Debt Consolidation - When is it irresponsible?

robber2

adamdancy wrote: »

Well, you can take help from a lawyer in this also, if you are not getting the right way to handle it.

Pointless and stupidly expensive IMHO.

Rob

zippygeorgeandben

takman wrote: »

I never understand married couples who run their finances completely separately or even "hide" some of their finances from each other. I don't think the banks have done anything wrong at all but you possibly have by not working with her on financial matters.

Why don't you understand couples who keep finances separate?

jonesMUFCforever

jmurphy84 the OP has not been back to comment and the thread is now going off at a tangent.

Perhaps time for a mod to lock it?

Iamzee

Close the Credit card and pay off the loan immediately. That is the very first step and then look for low interest loans to replay your debt.

dealer_wins

Iamzee wrote: »

Close the Credit card and pay off the loan immediately. That is the very first step and then look for low interest loans to replay your debt.

What??? lol

takman

zippygeorgeandben wrote: »

Why don't you understand couples who keep finances separate?

If your getting married then your commiting to spend the rest of your lives together. So anything that effects both of you should be atleast be discussed and managed by both.

If a couple wants to have separate finances then I don't see a problem with that as long as they discuss their finances and help each other to manage them (especially in the OP's case where his wife has a history of money issues).

If your not committed enough to your partner that you arnt happy to share details of your finances then you arn't committed enough for marriage.

It's crazy that people own houses together that they live in but wouldn't know if their partner was in serious debt that could mean loosing the house. I know someone personally who's husband died unexpectedly and it took her weeks to find details of all the life insurance policies, bank accounts and other accounts etc that she had to sort out.

FaithFay1992

Sorry, haven't really got any advice except that I feel sorry for your wife.

I had a personal loan, and an overdraft and the bank called me in an talked me into consolidating them into one loan by staying it will be easier for me in the long run because it's one payment coming out.

I was a bit scared at the time about the amount of debt I was in and the fact that my account was always in the negative even as soon as I got paid due to the overdraft made me feel very nervous.

But once all was consolidated I've now got a massive loan, with a crap rate because my credit rating was poor at the time taking it out and I'm paying at least £2K on top of what I would have paid if I just paid the debts off separately.

Looking back I really regret consolidating and I do feel pushed and guilt tripped into it by the bank and I was pretty vulnerable at the time.

So based on my personal experience it may well be possible that your wife has been taken advantage of and there may be definitely grounds for a complaint. Good luck to both of you.

Sarastro

I think you've only really got a basis for complaint if you can show that your wife was not better off as a result of the loan and that the bank knew that.

That said, I think it's probably worth complaining if only on the chance that they might be able to do something to improve the situation.