Will my personal debt affect my husband
Comments
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Thank you all. The thing is I am fixing it - I have 25 months left to go and I'll be all paid off - without him knowing and I'm managing ok with that, it's been stressful but I actually getting there, I feel I'm getting somewhere and with an end in sight.
Just so conscious and stressed that my current debt will impact onto him who has no debt, and the implication it may have on him of gaining a personal loan/or hp agreement to replace his car.
I honestly understand that I should tell him, but I can't put this onto him as he's just lost his father, and his mother has just been diagnosed with cancer and add that to the other personal reasons I just can't tell him unless I absolutely have to.0 -
Where does he think your money's going every month?How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)0
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I don't know.
I have enough to pay my share into the joint account, repay debts, with a bit over to keep me going. I don't drink or smoke and I'm not (now frivolous) with money - so appearance wise I don't I guess 'look' like I'm struggling for money - which I'm not - I'm just massively repaying a stupid debt.
I was just asking for advice on any impact it may have on him. I'm aware I've been incredibly stupid and naïve, and this totally spiralled out of control but I've taken control back, and I just want to avoid pulling him into what is my mess which I'm fixing (25 months to go).
I'm just praying that on his 40k salary with no debt he will be ok to get a vehicle loan, and that my stupidity won't affect his credit rating.0 -
He'll have an even bigger shock when he realises that you haven't been filling your savings account.
Even if you get it all paid off as planned, there is still a financial hole that can't be explained.
You need to confess, so you can plan your financial future together as a team.How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)0 -
He'll have an even bigger shock when he realises that you haven't been filling your savings account.
Even if you get it all paid off as planned, there is still a financial hole that can't be explained.
You need to confess, so you can plan your financial future together as a team.
We both put a set amount into our joint account which covers the mortgage and leftovers is our savings. There isn't a savings account so no black hole - any money over in the joint account is our savings and I do not touch that - I don't even have the debit card for it. So there's no financial hole as such to be explained. ( I do earn a bit more than he is aware due to a small promotion and I just kept it under wraps so I could use the extra funds to clear the debt)0 -
I doubt that your income will be asked for on his application form, so they won't know your debt to income ratio.NeedHelp81 wrote: »If this had happened in a year's time - I would have reduced the current debt to £6500 and i don't think that would be a flag or anything that that my DTI ratio is too high.
Your husband won't ever be shown your debt levels, whether it affects him or not.
But what will you do if you want a new joint mortgage in a few years time if a broker asks to see both of your credit reports?0 -
JimmyTheWig wrote: »I doubt that your income will be asked for on his application form, so they won't know your debt to income ratio.
Your husband won't ever be shown your debt levels, whether it affects him or not.
But what will you do if you want a new joint mortgage in a few years time if a broker asks to see both of your credit reports?
Thank you that's putting my mind a bit more at rest, I do hope it does not affect him.
We have approx. 3 years left and our mortgage will be paid off in full.0 -
Ok so the garage has confirmed the current car will cost more to fix than its worth.
So tomorrow he is off to see about a new(ish) car and what finance is open to him. As this will be in his name only I am crossing my fingers that my own debt will not impact the car finance.
I have never felt so ill in my life that my stupidity will potentially affect him and with all the other personal things going on in his life just now. I pray all goes well tomorrow and if so I will tell him in 12 months when I've halved my current debt. However if it goes wrong and I confess the full amount tomorrow it won't really matter in 12 months where I'm in terms of debt at as he won't accept this. Appreciate everyone's advise on here.0 -
You know its very common your situation, you will have to tell him when you are advised to try and put the house into his name only to help get interest stopped, that's usually when people come clean, why not tell him now and get it out the way. If you think he will divorce you for coming clean then hes not worth it, 15K debt is nothing, i regular used to be overdrawn 200K when in business in the 90s and not give it a second thought.
From personal experience , I have never been refused credit agreement due to bad credit histories of people I've been associated with so you may be OK."It is not the critic who counts..." - Theodore Roosevelt0 -
dont_use_vistaprint wrote: »You know its very common your situation, you will have to tell him when you are advised to try and put the house into his name only to help get interest stopped, that's usually when people come clean, why not tell him now and get it out the way. If you think he will divorce you for coming clean then hes not worth it, 15K debt is nothing, i regular used to be overdrawn 200K when in business in the 90s and not give it a second thought.
From personal experience , I have never been refused credit agreement due to bad credit histories of people I've been associated with so you may be OK.
Thank you - I hope that he isn't refused - your personal experience is good to know I know what you're saying though, I would prefer to be in a position where I have halved what I owe in debt (down to £7,000ish before I speak to him about).
I am a worrier by nature and hoping I am overthinking this.He is on a good salary and has no debt so maybe there's no reason to panic and he will breeze through setting up finance for the car.
Though I'm not planning to put the house into his name only, we only have a few years left on our mortgage for it to be finally our home. The personal debt I have I am paying off and still manage my share of our mortgage payment etc with a little left over every month, I'm not planning on going down a route where I am seeking debt advise and getting recommendations as I'm very strict with myself and will be debt free in 25 months.0
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