Will my personal debt affect my husband

NeedHelp81

I'm really panicking - I am paying back cc and loan to the sum of £15,000 (I earn approx. £26,000 pa - with o/t on top). However, I have this debt hidden from my husband and will have the bulk of this paid off in two years - I am sticking to a rigid plan to get this cleared and on track to do so - and have managed to not trigger a divorce by my husband finding out. I honestly cannot tell him - I'm so close to fixing the debt problem that I caused just feels like one thing after the other.

My husband earns £40,000 pa and has no debt

We have a joint mortgage which will be paid off in full in three years time - so not a lot left to pay on that. We have no joint loans and/or credit cards. We have a joint bank account where we both deposit a set amount each month to cover the mortgage and bills.

But our car has now died and he needs it for work - and of course as he is unaware of my debt - he is now going THIS weekend to finance (in his name alone) a newish car and is looking to finance at around £15-£19,000. I'm absolutely petrified my debt and credit score will affect him getting the car loan. Will my poor money management skills affect him securing a vehicle, will he find out about my huge debt

I just feel sick.

molerat

For a large credit agreement they may well check any financial links. If he does get a decline he will not be told why.

fatbelly

The joint bank account and joint mortgage mean that you will be linked on your credit reports.

You say you are repaying 2 large debts but are they defaulted? If not, then there will not be much effect. If defaulted more than 6 years ago there will be no effect as they will have dropped off your file!

The other thing worth mentioning is that car finance is usually not so critical as the debt is largely secured on the car.

NeedHelp81

Thank you. I hope it's not likely he would be decined. I was hoping it wouldn't show up as this car loan will be in his name only. He would be horrified to be refused, sodding car it only had to keep going for another year or two.

NeedHelp81

That gives me a bit of hope FatBelly - No none of my debts are defaulted and they are all due to be up in the next 25 months I am literally chucking all I can at them to get it clear once and for all. I have never defaulted and never paid late and always pay a bit more than the minimum every month. never missed one single payment.

[Deleted User]

You need to come clean

fatbelly

NeedHelp81 wrote: »

That gives me a bit of hope FatBelly - No none of my debts are defaulted and they are all due to be up in the next 25 months I am literally chucking all I can at them to get it clear once and for all. I have never defaulted and never paid late and always pay a bit more than the minimum every month. never missed one single payment.

Then actually your credit-worthiness (score is a nebulous concept) is probably quite good, particularly if you're on the electoral roll, which you probably are.

If he doesn't manage credit then it's quite likely that you would 'score' higher than him - and that being linked to you will HELP his application for finance.

Let us know how he gets on.

HampshireH

Your partner will probably be more sad and upset you didn't feel you could trust him to confide in him than angry (after the initial shock)

I do agree with he should be told (purely because for me marriage should involve trust) but for whatever reason you have decided to keep it a secret. Which is 100% your choice.

What is your plan if he is declined and becomes suspicious. Perhaps worth having one for if/when that does happen.

NeedHelp81

I am hoping that as he is applying singly for the car loan (or possibly gong the hire purchase option rather that the loan as he is now looking at upgrading the car every few years) that he will be successful as he is on a great salary with no current debt and heathy savings.

I know we are financially linked with the joint debit bank account and joint mortgage - but I assume/hope that on his credit check if he himself looks at his experien (for example) report he won't see under our financial links - my credit accounts/debt' as these are soley in my name will he ?

I understand that I should confess and tell him but that in itself will destroy him and i'm so close to the end, but currently i can't sleep, i can't eat and i just feel so depressed now. Telling him at this stage is not going to make anything better it will make only make this so much more worse. I don't know what I will do if he's refused credit to be honest.

If this had happened in a year's time - I would have reduced the current debt to £6500 and i don't think that would be a flag or anything that that my DTI ratio is too high. Experian currently tells me that my credit card rating is good - and loan rating is fair ( not sure how that would affect - what I assume for him - will be an excellent rating.

[Deleted User]

He won't see your accounts on his report no.

Also ignore the scores and ratings the CRA's give you as they are not real.

You need to come clean about this debt though

TubbyDown

I struggled with debt for a long time and didn't admit to my partner about any of it, it was only when a bailiff turned up at the door that i had to tell her.

The best thing i ever did, better to come clean and own up about it so a plan can be put into place to fix it!