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    • Marchant2651
    • By Marchant2651 2nd Apr 18, 2:27 PM
    • 17Posts
    • 1Thanks
    Marchant2651
    Loan and credit card after separation
    • #1
    • 2nd Apr 18, 2:27 PM
    Loan and credit card after separation 2nd Apr 18 at 2:27 PM
    Hey all,

    I am hoping someone can put me straight and offer some advice on the issue i'm facing with debts and separation.

    My wife and I are separating, we have worked out all our outgoings and can afford to separate and live separately.

    The issue I have is that I have a loan that is in my name for 10000 pounds. I took this out as my wife's credit was terrible at the time and still is (bankruptcy), the loan was to help with cars and we moved around a lot (previously in the military). I also took out a credit card for 5000 pounds for emergencies and didn't use it. My wife has spent all the money on the credit card (she admitted this to me). My trouble is, I know that she isn't legally obliged to pay any of these debts, they are all in my name and my responsibility. What are my options here as I cant afford to pay them all on my own? She has agreed to pay half the loan and pay the whole credit card, but that means I have to rely on her paying her share to live. Its a hard one because a hope she will stick to her word but at the same time I have to make sure I can pay the rest of my bills and pay for food.

    If anyone has any advice it would be much appreciated as i'm very stressed with this.

    Thank you
Page 1
    • fozmcfc
    • By fozmcfc 2nd Apr 18, 5:23 PM
    • 3,009 Posts
    • 2,193 Thanks
    fozmcfc
    • #2
    • 2nd Apr 18, 5:23 PM
    • #2
    • 2nd Apr 18, 5:23 PM
    Sorry I can't give any more positive a reply, but I think you know yourself what the situation is and what your options are really are

    The debt is in your name and therefore you are liable to pay it back, so you are relying on your wife keeping to her word and paying what she agreed to.

    If she doesn't and you can't afford to pay it back, then you'll have no real choice but to default and come to an arrangement with your creditors.

    I just hope you keep on friendly terms and that she does the decent thing and keeps to her word.
    • Marchant2651
    • By Marchant2651 2nd Apr 18, 7:41 PM
    • 17 Posts
    • 1 Thanks
    Marchant2651
    • #3
    • 2nd Apr 18, 7:41 PM
    • #3
    • 2nd Apr 18, 7:41 PM
    I hope so too, thank you for your honesty.
    • DCFC79
    • By DCFC79 2nd Apr 18, 8:09 PM
    • 32,369 Posts
    • 20,357 Thanks
    DCFC79
    • #4
    • 2nd Apr 18, 8:09 PM
    • #4
    • 2nd Apr 18, 8:09 PM
    There's not much you can do, I agree with the previous advice given.
    • Dobbibill
    • By Dobbibill 3rd Apr 18, 5:57 AM
    • 3,261 Posts
    • 4,181 Thanks
    Dobbibill
    • #5
    • 3rd Apr 18, 5:57 AM
    • #5
    • 3rd Apr 18, 5:57 AM

    My wife and I are separating, we have worked out all our outgoings and can afford to separate and live separately.
    Originally posted by Marchant2651
    When you worked out the budgets, did you notice whether she could afford to pay it?
    She may be in the same boat as you in that she only just afford to live alone and eat etc - all the best intentions in the world then mean she couldn't afford to pay the debt. The result is covered above.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • Marchant2651
    • By Marchant2651 8th Apr 18, 6:33 PM
    • 17 Posts
    • 1 Thanks
    Marchant2651
    • #6
    • 8th Apr 18, 6:33 PM
    • #6
    • 8th Apr 18, 6:33 PM
    Hey Dobbibill,

    She can definitely afford it but she doesnt have a great track record when it comes to money, this is why im nervous about relying on her word.
    • Dobbibill
    • By Dobbibill 8th Apr 18, 6:39 PM
    • 3,261 Posts
    • 4,181 Thanks
    Dobbibill
    • #7
    • 8th Apr 18, 6:39 PM
    • #7
    • 8th Apr 18, 6:39 PM
    Is she in a position to get a BT card - I know you said she was previously bankcrupt but if eligible she could BT your CC balance to her card/name. Although not half the debt, at least it would only leave you with the loan to deal with.

    If that's not possible at the moment - ask her nicely about setting up a SO to contribute. This may only last a few months but something is better than nothing.

    Also head over to the DFW board and post up a SOA - you'll be surprised where savings can be made with fresh eyes, freeing up more money for the debt repayments.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 9th Apr 18, 10:09 AM
    • 5,245 Posts
    • 5,355 Thanks
    poppasmurf_bewdley
    • #8
    • 9th Apr 18, 10:09 AM
    • #8
    • 9th Apr 18, 10:09 AM
    What about the wife's car?

    Who's name is on the logbook and insurance? Who's name was it bought under?
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
    • Tarambor
    • By Tarambor 9th Apr 18, 1:56 PM
    • 3,400 Posts
    • 2,482 Thanks
    Tarambor
    • #9
    • 9th Apr 18, 1:56 PM
    • #9
    • 9th Apr 18, 1:56 PM
    Is she in a position to get a BT card - I know you said she was previously bankcrupt but if eligible she could BT your CC balance to her card/name. Although not half the debt, at least it would only leave you with the loan to deal with.
    Originally posted by Dobbibill
    This. I did this with my son for a car I got on finance for him on a 0% card in my name when he left home. It is perfectly possible to BT to a card not in your name.
    • Marchant2651
    • By Marchant2651 12th Apr 18, 8:26 PM
    • 17 Posts
    • 1 Thanks
    Marchant2651
    The car is in her name and insurance.

    Sorry im not sure what a BT card is? Balance transfer?
    • Dobbibill
    • By Dobbibill 12th Apr 18, 8:32 PM
    • 3,261 Posts
    • 4,181 Thanks
    Dobbibill
    The car is in her name and insurance.

    Sorry im not sure what a BT card is? Balance transfer?
    Originally posted by Marchant2651
    You are quite right, a BT card is a Balance Transfer card.
    It is possible to transfer CC across cardholders eg - his to hers etc.
    Normally doing it online with a different provider to the original debt avoids questions. Once the debt is on her card, she is liable and you are not meaning if she doesn't pay it won't impact you at all as your CC will be paid off.

    With a bad history that may not be possible but it's sounds like it's your best way to salvage any funds by doing above and then just dealing with the loan yourself. She may agree to do it while you are on reasonable terms.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • Marchant2651
    • By Marchant2651 12th Apr 18, 8:49 PM
    • 17 Posts
    • 1 Thanks
    Marchant2651
    Thanks for your help, I will look into this!
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