Taking on a partners debt
in Debt-free wannabe
9 replies 1.2K views
Is there a way that I can have my wife's debt transferred to me? We are at the point where her wages are pretty much going on her cards/loans etc. Ideally, id like to make an arrangement with her debtors to pay her stuff off over a period of time. Her name is on a mortgage with her mum. Some of her debt is my fault as I am a recovered gambler so I feel responsible for it and want to get to a stage where her wages are her own instead of this debt eating away at it.
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You should contact one of the free debt charities are ask about a debt management plan, other options are trying to increase income, reduce outgoings, better budgeting etc.
More than a third of IVA`s fail....fact.
Could A Debt Relief Order help you ?
Never pay a fee for a Debt Management Plan.
For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
However, as Sourcrates says, it sounds like the issue is bigger, that you and your partner are struggling to make ends meet and you need to get advice/consider the whole problem. Do consider looking in the debt free diaries section at the thread(s) about stopping gambling. I think they offer good support to people who have had gambling problems.
A few months later he ran up a £1,000 overdraft but that's a whole other thread :rotfl:
At least I learnt a valuable lesson, wont be transferring debt in his name to mine ever again
There is a potential downside to this based on what happens next. If someone takes out credit and then defaults on it and needs to go bankrupt, then the creditor could argue fraud if they take out debt which they had no intention of [fully] repaying it when borrowed.
It depends on the intent of the credit (which should realistically be called debt in another form)
The law is like an ocean - have a swim but don't drown.
Target: Mortgage free by 58.
The better approach on this would be pooling resources financially if the OP is content to do that (as it appears he is) as simply giving someone money to clear debt rarely results in them learning from the experience. It is the process of dealing with the situation that usually does most to instill the feeling of "I don;t want to go there again" in people.