Help...please

rainbow1969

Hi

Where do I start?

I got married last September to a wonderful man, who unfortunatly is not as wonderful with money.
I knew he was in debt but I didn't know how bad it was. At the weekend we sat down & put all our cards on the table, it wasn't easy.He owes around 20k to various credit cards, banks hp for a car( that's not even worth what he still owes on it) He hasn't contacted alot of the people he owes for years. We looked at another site which said afer six years without contact the debt becomes statute barred, is that correct & what does that mean.
Will my earnings be counted towards any debt re-payment schemes or if it comes to the worst bankrupcy?
Sorry to waffle on just don't know where to start
Thanks x

Cleosmum

I cant help with the statute barred stuff, just wanted to say Hi and welcome to MSE

MissEyre

A debt is statute barred after being unpaid and unacknowledged for six years, and is unenforceable. Am not sure is this is different for council tax an other tax-y sorts of debts, but am sure someone can help if this kind of debt is a concern for you? Have you done an SOA with your OH, to work out how much he/you (not sure how linked your finances are!) can throw at the debt each month?

MissEyre

And in case the above doesn't make any sense, your OH is your other half, and an SOA is a Statement of Affairs-there is a brilliant sticky about getting started with all this stuff at the top of the Debt Free Wanabee board, called something like 'DFW for Newbies' - I hope that helps! xxx

Keeping_Positive

Hello

I dont think you are liable for you husbands debt if they are in his name only. A

Keeping_Positive

Hello

I dont think you are liable for you husbands debt if it is in his name only. A SOA will enable us to offer advice on how best to tackle the debt and repayments.

Lovella

Posting your statement of affairs is the first step...you'll get lots of expert help here and sometimes when you see it all written out it's not actually as bad as you think it is.....You're lucky you've got eachother and you can work through this together.