Help again

emka_2

Hi again,
Well I've told my husband about all the debt. I was called into the bank today to discuss the account, shocked to find I am in actual debt of £40 000; because added together debts look very different. Basically, she've asked me to separate the account into bill paying and spending and also, more than suggested paying off the debt by using the equity on the mortgage; virtually doubling it!! She also suggested using their mortagage c&g but the % is 6.9 not sure if that is good or not. If we take this loan from the bank she will give us a bridging loan to pay off 2 debts and give us 3 months free until the mortgage has come through, but I don't know if this offer is valid if I go elsewhere. Not to mention re-mortgage means paying a redemption fo nearly £2000.
My husband took it sort of ok, but he smoulders and will continue lecturing me on how I managed to get into so much debt, how stupid I was and how dare I hide it from him. However, he has admitted to seeing we were overdrawn and not wanting to see statements as he felt it would upset him too much. He should be inside my head at the moment, I'm severely stressed and have been for months and months, but at last it's out even if it means never being able to afford a nice detached home somewhere until I am old and grey, or until he is, as he is older.
I hope this is the answer to everything I have definately learnt a lesson that I will never let myself be overdrawn and to always say no when he comes up with any ideas of holidays etc..... Although he has come up with several ideas of me working full time to get us out of the mess that I made, but it takes 2 to tango. Child costs are extortionate, so I'll work an night a week, which should help alot, something I suggested ages ago; but he likes to go out!!!!
Hope I do the right thing this time, I have tried to do an soa but it wouldn;t download so I could paste it here.
Thanks for all the comments you gave the last time it helped settle my nerves when I had to tell him tonight, even though he predictably blamed it all on me:eek:

in2deep_2

I will swap your debt for mine..!!!!!:D

I was trying to understand how i got into so much trouble and soon realised that blaming anyone wasn't going to help, WE as a couple have spent it WE are both to blame, now with it all out in the open at least we can now talk about it together and try to come up with a solution.


BTW just do a short SOA until you can sort out the download it will give people an idea of where your at.

RedDino308

Hi Emka,

First of all welcome and well done for posting - it can't have been easy.

I'm sure more experienced people than me will be able to offer advice but don't make any rash choices!!

Generally, taking out a loan to consolidate/repay other debts is considered a bad idea and don't forget that your bank simply want to make as much money from you as possible - they might not have you best interest at heart.

I guess the first thing to do is to post up an SOA and people can advise you about how to approach this £40K.

Good luck

RD308