Seperated and finances

Options
Hi my husband and I separated 10 weeks ago after 15 years together. He is on jobseekers and has been since May he has not contributed to household bills at all. After we parted ways he hasn't given me anything towards our two children they are 7 and 5. I was hoping to get a remortgage but I have been told my outgoings are too much and it would not be possible. He has set up another bank account for his money to be paid into and the account he used is now well above the overdraft limit originally my name was on the account (joint) to but I haven't used it in years it is soley his. This has affected my credit score because I can't disassociate myself form it until the overdraft is paid which he is not bothered about.

The debt of the house is getting too much and i'm struggling to keep a roof over mine and my daughters heads can you advise me where i go from here I have a mortgage and second mortgage on the house and very little equity.

Thank you

Comments

  • Guest101
    Guest101 Posts: 15,764 Forumite
    Options
    japan36 wrote: »
    Hi my husband and I separated 10 weeks ago after 15 years together. He is on jobseekers and has been since May he has not contributed to household bills at all - Since May? Or in 10 years? If since May, then that is hardly surprising. Do you work? After we parted ways he hasn't given me anything towards our two children they are 7 and 5. - Again what is it you're expecting, he has no money. I was hoping to get a remortgage but I have been told my outgoings are too much and it would not be possible. - So you do work? do you live together still? He has set up another bank account for his money to be paid into - sensible, you should so likewise. and the account he used is now well above the overdraft limit originally my name was on the account (joint) to but I haven't used it in years it is soley his. This has affected my credit score because I can't disassociate myself form it until the overdraft is paid which he is not bothered about. - Not sure how that's relevant? it's a joint account. You should've closed it 'years' ago

    The debt of the house is getting too much and i'm struggling to keep a roof over mine and my daughters heads can you advise me where i go from here I have a mortgage and second mortgage on the house and very little equity. - Sell it?

    Thank you



    Seems obvious, you sell the property and split the equity.
  • Kynthia
    Kynthia Posts: 5,668 Forumite
    First Post First Anniversary Combo Breaker
    Options
    I'd suggest seeing a solicitor and maybe the CAB or some kind of debt charity. The solicitor will give you advise about the seperation and finances. The debt charity will advice you about any benefits you can claim, trying to get some breathing space with tge mortgage lender if possible and other debts, etc.
    Don't listen to me, I'm no expert!
  • tacpot12
    tacpot12 Posts: 8,040 Forumite
    First Anniversary Name Dropper First Post
    Options
    I would recommend not selling the property if you manage to hang on. The overdraft on the ex-joint account is only a problem because you are trying to borrow more money. The current mortgages might be relatively expensive but how much money will remortgaging save you, after fees?

    Until your ex gets a job you are wasting your time trying to get money out of him. He won't have enough to make a difference to your situation. Just keep monitoring his situation.

    You need to cut back your outgoings so you can cover the bare essentials; mortgage, food, heating. You probably need to stop paying any unsecured debts, or arrange much lower payments.

    If you post a statement of affairs (SOA) on the MSE debt board you will get more advice along the lines that Kynthia has suggested. You can survive this. Best wishes.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • StepChange_Rachael
    StepChange_Rachael Posts: 375 Organisation Representative
    First Anniversary First Post
    Options
    Hi

    I just noticed your post so I thought I’d send a message as it sounds like you’re going through a really difficult time at the moment.

    It certainly sounds like you’d benefit from some further help and advice in finding the best way forward.

    Firstly you could well be entitled to some help with your income. Turn2us is a really useful organisation that can help you gain access to welfare benefits and grants. They have a benefits calculator on their website so you can find out what you might be entitled to and how to access them.

    We can help you look at a way to deal with any debts you have and advise you regarding any arrears you have including the mortgage arrears. The most important thing is that you’re able to cover your essential living costs, our advisors are here for help and support.

    Our Debt Remedy tool is really useful to help you find out more about your options. Once completed Debt Remedy will give you tailored debt advice and recommendations. It’s an anonymous tool and our advice is free and impartial. If you need help along the way you can always contact us for further support.

    Take care.
    Rachael


    japan36 wrote: »
    Hi my husband and I separated 10 weeks ago after 15 years together. He is on jobseekers and has been since May he has not contributed to household bills at all. After we parted ways he hasn't given me anything towards our two children they are 7 and 5. I was hoping to get a remortgage but I have been told my outgoings are too much and it would not be possible. He has set up another bank account for his money to be paid into and the account he used is now well above the overdraft limit originally my name was on the account (joint) to but I haven't used it in years it is soley his. This has affected my credit score because I can't disassociate myself form it until the overdraft is paid which he is not bothered about.

    The debt of the house is getting too much and i'm struggling to keep a roof over mine and my daughters heads can you advise me where i go from here I have a mortgage and second mortgage on the house and very little equity.

    Thank you
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.6K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.8K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards