HI,
The background is my husband liquidated 2 different companies about 7 years ago and from that came bank debt( from personal Guarantee ) and revenue debt. He then became a sole trader and more revenue debt followed. I am his wife , was a director in the companies , had no involvement and took no salary.I am a paye worker. All the revenue debt is in my name solely as i was the assessable spouse. I did ask him to change this to his name a number of years ago but he did not want anything flagging with the revenue.
For the last number of years i have struggled financially and mentally trying to keep paying this debt. Currently we owe approx 83k to revenue and 84k unsecured( in both names) to a bank. I am on a phased arrangment for the revenue debt for the next 10 years ( 700 month) and for the bank loan i am only currently paying less than half the agreed monthly amount. The bank have not contacted me yet re the reduced payment, There is also the 2018 revenue bill of 21k outstanding. Also with the revenue solicitor 8k outstanding.
I work full time and have 3 children under the age of 12. I received a redundancy about a year ago but this redundancy has funded a lot of everyday expense eg dental treatment for one of my children, house repairs, oil bills. All our savings amount to this ,25k.
My husband is now a Paye employee but has no pension at all ( age 52).
we have a mortgage of about 430k . This has always been paid as the DD comes out the day i get paid.
I would genuinely appreciate any advise as i am totally alone with all this debt. My husband will not talk about it , gets stressed when i mention it. I am very emotional and overwhelmed by the size of the debt and the burden of trying to pay everyone for the next 10 years. It is me who manages the finances or tries to. As you can appreciate it has put a huge strain on the marriage.
Can anyone help me re my options
Thanks
I've just read the posts by Finance1,Shinynails and RichinSpirit. To be honest I am devastated with what all of you must face after what's happened. I have no solutions. I have no doubt many are in this situation. The worst part for me is that the male of the species failed to come to grips with his spouse or in other words lived the lie to somebody with whom they should have been totally honest. For once, I don't know what to say.
HI,
The background is my husband liquidated 2 different companies about 7 years ago and from that came bank debt( from personal Guarantee ) and revenue debt. He then became a sole trader and more revenue debt followed. I am his wife , was a director in the companies , had no involvement and took no salary.I am a paye worker. All the revenue debt is in my name solely as i was the assessable spouse. I did ask him to change this to his name a number of years ago but he did not want anything flagging with the revenue.
For the last number of years i have struggled financially and mentally trying to keep paying this debt. Currently we owe approx 83k to revenue and 84k unsecured( in both names) to a bank. I am on a phased arrangment for the revenue debt for the next 10 years ( 700 month) and for the bank loan i am only currently paying less than half the agreed monthly amount. The bank have not contacted me yet re the reduced payment, There is also the 2018 revenue bill of 21k outstanding. Also with the revenue solicitor 8k outstanding.
I work full time and have 3 children under the age of 12. I received a redundancy about a year ago but this redundancy has funded a lot of everyday expense eg dental treatment for one of my children, house repairs, oil bills. All our savings amount to this ,25k.
My husband is now a Paye employee but has no pension at all ( age 52).
we have a mortgage of about 430k . This has always been paid as the DD comes out the day i get paid.
I would genuinely appreciate any advise as i am totally alone with all this debt. My husband will not talk about it , gets stressed when i mention it. I am very emotional and overwhelmed by the size of the debt and the burden of trying to pay everyone for the next 10 years. It is me who manages the finances or tries to. As you can appreciate it has put a huge strain on the marriage.
Can anyone help me re my options
Thanks
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