My husband got a loan after loan, most of it was towards our wedding, honeymoon, a car, spoiling me on romantic weekends away, wonderful presents. I didnt realise he was getting these loans until the phone calls started from the banks. Bills were not getting paid. I did some undercover work and found out how much he really owes. Part of me feels sorry for him, he wanted to spoil me, I thought he could afford it cus he is on good money. He also drinks alot (prob cus of the debt) would a secure loan on the house work?
2006-12-21 09:24:30 · 20 answers · asked by saraharies2006 1 in Family & Relationships ➔ Marriage & Divorce
Got to go to Citizens Advice Buerea (if thats spelt right)
They will give you best advice.
2006-12-21 09:28:46 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Never ever secure a loan on the house (I guarantee you will end up losing it)and do not justify your husbands spending as wanting to spoil you; if you start making excuses for him you will never get sorted. He obviously has 2 problems. Drink and spending without thinking of the consequences. Write down all oans that he has and work out how much you can afford to repay each person form what he earns and make them an offer - better yet go and see a debt counsellor who might be able to negotiate for your husband; and I do not mean a loan company.
2006-12-23 04:27:05 · answer #2 · answered by D B 6 · 0⤊ 0⤋
Take yourself off the net that will save you a few quid each month, Just pull the purse strings in a bit and also there are some charity loans out there where they lend you the money at a more manageable rate and can also help write off some of the debt
I don't actually know any names (Sorry) but my Ex's mum did that and she has almost paid all her debts and still managed to live quite freely (without have to give up on all her little luxuries!)
Good luck and I hope you get it sorted as stress is NOT good for you!!
Take care and have a good Xmas
2006-12-21 20:00:40 · answer #3 · answered by Peachy Girl 4 · 0⤊ 0⤋
If your mortgage is less than what the homes worth now, U can increase your mortgage at a lower % than another loan. Theres some loan places out there that could give u one payment a month and clear all the other loans but do go on for years and years!
Good luck
2006-12-21 09:29:33 · answer #4 · answered by Kevin-------------UK 2 · 0⤊ 0⤋
I strongly suggest that you read a book written by Stacy Johnson called : life or debt. It can be found anywhere or at Amazon.com The book will show step by step how to decrease your debt and change the red zone to a positive account. I answer "yes" to your last question. A secure loan will work to the advantage of that financial institution getting your house.
2006-12-21 09:47:43 · answer #5 · answered by alpha & omega 6 · 0⤊ 0⤋
I'd fake your own death...! I'd only take out a secure loan if you're sure that you can make the repayments, or you might end up losing the house. However, it may not help too much if your husband keeps spending on cards and things.
The best thing to do would be to talk to a financial advisor or the citizens advice bureau as to what would be best for you after weighing up pros and cons of your situation. They may also reccomend debt counselling too.
2006-12-21 09:31:18 · answer #6 · answered by Natalie B 4 · 0⤊ 1⤋
Welcome to the club. First of all, if you in UK - CAB for advice. Second: find IVA programme. Lots of companies do that but stick with that recommended by CAB. Don't allow to have gap with your payments. You may contact to the every single bank and talk to them. They will be ready to accept reduced payments for at least 6 months and after that you will have a review of your situation. Because of that i do recommend to have a company who deal with that for your behalf. It is not the end of the world .. yet. but do something fast. Your monthly payments will be reduced by half but you must keep up your payments otherwise your husband and your credit rating will be damaged for at least 5 years. That's mean you will be able to have a loan but... on the different conditions (e g 37%APR) so.. think about it and don't do bankruptcy if you can
2006-12-21 09:33:35 · answer #7 · answered by Everona97 6 · 0⤊ 0⤋
spend a few quid on a financial adviser, they will tell you to write to the lenders and explain the difficulites and perhaps help reduce the interest or make more managable payments.
Don't borrow on the house unless you have no other way.
Try bouncing some of the loans onto credit cards with 0%
or consolidate the larger interest payments into a more affordable loan
2006-12-21 09:30:30 · answer #8 · answered by Anonymous · 0⤊ 1⤋
A remortgage would be cheaper than a secured loan.
Then YOU take over the finances!
Once all the debts are paid off (which the Mortgage company will do for you) it will be a HUGE relief and the drinking will probably stop!
Good Luck
2006-12-21 09:30:06 · answer #9 · answered by puffy 6 · 0⤊ 0⤋
Look, she should settle out the debt for about 50 cents on the dollar to avoid legal remedies that the credit card companies are trying to invoke. If she is a homeowner, she could use equity from "their" home to pay these reduced amounts. Check out the free evaluation form at the source website, maybe they can help. Good luck.
2016-05-23 07:11:50 · answer #10 · answered by Anonymous · 0⤊ 0⤋
I recommend Citizens Advice Bureau as your first port of call.Where I live we have an organisation called Christians Against Poverty,and they totally take over the phoning of people and making arrangements to pay off debt....and no, you dont need to believe in God to contact them....maybe you might have one in your area.
2006-12-23 04:00:22 · answer #11 · answered by Anonymous · 0⤊ 0⤋