Bipolar and borrowing

m4n5f

Hi everyone,
Im after some help.
My husband suffers from Bipolar and his manic phases can be totally uncontrollable. During these times he often borrows money from high interest lenders. Between episodes he is totally aware of his condition and the trouble this causes but is reluctant to hand all control to me as he feels he needs some responsibility and independence.

He hasn't worked for years and only gets benefits yet always manages to get cash into his bank account.

My worry is that there will come a day when i don't catch the loan in time and the borrowing will escalate to a point where i am unable to cover the debt while paying for everything else.

He is also still on our mortgage and so can still use our home as security. We cannot take his name off the deeds while his name is on the mortgage, I can't change the mortgage into my name as we no longer have the savings to pay all the costs and legal fees.

What can i do to stop lenders giving him money?:mad::(

teddysmum

I wonder whether he can actually use your home as security, because it is still mortgaged and partly belongs to you.


When my husband used our house as security against a business setup,I had to co-sign as my name was on the deeds (There was no mortgage).

Danday

Not too sure if it is still as common as it used to be but it was acceptable for only one person to be on the deeds/mortgage of the property (normally just the husband) although it was not unheard of to just have his wife only.
In all of our life I was the only one on the deeds AND the mortgage as I was the only one that worked. When we downsized 15 years ago, my wife is the only person shown on the deeds as she found the new home and completed the purchase..

Ames

It might be worth posting on the debt free wannabe board, and having a read on the guide on MSE about mental illness and debt (I don't know how to find it, sorry). It used to be possible to have something added to your credit file (a CIFAS marker) to stop debt being taken out. He'd have to do it himself though.

[Deleted User]

A CIFAS marker is a good idea, it would basically mean that additional checks are made before granting that name/address credit.
Not sure how you go about it TBH maybe a call to one of the debt charities like step-change would be a start.

m4n5f

Sorry to hear you!!!8217;ve also been taken n this situation
The trouble is his bipolar came on very suddenly and totally unexpectedly. I had no time to prepare for it or know exactly what it meant for the future.
He was diagnosed over 15 years ago and although he has been on lots of different meds he has never really had a period of stability that lasts long enough for us to put things in place.

lildoonbuggy

I'd just like to say to both of you, m4n5f and skcollobcat10, that I think you're absolute saints for what you are doing for your loved ones. I can only imagine the deep love it takes to manage such difficult circumstances, and hope that you also have some moments to be proud and at peace within yourselves. I love my husband beyond measure, but question if I could handle such difficulty with such selfless grace. I feel richer tonight having read this xx wishing you both all kinds of happiness