Too worried to think straight - advice please

SoupyMess

Partner is up to eyeballs in debt. Has tried hard not to be in this position but odds stacked against him.
Now has £20k approx of debts.
What should he do so we don’t lose the house?
Married.
House is mine.
Has equity but don’t want to touch that. Only security I’ve ever had.
What next steps should he take.
Grateful for any advice.

terrence45

Has he been contributing towards the house (mortgage payments - not rent)? If you house is indeed just yours and there's no evidence that he has his own equity in it, then it can't be touched, surely. Bankruptcy is a personal thing. The only way you'd be involved at all is when they come to work out his share of the household bills.

Kentish_Dave

What should he do?

Spend less, earn more, use the excess to reduce debts until they are all gone.

Take on a second job, sell in-needed items, cancel sky.

If he has them sell iPhone, PlayStation, DVDs etc.

MovingForwards

http://www.stoozing.com/calculator/soa.php

Fill this in, honestly, post it up and we can offer suggestions

SoupyMess

Thank you for your replies. No he has no equity in the house 👍🏻

Socajam

Do not touch your equity in the house to repay this debt.
As stated above, let him get a part time job and put all that money and any extra from his main job towards the debt.
The house is your lifeline and it should stay that way.

TripleH

Get him to fill the SOA in as Moving Forward suggests and get him to be completely honest about the debt he has. If you don't know what it is you can't help and there may be different solutions available depending on circumstances.

Do you have a joint account or share any financial products at all? This could be a problem to you if you do.