Advice for dealing with debt

Lettingissues77

Just one more question. Is it worth doing as a couple or only me going into a dmp. Technically it is all joint but all but about £1500 is in my name. We’ve been married 15 years but never had a joint account or card and his credit rating is good. So I just wondered if there is any pros/cons either way. 

enthusiasticsaver

I do not think you should worry about credit rating as the last thing you should be considering is taking on more debt.  I would default then go down the DMP route.  Do not consolidate.  I would imagine you have tried that before and it hasn't worked. If only £1500 is in your partners name it makes sense to just do it in your name but if the £1500 is accruing interest then I would do a joint DMP especially if your partner has just lost his job.  Is that soa still correct? 

Lettingissues77

No, we have lost £1000 income. I would hope he is able to get something quickly, but in the mean time I would not be able to afford paying everything any way. He has some interviews lined up and he will take any job, so hopefully it’s not too long a period. 

I’m not interested in credit otherwise, but eventually I do want to buy the house we live in. It’s only worth £110000 and my brother owns it, so I don’t know whether it would take the six years any way to save up deposit, but I thought maybe not including my husband could leave the option of taking the mortgage out in his name, if for example the debt was paid and we managed to save a deposit before the defaults had dropped off mine. But that seems unlikely anyway, but just considering options.

sourcrates

Any unsecured debt is deemed to be non essential debt, if your income drops because of a job loss, any credit card debts, loans etc simply don`t get paid, nothing will happen with this strategy short term.

Take each day as it comes and use what money you do have for essential spends only.