where to now?
edited 30 November -1 at 1:00AM in Loans
7 replies 1.3K views
i have only been married a year and yet inherited many forms of my husbands debt. i have carried out a credit report as i have recently been refused a loan and a credit card. it says i have a score of 692 and has red stars allover a loan my husband took out with his ex. he should be paying 400 a month on a 12500 loan over 60 months but after a few payments broke up with her, lost job etc etc so contacted them and they have apparently frozen the interest and he is now paying 141 a month. it is obvious that the way forward to restoring our credit would be to start paying the full amount without any defaults. however we have a 10,000 loan that we are paying and have 23,000 owing in credit cards. we both have normal jobs earing about 30,000 between us. i have used the 11,000 pound i had in savings paying of some of the more ridiculous loans he had at 32% but am now all cleared out. i have also done what i learned on here and shuffled the cc debt around to lower charging rate banks but the amount we owe is obviously still the same. somehow we do seem to manage but are worrying over this 12,500 loan he has. he is talking about declaring himself bankrupt as he is so worried that by taking on that debt too, we will both go under. he is so embarrased and upset over destroying the exceptional record that i had that i cant moan at him even more and at the end of the day it is done now. what i now need is all your expertise to give as much advice as possible. between you all you seemed to have answered many problems on here and i just hope mine is not surmountable. i was also hoping martin himself may take a look at my dilema and offer some suggestions. thank you for reading and hope to hear from you soon
This discussion has been closed.