Namechanged for this so not linked to other posts, others are aware I'm posting this.
We need a loan. We can afford the repayments, the apr is reasonable. We have a small loan now, the plan is to "top up" this loan as this is the most affordable way to do it.
However, and here is my problem, the current loan is in my name. I could just about afford this alone if I needed to. The top up loan will still be in my sole name but I could not afford the repayments alone. I have no intention of divorcing my husband and, as far as anyone can be, I'm sure he's not planning on divorcing me. But nevertheless people do divorce and I don't want to be left with a loan I cannot pay.
DH credit rating is not as good as mine so there is not the option of him taking a loan. I cannot add his name to the loan either- I've checked, it's a personal loan and so this is not possible. We are renting currently so no joint mortgage to secure a joint loan against.
From what I can gather, in the event we did divorce, I would be liable for this debt solely. I could argue it was accrued during the marriage and we both benefitted from it and then he would likely be ordered to pay towards it but I'm not sure if this is certain.
DH hasn't said as much, but I can tell he is a bit upset that I'm considering this and that our only option is the loan in my name. I think he's hurt that I'm considering what if we divorced and that I don't want to be in the position of trusting he would do the right thing and pay the loan in the event of divorce- I do trust him, however I've seen a friend badly burnt by not financially protecting herself.
I'm wondering if there is anything a solicitor can draw up to say we are both liable for this debt before I commit to it? Would it be worth the paper it was written on? Has anyone got any advice or experience of this?
Aibu to consider taking this debt at all (I can't see an alternative).
Thank you
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AIBU?
Debt- in my name but benefitting us both, AIBU? Any advice.
34 replies
Iwishihadamoneytree · 08/02/2018 19:47
OP posts:
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