mortgage products you get best you can do is try to pay off a couple esp the highest interest ones.

floss2

You may find getting a mortgage a struggle, because they may just look at his current debt & repayments and say "no way jose" because the sums won't add up in your favour, even with £20k deposit.

Maybe you could pay some off with the savings? That would reduce the outgoings AND the total debt

rayday2

I would not advise anyone paying someone elses debt off, you would be better just looking for a house on your own and letting him live there after for a contribution.

Its not unknown for husbands, fiances and boyfriends to do runners and you gave some of your savings away - I know it sounds like it would never happen to you trouble is you just don't know!

Idiophreak

At the risk of flying in the face of the resident cynics (:)) - have you thought about paying the debt off with your savings?

If you're confident in your relationship and don't mind taking the risk (you only live once...) - you could knock the whole lot on the head, save hard with both incomes for a few months - to try and build the deposit back up, then look for the house. It's possible that with a few months clean running behind you, banks might give you better deals on mortgages etc.

You may also (based on my experience of Judge Judy ) be able to draw up a contract acknowledging that he owes you the money, so there's no risk of losing it long-term.

Just a thought, though

CLAPTON

its really impossible to say much without seeing his SOA including all the debt details..amounts, APRs and minimum payments etc.
I would suggest he comes on here and posts his full financial details so people can ofer informed help.

rayday2

At the time of a mortgage you could tell the solicitor to note you put the 20,000 down but I don't know I would feel really uncomfortable expecting someone to tip over 20k like that and then what do you do for a good deposit, plus his credit history could be bad anyway.

I would definately consider leaving him to pay his debts as he is. Get a house in your name yuo are helping him by not expecting him to pay all teh costs anyway. That is a big ask.

Ali_Netball

Thanks for al the advice.

His 14000 debt is a loan, for fixed term at fixed amount! He already works pretty much 7 days a week as a builder/plasterer. so works full time then the odd evenings and sometimes all weekend! (ANYONE NEED A PLASTERER?? he he)

We have always said that we would get a contract written up so if it all went wring we are covered! I lhave considered paying it off for him but he refused (would have, again, been via contractual agreement). Plus I worked out that we could save 12500 by March if I did that, not quite the 20K i have now but as you said the mortgage people my not touch us with a barge pole anyway even with 20K.

Oh i'm sooooooo confused! I couldn't afford a nice place on one salary, we'd need two!

Tootie_Fruity

Ali_Netball wrote: »

Thanks for al the advice.

His 14000 debt is a loan, for fixed term at fixed amount! He already works pretty much 7 days a week as a builder/plasterer. so works full time then the odd evenings and sometimes all weekend! (ANYONE NEED A PLASTERER?? he he)

We have always said that we would get a contract written up so if it all went wring we are covered! I lhave considered paying it off for him but he refused (would have, again, been via contractual agreement). Plus I worked out that we could save 12500 by March if I did that, not quite the 20K i have now but as you said the mortgage people my not touch us with a barge pole anyway even with 20K.

Oh i'm sooooooo confused! I couldn't afford a nice place on one salary, we'd need two!

Rent somewhere while you are waiting for his debts to reduce. Taking out more than you can afford too would be a disaster waiting to happen. Trying to have everything in one go will lead you to trouble.

Ali_Netball

Trouble is I hate wasting money! I am 26 he is 30 and we still live with our folkes!! We cant stay at home forever, our parents are stuck until we mve out and they also would not want us to waste money on renting.

So looks like a no no then for writing off any of the debt?

Ali_Netball

CLAPTON, I know them all... I am helping him witrh it all... what do you need to know?