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  • FIRST POST
    • SoupyMess
    • By SoupyMess 13th Jun 19, 1:18 PM
    • 2Posts
    • 0Thanks
    SoupyMess
    Too worried to think straight - advice please
    • #1
    • 13th Jun 19, 1:18 PM
    Too worried to think straight - advice please 13th Jun 19 at 1:18 PM
    Partner is up to eyeballs in debt. Has tried hard not to be in this position but odds stacked against him.
    Now has £20k approx of debts.
    What should he do so we donít lose the house?
    Married.
    House is mine.
    Has equity but donít want to touch that. Only security Iíve ever had.
    What next steps should he take.
    Grateful for any advice.
Page 1
    • terrence45
    • By terrence45 13th Jun 19, 3:38 PM
    • 124 Posts
    • 55 Thanks
    terrence45
    • #2
    • 13th Jun 19, 3:38 PM
    • #2
    • 13th Jun 19, 3:38 PM
    Has he been contributing towards the house (mortgage payments - not rent)? If you house is indeed just yours and there's no evidence that he has his own equity in it, then it can't be touched, surely. Bankruptcy is a personal thing. The only way you'd be involved at all is when they come to work out his share of the household bills.
    • Kentish Dave
    • By Kentish Dave 13th Jun 19, 5:19 PM
    • 806 Posts
    • 1,492 Thanks
    Kentish Dave
    • #3
    • 13th Jun 19, 5:19 PM
    • #3
    • 13th Jun 19, 5:19 PM
    What should he do?

    Spend less, earn more, use the excess to reduce debts until they are all gone.

    Take on a second job, sell in-needed items, cancel sky.

    If he has them sell iPhone, PlayStation, DVDs etc.
    • MovingForwards
    • By MovingForwards 13th Jun 19, 5:40 PM
    • 2,318 Posts
    • 2,743 Thanks
    MovingForwards
    • #4
    • 13th Jun 19, 5:40 PM
    • #4
    • 13th Jun 19, 5:40 PM
    http://www.stoozing.com/calculator/soa.php

    Fill this in, honestly, post it up and we can offer suggestions
    • SoupyMess
    • By SoupyMess 14th Jun 19, 1:34 AM
    • 2 Posts
    • 0 Thanks
    SoupyMess
    • #5
    • 14th Jun 19, 1:34 AM
    • #5
    • 14th Jun 19, 1:34 AM
    Thank you for your replies. No he has no equity in the house 👍🏻
    • Socajam
    • By Socajam 14th Jun 19, 3:51 AM
    • 497 Posts
    • 687 Thanks
    Socajam
    • #6
    • 14th Jun 19, 3:51 AM
    • #6
    • 14th Jun 19, 3:51 AM
    Do not touch your equity in the house to repay this debt.
    As stated above, let him get a part time job and put all that money and any extra from his main job towards the debt.
    The house is your lifeline and it should stay that way.
    • TripleH
    • By TripleH 14th Jun 19, 6:44 AM
    • 294 Posts
    • 194 Thanks
    TripleH
    • #7
    • 14th Jun 19, 6:44 AM
    • #7
    • 14th Jun 19, 6:44 AM
    Get him to fill the SOA in as Moving Forward suggests and get him to be completely honest about the debt he has. If you don't know what it is you can't help and there may be different solutions available depending on circumstances.

    Do you have a joint account or share any financial products at all? This could be a problem to you if you do.
    Wherever you go, whatever you do Richard Marx is right there waiting for you.

    Sweet dreams!
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