Husband in debt. Where does that leave me?

groanie

My husband has revealed that he is in debt.
We have 30k outstanding on credit cards and his wages do not cover our household expenses. We jointly own our house and I pay the mortgage which almost takes all my income.
He inherited a house 7 years ago, but it remains unsold and uninhabited. He is still paying to maintain it.
As far as i know, he has no investments.
I am worried we will lose our home. He is unwilling to discuss our finances or the other house and i feel this leaves me in a very vulnerable position.

enthusiasticsaver

If you are paying the mortgage and none of your husbands debts are secured on your home you will not lose it.

Why won't he sell the house he inherited? He sounds like he is sticking his head in the sand re the debt when really he needs to get on to stepchange and organise a DMP so not all of his salary goes on credit card payments. This is not sustainable if almost all your income is going on the mortgage and all his on credit cards. Prioritise the mortgage, secured loans, utilities and food. Are the credit cards in joint names?

System

Fire sale the inherited house, bang it in an auction if needs be. The only reason it isn't selling is because its priced too highly or he doesn't want to sell it. Sure the house could be worth a lot more decades down the line but equally not lived in and maintained only the land it sits on could have any value. If he at least entertains the idea of renting it out it would generate income which could help pay the debt down.

Unfortunately because you have a joint mortgage and maybe joint account you have financial links so his debt impacts you to some extent, might want to point that out.

groanie

Thank you.
The credit cards are in his name.
There has been no attempt to sell or rent the inherited house

fatbelly

Credit cards are always in single names. Even if there is a second card holder on the account, the first named takes full sole legal liability.

indesisiv

groanie wrote: »

Thank you.
The credit cards are in his name.
There has been no attempt to sell or rent the inherited house

groanie wrote: »

He is unwilling to discuss our finances or the other house and i feel this leaves me in a very vulnerable position.

Sorry but you need to sit down and talk about what is going on!
For instance how did he build up the debt if you are paying the mortgage? You BOTH need to address this otherwise even if you sell the house you will be back in this position down the line!
Why haven't you done anything with the house (either rented or sold)


I'd be dropping the price of the house or getting it rented asap!
Even if you do it through a letting agency that looks after everything so you don't have to at least you will have some income coming in!

You are going to have to force the issue and have a conversation about this for both of your sakes!!!