Posting here for traffic.
Married for 25 years. Several children. Work full time in an executive position.
DH has long time employment at a small, family owned company. I make about 35%-40% more annually than he does. He is a really wonderful man. Great father. Works very hard. For the last several years he has been in charge of the bills, etc.
We have had 4 children in private university for the last 6 years. As such we have increased our credit card balances quite a bit. We decided that we would refinance our mortgage and pay off our credit cards and perform some repairs to the house (just general wear and tear). As the refinance moved forward surprisingly the bank told us that they could not approve our loan with my husband on it His credit was bad. I really had no idea. I have been kind of keeping track of mine, but not his. We have decided to move forward with the refinance with just my name on the loan. The payment is going to be higher than I would like but much less than we are currently paying on our cards. The loan is only paying off the cards in my name because I am the only person on the loan. We will be receiving $ above my credit cards that we will use for his debts.
Our debts will be paid off. We comingle all of our funds so we will both continue to pay the new mortgage as we always have.
Since there are so many people that are smarter than me on Mumsnet I want to ask…is there a drawback to this plan for me? Thanks.