Separated

Oldmanammo

I've separated from my wife, I am almost 62yrs my wife is 50yrs we have an 18yr old daughter who still lives at home, I've moved in with my new partner but still pay all my take home wage into the marital home £1500 of which I take £200 a month, my wife earns £1000 a month, the mortgage we owe is £30000 of which we have three and a half years left to pay on, one £10000 credit card dept another of £2000 and an over draft every month of £1800.
How can we accumulate all our debts into one or trying to explain release more of my wages for me if not all without selling the house which at as far as I'm concerned will be my daughter's, I want no money from the property but don't want to see them in trouble.

Sleepless

Caz3121

do you have a solicitor dealing with the divorce?
Is your new partner comfortable supporting you - how much of the £200 do you contribute to the new household?
Whose name are the credit cards, overdraft in?
Maybe your wife could look at taking a new higher mortgage on the property with additional borrowing for the cards, overdraft.

DCFC79

Cut back on your spending.

What kind of rates are the 2 cards ?

I dont think your going to find a way to get it refinanced, turning unsecured debt into secured (if thats what you meant ) is a bad idea ?

D_M_E

Is the overdraft joint?

Are any of the debts/cards joint?

Is the mortgage joint?

Are any of them in your name only?

enthusiasticsaver

Consolidating debts is not a good idea especially at your age. I would be more annoyed if I was your new partner and you were only bringing in £200 per month.

Out of your wages you need to come to an agreement as to how you cover your half of the mortgage and debts and your wife needs to earn more. If your mortgage is only £30k and you are covering £14k of debt then £1300 seems high as a contribution.

Several options.

Sell the house, clear debts and split capital as appropriate.
Your wife needs to earn more or your daughter needs to contribute something to keep the house.
Borrowing more is the worst option.

Make a plan to pay off the £14k and mortgage by cutting back and as you send the bulk of your income to your ex then she is the one who needs to cut back. £2300 income monthly with a £30k mortgage and £14k debt should be more than enough. Have you worked out a budget with your ex?