Best course of action over 20k of debt advice please

[debsdarlo]

my bf is giving up his job next year to care for our Daughter full time ( he lives 300 miles away)

 

 

I am a full time student.

 

 

He has three credit cards which he owes nearly 20k -

 

 

currently paying them at rate of £1,800 a month.

 

I owe my own house and car and he will be reliant on me which I am cool with.

 

What would he tell the credit card companies and what would happen as his income will be nil

and he has a joint interest in house with Wife

- divorce going ahead next year.

 

Will he send need to send a letter to them three months in advance of him leaving job.

[dx100uk]

what do you mean by joint interest

his name is on the deeds/mortgage?

 

 

whatever he does

 

 

its always best to tell all creditors you are moving.

 

 

dx

[debsdarlo]

yes he joint owner of a house his wife still lives in - he wants it sold as part of divorce to get his half share.

[citizenB]

Until the debt problem is resolved, you should not have your BF named on either your vehicle or home.

 

Is your BF going to be reducing payments to the accounts ? If so, he should perhaps find out if there is any PPI that might have been mis sold or default/penalty charges.

 

He needs to produce for himself, an Income & Expenditure form which shows that he is no longer able to fulfill the contractual payments - and make a sensible offer of repayment. Asking at the same time for interest and charges to cease.

 

It would actually be better if his marital home could be sold prior to advising the creditors that he is no longer able to make the contractual payments as they might just issue a claim and try to put a charge on the property.

 

From reading other threads, there is little point in advising in advance of leaving job as they wont do anything until he is struggling !

[debsdarlo]

hiya

he wont have any income I will be supporting him on my student finance which is just enough to cover all my bills and mortgage. So in respect his income will be nil.

[citizenB]

hiya

he wont have any income I will be supporting him on my student finance which is just enough to cover all my bills and mortgage. So in respect his income will be nil.

 

Ouch,

 

What is the timeline for him selling the marital home ? Any chance it will be sold before he resigns from his employment?

What type of equity is in the property, will he be able to offer full and final settlements ?

[debsdarlo]

Wife does not want to sell but cant buy him out - next year his boys will be 18 & 19 so no reason for her to continue living in home - house is worth 260K mortgage is £85k so yes he could pay off his debts but court will have to force sale. I had this with my ex took me 3 yrs to force sale as he continually ignored consent order made by court.

[citizenB]

Well for sure if there is a restriction put on the property (should any of BF's creditors issue a claim) then it will make it a little more awkward for them to sell.