Husbands secret debt

Legacy_user

Okay so today I have found out about my husbands secret debt that he hasn’t told me about for the last 4ish years. I know he had a loan to his dad that finishes in Jan 19 for £200 per month and a NEXT account around 1k that he isn’t spending on and paying off.

However, he received a default for a ‘pay day’ loan and I opened this by mistake today. So he said he has been stuck in the pay day loan system a few years ago having around 10/12 loans. 2 loans are still outstanding- 1 for £1500 with sunny and 1 for £500 with Wonga. He also admitted to having not cleared his credit card which his dad extended his loan for to clear and I thought it had gone. So that’s another £3000 I didn’t know about. He had also up until last month been paying £100 off a month but this was all purely interest. He had an overdraft of note too.

So, in lgbt if all of this, the shock of the lies ect I said he might as well stop paying and default the rest. Move his bank to a simple bank account and start token payments. Does this sound like he right thing to do?

I could do a SOA but he hasn’t got enough money for the repayments. He is at the last year of a degree but needs to re take a module in sept which includes a placement and doesn’t finish until April. He might not get the funding for it so will have less money to live off of but we still wouldn’t be DRO candidates as after my bills ect I have roughly £500 we can save each month for full and finals.

I was so cross when I first found out, I have tried to keep all of our debt in my name, or so I thought. So now we have a total of £21,000 and not £14,000. Sorry for the long post, just needed to get it off my chest as I can’t believe he’s kept this from me for the last 4ish years.

fatbelly

Anniee88 wrote: »

I could do a SOA but he hasn’t got enough money for the repayments. He is at the last year of a degree but needs to re take a module in sept which includes a placement and doesn’t finish until April. He might not get the funding for it so will have less money to live off of but we still wouldn’t be DRO candidates as after my bills ect I have roughly £500 we can save each month for full and finals.

If he hasn't got any money for repayments then that would not disqualify him from a DRO. Your income is irrelevant. If you're saying that his situation will be like that till April 2019, then a DRO might be a good option, provided he meets the other criteria:


•Must not be a homeowner,

• Debts less than £20,000,

• Can have a car worth up to £1000,

• No other assets of more than £1000,

• Cannot have had a DRO in last 6 years.

System

So do you think he could do a DRO on his own even though we are married?

So his total solo debt so far is:

£3400 Vanquis CC
£1400 Next account
£2000 Over draft- can this be included?
£1457 pay day loan (although £557 interest which we could get taken off)
£1500 pay day loan (interest approx £500 again could potentially get rid of this)
And another pay day loan that isn!!!8217;t showing on his credit report but he !!!8216;thinks!!!8217; he has and is approx £500 (god knows what it is now with interest)

He had 15 payday loans with quick quid, one still outstanding. Could we try to apply for interest charges refunded first and see if that is enough to write off the current one outstanding and maybe a bit more left over to pay the other one? Or if we consider a DRO is it better to jump on that ASAP seeing as his income will deff not change for another year, it will go down from Sept even.

Also if we did go for a DRO for him, is it reasonable to say that he contributes half of the rent and food money ect or will they expect me to contribute more as I earn more.

His car is a 10 year old Audi with 94,000 miles on the clock so I doubt it would be worth much but could be more than £1,000, possibly £2,000? My car is worth £1,000 we could always switch the owner ship over?

£200 to his dad for another year which couldn!!!8217;t be included in the DRO as his dad already paid of the Loan and he!!!8217;s just paying it back.

System

Also thank you for your reply and help Fatbelly. Very gratefully received

fatbelly

That's a yes to most of your questions but

the £200 to his Dad would not be an allowable expense

and his share of the expenditure would be the same proportion as your two incomes.

As for the car, see what Parkers Guide says for Poor condition. I would think a 10-year old Audi would be there or thereabouts.

sourcrates

Just to add, they do not check up on the value of cars to any great extent, nor do they have much say on your budget.

As long as it is an allowable expense and your budget figures dont border on the ridicules, no one will check up on you.

System

Ok thanks very much for your help. I think we!!!8217;ll try to go down that route but will wait until the summer and see what student finance he!!!8217;s entitled to from sept and work out if he!!!8217;s eligible then.