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Original poster

DH in debt is there anywhere he can go to get it consolidated into one?

14 replies

Overseasmom100 · 22/12/2019 16:12

Just found out DH has several loans tjat he cant now manage. Im at breaking point as all his wages go on this stupid debt.

Some come out at the beginning of the month some the end...it's a mess!!! He needs to get it as one debt I think. Is there anywhere he can go to help sort this total mess out?

OP posts:

00Sassy · 22/12/2019 16:15

Are you struggling financially due to this debt?
If so perhaps it would be worth going to StepChange or similar.

There might be consolidation options but it’s important to make absolutely sure he can afford the repayments.

UncomfortableSilence · 22/12/2019 16:45

There are lots of people who can advise, PayPlan, StepChange, Christians against Poverty...all free services.

Do you know how he got into the debt? This is the most important thing, many people will consolidate debt and then when their credit cards are freed up start using them again and get into an even worse situation.

Money Saving Expert website is fantastic look on the forums there and you will get some great advice.

BarbaraofSeville · 22/12/2019 16:58

He shouldn't take out any more credit until he/you has done a proper budget to work out where his money is going and why he is in debt - do you have enough to cover the basics?

Is it just overspending that can be cut back or is there more to it. Has he consolidated and run up debts again before? Many people do.

Unless the interest rate is lower and you are disciplined enough to not take out any more debt while the loan is being paid off, there's no benefit to 'getting it all as one debt' it doesn't matter if the debt is being paid as one or three direct debits from your bank account.

The moneysavingexpert money makeover is a good place to start to working out your budget, cutting bills and other spending and signposting to appropriate help with his debt.

Interested in this thread?

Then you might like threads about this subject:

Debt

ALongHardWinter · 22/12/2019 18:22

There's a charity called StepChange that will help with this.

Original poster

Overseasmom100 · 22/12/2019 18:23

He's awful with money full stop..if he has £10 he will spend £12. He went on someones stag do...took out a loan of £1,500 for it. I had no idea. Cliche but he Paid it monthly them missed a payment so then was playing catch up then had late payment fees...missed another. Took out a payday loan to catch up and again didnt use it properly. So as you can guess it esculates. He is an idiot...first class.

Today Ive made him write every thing down...what loan ot is when it goes out how much and how much left on it.

Then other stuff like virginmedia, mobile bill, pc insurance.

Virginmedia he's got £50 off that a month and he's checking how long he has left on his mobile...he pays for phone then contract.

He has 5 loans in total 2 of them finish shortly. I want the whole lot clearing asap. He needs to go and see someone who can help or plan it with him. Im so angry and so upset ... he needs to do this not me but I need him to do it now as its making me ill

OP posts:

00Sassy · 22/12/2019 18:44

Being in lots of debt and struggling to pay it off is often extremely worrying, as you know as you’re feeling the effects.

Can I just put it out there that if that’s how you’re feeling then he might well feel the same or worse.

If he’s not arsed and is trying to make it your problem and refusing to deal with it then that’s entirely different of course.

The various debt charities are very understanding and will be able to help him.
Definitely ask him to give one a call asap.

BarbaraofSeville · 22/12/2019 19:00

Oh dear OP, if he's missed payments he's not going to get a new loan that's worth having, the interest rate will be extortionate. Do you own or rent your home? If you own, do not take out any secured loans or remortgage to pay off the loans as if he doesn't pay, you could lose your home, especially if he carries on the way he is now.

If the loans finishing free up money to pay the other loans quicker that could be the way to go, but he has to want to change, otherwise he'll just carry on overspending and being in debt.

What does he say about the situation?

DownWentTheFlag · 22/12/2019 19:05

Christians Against Poverty can help with the admin side and also help him become more financial responsible for the future.

YappityYapYap · 22/12/2019 19:15

He maybe needs to get the three that aren't almost paid off onto a debt management plan. It will wreck his credit rating but provide relief. All he needs to do to do this is call up the companies and say he is in financial distress and can't manage his repayments. What will then happy is they will terminate the original agreement and cancel the interest and put him onto a plan to repay the debt (with no fee's or interest). He does an income and expenditure to say what he can afford and agrees to pay that amount each month. Your income won't be taken into account even though you're married. They will want him to talk to them every 6 months and see how he is getting on and if he can up the payments to clear them faster. This will stop them taking it to court by they may sell the debt on to a debt collection agency but again, they will agree a payment plan with him and add no fee's if he sticks to it and ultimately, they will likely accept a reduced full and final settlement as they buy the debt cheap so he can probably settle for around 60% down the line

UncomfortableSilence · 22/12/2019 19:58

If he has missed payments and used payday loans you will be very unlikely to be accepted for any further mainstream borrowing.

Contact one of the companies that have been listed below, they will go through all your income and outgoings and tell you what will be best for your circumstances.

Original poster

Overseasmom100 · 22/12/2019 21:01

They are all payday loans. So I doubt they will stop the interest! He's not bothered about future credit starus or 'proper' loans. Like I said he's an idiot and it needs to get sorted...after Im considering my future because I cant do this...Im.at breaking point.

I work 3 days a week other days I care for a parent...I cant work more. He gives me X amount each week which together with m6 wages I use for household bills, food, car insurance, sons monthly sport fee, nothing else...oh in fact I pay credit card off each month and put money away for our DS. He cant give me any money now as all his wages will pay for his monthly payments.

We are married but house in my name.

OP posts:

Wallywobbles · 22/12/2019 21:36

You need proper advice too. To find out how much of the house would go to him in a divorce. And then you need to divorce him. Stay together as a couple if you want but get the fuck out of this situation before he drowns you all.

Original poster

Overseasmom100 · 22/12/2019 23:28

Housewise no matter whose nane it is in goes 50 50 or u start at that and negoiate

Once we've gone through stuff tomorrow properly it should be clearer. I need to stay focused for the sake of my DS.

OP posts:

fligglepige · 23/12/2019 00:53

Look into a debt relief order. You can't be a home owner - not sure how that would work if you're married.

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