Debt

Treesandbird2020

My so ran up creditcard debt without me knowing and it became a big shock when I found out. All of the debt is in his name only. We originally separated and have now returned back into our marriage. He owes a significant amount and w ehave put our house up for sale. However I work from home and we have a dog and we are now struggling to find somewhere to live. I am scared if we don't sell and pay his debt they will come after the house and we will lose everything. I don't know what to do next. Nothing is  behind on payments that is joint as I pay it all. Husband is currently under step change and is on debt management plans but this has tobe reviwed and he has an injury and is struggling to find work. Any advise is welcome but please don't judge. 

JayRitchie

Well done for posting. I'm sure you will get some good advice. As a general guide its not normally wise to sell a house to pay off debts.

Please post an SOA and perhaps show which debts are in his name and which assets/ debts are joint.

Treesandbird2020

I'm sorry I don't know what a soa is?
I pay all bills and mortgage 
He ran up 2 large loans and credit card in his name as he was embarrassed to ask me for money and got depressed and then gambled. He currently  owe s 20,000. Thank you for taking time to answer my life is a complete mess at the moment. We have had an offer on our house and these is approx 45000 equality. But we can not find any where to work or live from and I don't see that it will help me giving my job up 

Moneyminded

An SOA is a statement of affairs. It looks at all the money coming into your household, all the money going out and all the debts you have. This should tell you whether or not you have enough money coming in each month to pay everything. The standard SOA on here is https://www.lemonfool.co.uk/financecalculators/soa.php

Treesandbird2020

Thank you my husband has done that with step change and he has set up a dmp. We/ I make a token payment each month to step change. My worry is that after the year they will try to take my house from us. So my though it that rather than loose the house we should sell it. It will take him forever to pay the full amount back. 

JayRitchie

Do you have joint ownership of the house or is he the owner?

monetxchange

Filling in an SOA and posting it here is more for us to advise on where you can cut back to help you tackle the debt, not for any official purpose.

Is selling the house actually going to help or is it just what you think you should do? Could end up not helping if you end up in an expensive rental, which you’ll struggle with with a dog. 

Do you know the full extent of the debt and what’s being paid for what? Time to have it all talked about with your partner so you’re on the same page. Then we can help with a full SOA. You’re in the right place!

Treesandbird2020

JayRitchie said:

Do you have joint ownership of the house or is he the owner?

It's joint ownership

Treesandbird2020

monetxchange said:

Filling in an SOA and posting it here is more for us to advise on where you can cut back to help you tackle the debt, not for any official purpose.

Is selling the house actually going to help or is it just what you think you should do? Could end up not helping if you end up in an expensive rental, which you’ll struggle with with a dog. 

Do you know the full extent of the debt and what’s being paid for what? Time to have it all talked about with your partner so you’re on the same page. Then we can help with a full SOA. You’re in the right place!

monetxchange said:

Filling in an SOA and posting it here is more for us to advise on where you can cut back to help you tackle the debt, not for any official purpose.

Is selling the house actually going to help or is it just what you think you should do? Could end up not helping if you end up in an expensive rental, which you’ll struggle with with a dog. 

Do you know the full extent of the debt and what’s being paid for what? Time to have it all talked about with your partner so you’re on the same page. Then we can help with a full SOA. You’re in the right place!

Thank you. If we sell the house we can pay the debt and love comfortable for short while. Currently I earn enough money to continue to provide for us as a family. The dmp only looks at my Husbands incomings so I am paying all bills and trying to make savings where possible. I am very money aware and I carnt belive I didn't realise what had happened. But to be fair I had not seen any money etc as it was all. In private accounts I was unaware of. Needless to say I am now checking all reports regularly including his credit one 

JayRitchie

Treesandbird2020 said:

JayRitchie said:

Do you have joint ownership of the house or is he the owner?

It's joint ownership

Cool. Hopefully someone will be along shortly who can give detailed advice. My vague recollection is that its very difficult for creditors to force the same of a jointly owned home, especially if the owner who does not owe them money is living at the address.
I wouldn't risk selling until you are clear on this and have reviewed all your finances.

JayRitchie

Just to add as I wasn't clear on earlier posts. Is you SO earning at the moment? If not - or if he is on a low income please look carefully into your options before stretching to pay off debts which are in his name only.