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  • FIRST POST
    • MSE Jenny
    • By MSE Jenny 18th Mar 08, 2:32 PM
    • 1,228Posts
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    MSE Jenny
    MMD: Should Wayne protect his finances from Coleen?
    • #1
    • 18th Mar 08, 2:32 PM
    MMD: Should Wayne protect his finances from Coleen? 18th Mar 08 at 2:32 PM
    Here's this week's hypothetical situation for you to cogitate on:

    MMD: Should Wayne protect his finances from Coleen?

    After six months of marriage, housewife Coleen confesses to taxi driver husband Wayne she's accumulated £50,000 of credit card debt, the vast majority while she traveled the world. Staggered by his wife's admission, Wayne wonders what to do for the best. They were about to buy a house together and apply for a joint mortgage, but that would mean becoming financially linked (see credit scoring guide), so now he’s considering keeping everything separate. Should Wayne protect his finances from Coleen?

    Click reply to have your say

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    Last edited by MSE Jenny; 18-03-2008 at 5:35 PM.
Page 1
  • dalkey girl
    • #2
    • 18th Mar 08, 10:41 PM
    MMD: Should Wayne protect his finances from Coleen?
    • #2
    • 18th Mar 08, 10:41 PM
    Wayne should keep all their finances separate until Colleen has dealt with her debt - arranged to pay it off or go bankrupt. If this causes problems between them, then they should contact a debt counselling service, CAB, CCS or similar so that the reasons to keep their finances separate can be explained.
    • Thunderbird
    • By Thunderbird 18th Mar 08, 11:31 PM
    • 612 Posts
    • 265 Thanks
    Thunderbird
    • #3
    • 18th Mar 08, 11:31 PM
    • #3
    • 18th Mar 08, 11:31 PM
    Yes, he should.
  • cranhill
    • #4
    • 19th Mar 08, 7:49 AM
    • #4
    • 19th Mar 08, 7:49 AM
    Hi, Unless he has the odd 50,000 knocking around he should keep his money seperate. She should have told him before they got married.
    • smittenkitten
    • By smittenkitten 19th Mar 08, 8:17 AM
    • 119 Posts
    • 52 Thanks
    smittenkitten
    • #5
    • 19th Mar 08, 8:17 AM
    • #5
    • 19th Mar 08, 8:17 AM
    is he now libel for the dept as he married it?

    if not she misled him so get out - shes not paying that money back in the next year so he will have his whole life on hold waiting for her to sort it out
  • lamp
    • #6
    • 19th Mar 08, 8:26 AM
    • #6
    • 19th Mar 08, 8:26 AM
    Tough one... they are married though, and it is for better or for worse. Perhaps she was embarrased to tell him because she was scared he'd leave her. Also, perhaps she has this somehow under control, and has told him to try and be honest... not expecting him to pay her off... Maybe they should work together to see how best to deal with the debt before considering a house!
    • smittenkitten
    • By smittenkitten 19th Mar 08, 8:30 AM
    • 119 Posts
    • 52 Thanks
    smittenkitten
    • #7
    • 19th Mar 08, 8:30 AM
    • #7
    • 19th Mar 08, 8:30 AM
    that could take years
  • Su1604
    • #8
    • 19th Mar 08, 9:02 AM
    • #8
    • 19th Mar 08, 9:02 AM
    Yes, keep finances seperate, but don't desert her when she needs you! Support and assist in paying as a couple - just don't have her name on anything legal until the debt is cleared.
    • Taffybiker
    • By Taffybiker 19th Mar 08, 9:03 AM
    • 917 Posts
    • 499 Thanks
    Taffybiker
    • #9
    • 19th Mar 08, 9:03 AM
    • #9
    • 19th Mar 08, 9:03 AM
    Wayne should keep his own finances completely separate. Any property they buy should be in his name only.
    Colleen must take care of her own financial woes else she will never learn to manage money.
    If her marriage to Wayne is for genuine reasons, Colleen will agree to the above.
  • colinb12
    Damn right!
    Sorry to be dead cynical, but I think pre-nup agreements should be legally binding, there are too many gold diggers out there, traditionalists my argue that it should all be about love etc, but that is rubbish, no-one can afford to start again now in this day an age unless your a millionaire.

    He should make her pay the debt before allowing her access to any of his stuff, and a legal agreement should be in place.
    • robpw2
    • By robpw2 19th Mar 08, 9:13 AM
    • 12,647 Posts
    • 26,389 Thanks
    robpw2
    yes he should


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  • mohthom
    I'm confident that Colleen would want to protect her money if she was bringing 50k to the table. Why should it be any different if she's 50k down? Get a prenup!

    MohThoM
    • Primrose
    • By Primrose 19th Mar 08, 10:13 AM
    • 8,404 Posts
    • 29,530 Thanks
    Primrose
    Not only should he be keeping his finances separate, he should seriously be considering whether he wants to continue in this relationship. I don't believe in lightly ending marriages but there has been such a serious breach of trust and honesty here that one wonders how the relationship can go forward. No partnership can survive and thrive if both parties don't feel financial secure and safe with each other.
  • garry1977
    i have been in a situation very similar to that which has been written about i am not a compulsive spender nor am i a moron, but my debt was run up by getting married itself which was mainly put on credit cards and the addition of children so my wife had to give up work to bring them up all in all when it got to its worst point i was in debt of around 36,000.

    rather than cutting our losses and seperating what funds were available, we did what i would advise anybody to do in a relationship that is loving and that is to pull together to fix the situation.

    6 years on from that i have all but cleared my debt through working together as a couple.

    also just before i go working family tax credit what a joke!!!!!!!!!!!!!!!!!!!!

    but that is for another day
  • Kernow Kid
    Simple - increase her life insurance, then let her meet with an "accident"

    No debt to worry about
    Be Pure, Be Vigilant, Behave!
    • emmy05
    • By emmy05 19th Mar 08, 11:15 AM
    • 1,951 Posts
    • 1,530 Thanks
    emmy05
    im really quite shocked by his reaction, have we all forgotten how she wouldnt spend his money in the first place, and he was encouraging her somewhat to do just that, especially when she went to New York shopping, im sure his finances are sound and in order, and what i can see of Colleen, is earning a pretty penny back with her own projects anyway x

    • Voyager2002
    • By Voyager2002 19th Mar 08, 12:07 PM
    • 12,516 Posts
    • 8,552 Thanks
    Voyager2002
    Not a moral question, but a simple matter of common sense: if they become financially linked, they won't get a mortgage. So any property purchase should be in his name alone. The moral dilemma comes in whether they arrange to put her name on the title deeds or otherwise give her rights to the property.
    • codger
    • By codger 19th Mar 08, 12:25 PM
    • 1,608 Posts
    • 2,771 Thanks
    codger
    Being saddled with a naff name by his parents may not be something this hapless taxi driver wants to do something about, but being saddled with a naff wife is easily corrected.

    Emigrate.

    Taxi drivers I know work hard but clearing a 50k debt in addition to setting up house, starting a family, etc ain't ever going to happen.

    Best for Wayne's World to have a new horizon as far away as possible from the mad Colleen.
  • grrrl
    im really quite shocked by his reaction, have we all forgotten how she wouldnt spend his money in the first place, and he was encouraging her somewhat to do just that, especially when she went to New York shopping, im sure his finances are sound and in order, and what i can see of Colleen, is earning a pretty penny back with her own projects anyway x
    Originally posted by emmy05
    You do realise this is a hypothetical situation, don't you? They're not talking about the Wayne and Colleen!
  • Merson Tuffers
    Seperate Finances at all times
    My now husband had a wedge of debt (thanks to spendaholic 1st wife!!) when we met. He didn't mention it at first but I sussed it out. He is currently paying it off himself and I made sure that I protected myself as much as I could (pre-nups not being legal in this country:confused: ) before our big day.
    Wayne, therefore, should absolutley NOT have any form of joint agreement with his wife as any future credit checks on him will list her by association. He should have the mortgage in his own name and Colleen can pay towards it. After all, if they divorce, she will still be entitled to 50% of it as it was purchased after they married. This also protects the roof over their head should she decide to declare herself bankrupt.
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