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Last night i found out dh owes £11,500...................

(30 Posts)
SleeplessInTheStaceym11House Wed 12-Sep-07 16:53:07

............wtf do we do????

CountessScabula Wed 12-Sep-07 16:54:05

Arrange to pay it back over a long time?
Go bankrupt?

To whom does he owe it?

mytwopenceworth Wed 12-Sep-07 16:54:33

is it secured?

can you afford the repayments?

Consolodate?

Contact them and tell them you are having problems and can only afford £X per month - some companies kick up a fuss, but it's bluster and you get your way in the end.

wildwoman Wed 12-Sep-07 16:55:17

is it to several companies?

Kewcumber Wed 12-Sep-07 16:57:26

go to CAB immediately

NAB3 Wed 12-Sep-07 16:58:29

How?

SleeplessInTheStaceym11House Wed 12-Sep-07 16:58:38

3 different loans, his overdraft and a credit card.

really dont wanna go bankrupt, but atm if hes earning what hes earning (he hasnt been earning any commision so he took out loans to cover the bills) we cant cover our bills let alone repayments!

FoghornLeghorn Wed 12-Sep-07 17:01:19

Oh dear Stace, so the PS3 wasn't the only thing shock

Find out who all the companies are he owes to - freeze any credit he may still be entitled to and then arrange to repay back what you can realistically afford each week/month.

Hark at me - we have been in dire financial situations before so feel ridiculous giving you advice

mytwopenceworth Wed 12-Sep-07 17:02:11

Move banks.

Arrange a payment break.

Get them to freeze interest.

SleeplessInTheStaceym11House Wed 12-Sep-07 17:05:45

ok. so freeze interest.

have got application for joint bank. im taking control over all finances and getting him to close his bank account.

cant trust him.

dunno if i ever will again

wildwoman Wed 12-Sep-07 17:07:49

I don't know your whole situation obviously but maybe he thought he was protecting you from his own money worries..that happen with me and my dp a few years ago.

EmilyDavidson Wed 12-Sep-07 17:08:22

It must have been a terrible shock for you , but things can work out ok. Its a lot of money but is still a manageable amount in debt terms, no need to go bankrupt or anything that drastic

have a look on moneysavingexpert.com ,it has loads of really good advice and the people there are very supportive.

SleeplessInTheStaceym11House Wed 12-Sep-07 17:10:39

it does feel like he was doing it for the right reasons.

his manager kept promising more wages so it was a 'just till next month' thing that went on for nearly a year! shock

i just dont get how he can lie to me like that!

and how i didnt notice sad


will look on money saving expert thanks!

mytwopenceworth Wed 12-Sep-07 17:11:43

There's someone on here who went through something similar, maybe she can help you. she really went through shit! sad

Custy? colditz?

Kewcumber Wed 12-Sep-07 19:42:40

please, go to CAB they have trained people who can help.

LilyLoo Wed 12-Sep-07 21:02:48

Stacey are you sure you want to set up a joint bank account at the moment ?
I would get him to set up a standing order to transfer his money into your account. If you get a joint one you will be liable for his debts too.

SleeplessInTheStaceym11House Wed 12-Sep-07 22:49:48

lilyloo, yes but i can see and have a say in what happens. he has been making the transfers to my account but getting the extra money from loans, so i dont know where its coming from unless i can see it!

my dads been round helping, think we're getting somewhere, hes pretty well up on all that is financial.

we are now not moving as we would not get another mortgage. cancelling everything non essential (sky, mobile phones etc) and working out how much it woudl cost to pay them all off.

my dad seems to want to help and i think hes gunna do one large loan we pay off to him. with a smaller %apr etc. some of these loans are for 35-43% i cant believe what he was thinking!

Kewcumber Thu 13-Sep-07 09:36:18

shock at interest rates. Sadly there may be a penalty to cancel them.

Hope you manage to work it all out with your Dad's help.

Ceolas Thu 13-Sep-07 09:40:46

CAB definitely before you do anything.

Doodledootoo Thu 13-Sep-07 09:41:13

Message withdrawn

Lorayn Thu 13-Sep-07 09:43:42

I know this probably doesn't help, but it really isn't that much money, so try not to fret. DP had three loans and 2 credit cards up until about a week or two ago, he got a new loan, from black horse, to cover everything and has got around 8% apr on it, his dad is on the loan too but we will now be paying around 200 pound(ish) a month rather than the 5/600 pounds a month it would have been to all the different companies. You need to find out what settlement figures would be from each loan before you do anything though, one loan DP had got out less than a month ago, under the impression that it could be paid off within 3 months at no charge was actually a loan with a three month payment break (so much for reading terms and conditions!!!I doubt he'll make that ,mistake again though) But he has to pay an extra 214 pounds on top of that loan to be able to cancel it.

SleeplessInTheStaceym11House Thu 13-Sep-07 12:15:38

doodledoo. he's looking to try and get a payrise where he is if not he's leaving.

hes also looking at getting a weekend job and im looking for part time either bar work for evenings (so dh can take over the childcare) or weekdays or weekends when my mum has said she can help out!

am doing my cv now to take to a few places in town.

we're looking into consolidating the loans. dh is getting figures on how much it will cost to pay the loans off early today so will be looking into it tonight!

Kaz33 Fri 14-Sep-07 21:31:19

We have a joint bank account and I have internet access to all his credit cards as well.

You can go one step further and get a subscription to credit expert so if he applies for credit you know about it.

That way you are in control. I do it because DH is not good with money and our finances are seriously complicated, with DH one year clocking up £36K in expenses !

sunshineandshowers Sun 16-Sep-07 09:15:26

Hi Sleepless,

Head over to the debt free wannabe board at money saving expert (see here http://forums.moneysavingexpert.com/forumdisplay.html?f=76). You will get some great advice and support. You need to contact one of the FREE debt agencies (they are on MSE). They will advise you of the best course of action to follow. You will be fine, BUT DO ACT NOW. This problem is solvable, but will not go away.

burstingbug Sun 16-Sep-07 09:19:29

CCCS can help. We have a debt management plan with them.

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