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Remortgaging, advice needed

(12 Posts)
user1490655749 Tue 28-Mar-17 22:33:48

My husband has ran up debts of £30,000. As far as I'm aware, the debts have been consolidated and he is paying back a single loan. He recently mentioned that he wants to pay off the debt by remortgaging the house, and feels this is a sensible thing to do. Does anyone have any advice on this?

littleblackno Wed 29-Mar-17 05:52:42

You may end up paying more over a longer period- do some calculations.
Money saving expert has a good calćulator.

Ifailed Wed 29-Mar-17 06:00:48

is this a 'family' debt, or his own personal money? If the latter, then why risk a family asset?

ThroughThickAndThin01 Wed 29-Mar-17 06:02:21

It's a very expensive way to pay it back.

HowamIgoingtocope Wed 29-Mar-17 06:02:55

His debt his problem. Add it to the remortgage you could lose your house if you can't pay. If it's a joint morgage and he has a 30k debt it's highly unlikely you will get the remortgage till he's paid it off. As his credit will be fooked

Out2pasture Wed 29-Mar-17 06:16:55

the next time he runs up debt will you remortgage again and how about the time after that?
no no no! no matter how much it makes sense (due to interest rates) do not absorb his debt into the family house.

VacantExpression Wed 29-Mar-17 14:06:18

Talk it through and get lots of independent advice. Re-mortgaging will cost you more in the long term but there might be overpaying options etc that will limit this while making the repayments smaller in the meantime.

I think biggest concern is the level of debt, that is a lot of money and you write as if you didn't know about it- is it likely to recur? Does he have a gambling problem, something like that? If so then I wouldn't be risking my home at least not in the short term until I know the problem has been treated.

user1490655749 Wed 29-Mar-17 15:39:38

Hi there, thanks very much to you all for taking the time to post your advice. Yes, it's a gambling debt. My gut reaction was that it's a terrible idea, but my husband was trying to pass it off as if it's not that big a deal. He also said that since we are married, the debt is shared by me, but if the loan is in his name only, and i have not contributed to the debt, surely the debt is his alone?

HowamIgoingtocope Wed 29-Mar-17 15:46:59

You can all means help him pay it. But it's down to him to get the loan. If you have a joint morgage I'd certainly not agree to remortgagingredients. Has he been to ga. He really needs to tackle this head on.

user1490655749 Wed 29-Mar-17 16:30:16

He is struggling with other addictions, he had a serious incident this week, which means he has now been given access to acute and community addiction services, and yes, has been attending meetings. We are now trying to sort out all of the mess, and this is when talks of remortgaging came up.

Ellisandra Wed 29-Mar-17 23:42:57

Honestly?
I would divorce my husband if he threw that shit at me about the debt being shared!

OK, legally it's true that if you divorce he can try to have it included as a negative marital "asset".

But I'd argue tooth and nail with my solicitor and to a mediator /judge that it should stay all his responsibly.

So even though he's right that it might be considered as part of the total picture, he could fuck off telling me that.

Where is his remorse?!!!
You are in a hiding to nothing with s gambler - but bloody hell is that insult to injury telling you "tough luck love, it's your debt too.

Dump his sorry arse!

Now, although he can try to have his debt shared between you, want he can't do is make you liable for the actual debt if it's not already in your name. So say you have £40K house equity and £20K debt. Bet you have £20K asset. He could argue that the house pays off his debt then you get £10K. So you lose money that way. But what can't happen, is say he owes the £20K to Barclaycard - he cannot transfer it to your name, and Barclaycard cannot come after you for it.

Please don't take his unsecured debt and turn it into both your secured debt. Don't lose your home for a man who is obviously nowhere near recovery sad

VacantExpression Thu 30-Mar-17 11:36:24

With new info I definitely agree with pp.. If you even stay together, he has to be a much further way down the road to recovery before he should even be thinking of you helping him like this angry

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