Husbands Surprise debt..help with best plan of action

EssexHebridean

While you *might* be financially linked - it's not because you're married though. It is likely that you will be via a joint mortgage or bank account. Your credit file will confirm that information. Assuming that this is the case then the chances are that your credit history is going to see some effect from his behaviour, as unfair as that seems.

Hold firm on the thing of not taking any of the debt over in your name.

NeverendingDMP

When you said clearing the lowest c card yourself do you mean making monthly paymrnts to reduce it or paying it of completely. I only ask as if you are paying off completely it might be better to get rid of the two most shocking loan rates.
I go on a webpage called whats the cost. If you go to it then choose the debt reduction page you can enter all the debts and payments in and it will help you calculate which debt to throw any spare cash at and how much it will cost/how long it will take.

Doxford2016

getmore4less wrote: »

will help but there has been a lot of spending not in your current estimates.

.

Hi

thanks for your advice!

I don't fully understand the first part of your post and where the figures come from? I'm obviouslt quite new to this! haha. The debt has increased over 3 years through high interest cards/loans and him trying to hide the fact he has no money left after paying the bills. So effectively he says the credit cards have been used as if it was his spare pay after bills. Eg - I say i need £200 towards holiday one month because i've calculated after bills that he should easily have that spare, he doesnt want to tell me that although hes just been paid he has nothing left because of paying debt off and instead takes out a new loan to send me the money if that makes sense?

The £3k net income includes my £1200 of which I pay my bills for car, phone etc and have been left with £500 spare a month which ive just spent on living. None of my money has gone towards his debts.

Definitely agree with you about the £7500 credit card and that is definitely the one I want him to get rid of first in any which way. He is selling some of his things and is going to plough everything into paying that one off asap.

I am using some of my disposable income to pay off a chunk of the smaller credit card monthly.

The overdraft is £1k but he's only charged when he uses it so not the whole month

Doxford2016

EssexHebridean wrote: »

While you *might* be financially linked - it's not because you're married though. It is likely that you will be via a joint mortgage or bank account. Your credit file will confirm that information. Assuming that this is the case then the chances are that your credit history is going to see some effect from his behaviour, as unfair as that seems.

Hold firm on the thing of not taking any of the debt over in your name.

Thanks, yeah i will definitely be connected through mortgage
I will absolutely not be taking any of his debts on in my name haha no chance! But I do realise my score is probably going to be affected anyway

Doxford2016

NeverendingDMP wrote: »

When you said clearing the lowest c card yourself do you mean making monthly paymrnts to reduce it or paying it of completely. I only ask ...e.

Im paying the credit card off in big monthly chunks of £250-350 at a time. I just want it gone.Its still in his name. I had considered the high interest loans but I was of the understanding that the loan interest is already added on whereas the credit card has interest added each month?

Doxford2016

Mojisola wrote: »

£32000 in under 3 years and nothing to show for it all?

If he was buying things, wouldn't you have noticed?

If he wasn't buying things, how on earth could he get through that much money?

I'd be very concerned about an addiction of some sort - costs loads and nothing to show for it.

Trust me I am definitely looking into it with a fine tooth comb and not taking it lightly at all. Its actually closer to £25k he has racked up as we already had a loan out (one we agreed to get! )

Its just been a case of using more money and more loans to cover up the fact he has no money (because of paying off the loans and credit cards) he has been too scared to tell me and trying to deal with it on his own.. and his methods have been terrible

Sea_Shell

Did you ever know what his earnings (take home) was?

Doxford2016

Sea_Shell wrote: »

Did you ever know what his earnings (take home) was?

His basic pay used to be about £2400ish take home on a good month (bonus)
the bonus has been getting more and more restricted over the past year or so and he can get as low as £1650
I think this has been part of the problem and him still wanting to provide

NeverendingDMP

Hiya. Im not too sure how it would work if you are paying the 250 a month. My post was a thinking out loud one as if you had a lump sum clearing the 2 loans it would have freed aprox 150 per month that you could send elsewhere or not have to find so it all feels more affordable. It depends on long the loans are set for. If he needs to pay 102 a month for 9 more months for example it wont help much to pay off early. If the settlement figure is 900 but he has to pay 102 for longer than that it will work out dearer in the end.
Hopefully someone else will see my post and explain it better. Its worth not only looking at the apr but the number of payments left and terms and conditions
Again it may not be the best route it just struck me as a psychological boost to possibly be able to get rid of a smaller debt with high interest.
You are coping with it well and are organised with all your totals and apr details so far. Have a play around with the numbers and pay it off in a way that suits you both best.
I must say you have been extremely supportive although i bet you had a real shock. As time goes on it will feel like a burden to keep paying so make you you keep mini treat/emergency funds aside so you can cut cards as you go and keep upbeat.

sammyjammy

Doxford2016 wrote: »

Im paying the credit card off in big monthly chunks of £250-350 at a time. I just want it gone.Its still in his name. I had considered the high interest loans but I was of the understanding that the loan interest is already added on whereas the credit card has interest added each month?

This is not true, although its likely to look like its front loaded when it won't be.