15K loan without my knowledge

[christmas00stressballs]

Looking for kind responses please. What would you do if your DH took out a 15K loan without your knowledge? In his name but I'm expected to help pay it off.
We struggle. We only just make ends meet. We have no savings.
I feel sick about it. I'm not coping.
For context, I don't know where we can save elsewhere. We need 2 cars as we live rural, 2 young kids, 1 in nursery. I'm in a low paid job, jobs are scarce where we are. Only hospitality and those are unsociable hours.
Please put yourself in my shoes.

No I knew nothing about it

If my husband took out a loan behind my back, expected me to pay it back, and it was for a HOLIDAY, I would be spitting feathers.

Has the holiday been booked yet?

So going from zero holiday to 15k? Seems extreme and definitely something you should have discussed and agreed first. Why so much? Even Disney does not have to be that much. How will you find the repayments?

Holiday of a lifetime when you have one in nursery?

You clearly know this is for a frivolous reason and will be eaten up in two weeks.

Either you have to give it back or find a better job or your DH can work in hospitality, that’s 2000 hours extra work, plus interest!

What is the interest rate? How many months will you pay it back? What is the monthly payment?

When you say you will have to pay it back do you mean he doesn't work?

Personally I'd enjoy the holiday 😂

I don't know that yet. It needs to be discussed but I'm so upset and feel sick that I can't bring myself to face it

How on Earth does it need to be a £15k holiday?! That's nuts. See if you can contact the holiday agent and change the booking fir something more sensible, then pay the remainder off straight away. I've no idea what holiday he's booked, but we've had some amazing experiences and spent nowhere near that amount.

@Catapultaway he does work. But we only just make ends meet. We have no one to call upon for support. Such as family etc to perhaps save money on childcare for instance. We are alone.

Where are you going that he needed to take a loan for 15k? You could get a really good sun holiday for less than a third of that

Well, he needs to provide this “minor” detail sharpish. You need to know what the monthly payment will be, as you’ll need to decide where the budget cut will come from elsewhere in the family budget.

How did he even get this loan then? The lender would have had to do affordability checks. Plus they also want to know what it’s for often. Did he lie about what he needed the funds for?

That's a massive amount. If it's Disney or something like that you could do it for less. And the toddler won't remember it anyway. I'd be very upset. Can you at least spend some of it more wisely (pay off car finance/repairs to the house/bills). Or could he return the loan? Why did he make such a big decision without talking to you?

If your kids are young they won't hold it against you op.

I'd cancel it.

You need to find the courage to face this more.

@Wrappingpapere
Just flights then sort travel within the country

Thank you for your kind reply

Sometimes agents will also let ypu defer a holiday for a year, so maybe check that out? It would mean you could have been paying more of it off before you go and the youngest will be a better age for a big holiday.

I'd be fuming op (I'd be feeling completely sick about it too). That kind of financial decision should be a joint decision. Has the money been spent? Can you pay the lump sum back and take the hit on paying the interest only?

Has he actually taken out the loan?

15k on one holiday is madness when you are struggling to make ends meet.

I don't know what you call the holiday of a lifetime but if you have two young kids it's just going to be a family holiday, could be anywhere and there's a good chance the kids will play up. Also, how long are you going away for? Big special holiday has to be at least a month.

Re holiday of a lifetime ... at 48 EXH an I took a year off work, rented the house out and did India, Thailand, Spain and the UK .. Didn't cost all that much, house rent was very useful.

I'd make him return every penny. You are living paycheck to paycheck. You have no savings. You can't afford a holiday. You can't to pay a 15k loan which will probably nearer 25k by the time you pay it off. Yes everyone wants a holiday and holidays are lovely but you have to cut your cloth accordingly. My kids have been to Wales, Bognor, Scarborough and CamberSands because that's what I can afford. There's no point ending up bankrupt for a poxy holiday.

We have no one to call upon for support

What support do you expect? Them to pay it back for you?

Jesus that's crazy for a holiday, can't imagine DH doing that and neither would I.

We extended our mortgage by 15k for huge house improvements like our brand new gas installation from scratch. The mortgage advisor was like are you sure you don't want more, like no thank you.

We extended by 3 years and have no plans to extend again, I plan to reduce it as much as I can.

I hate the idea of even taking a £1k loan out for a holiday never mind £15k when you’re already struggling - you’ll be repaying it long after the event and the children won’t even remember it

He needs to cancel and repay the loan.
Then you can together look at finances and how together you can increase the money coming in.
If your dc haven't been abroad at all they wouldn't need anything fancy and you can save for a couple of years.