Help please, if Im married to someone with very bad credit with lots of premarital debt…?
If I'm married to someone with very bad credit with lots of premarital debt, how will this effect me?
I have very good credit and zero debt. I am very responsible with money.
He has an astronomical credit card debt problem. And refuses to do anything about it. He just ignores and doesn't pay his credit card bills, he doesn't care. I really want him to declare bankruptcy.. but he wont. He just doesn't do anything about it at all. Its a real problem with me because I'm so responsible and I'm angry that he wont take care of it.
We are to be married in october…
What can I do to protect myself financially and my credit rating?
We have different last names.. and no joint accounts.. and no community property. We have an infant child together, she has my last name.
Can someone please explain how this works.. what are my rights?
We are to be married in California and will reside in Scotland. Will we be subject to california law or scottish?
My husband came to me after getting a divorce, where he had already filed for bankruptcy and had several credit cards that he had to deal with. I had little credit at the time, but had no debts either. His debts and credit rating has not affected me in any way. In the past 3 years, i have paid off all of his credit cards and have helped him start improving his credit. Mine has done nothing but continue to soar. I have gotten a credit card, and bought my own cars. I do not have my name on his accouts and he doesn't have his name on mine. As long as you keep it that way, the your credit will not affect him and his will not affect you. Trust me on this, I have done much research on this very thing because of the same fear that you have. I have excellent credit and only hope to help my husband improve his by making sure that monthly payments are made ontime and kept for a period of time, not just paid off immediately. Feel free to contact me if needed.
You need to sort out his debt problem before he lumbers you in with them.
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when you get married his debt becomes your debt. Good luck with that!
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Once you get married your credit will merge. Happened to me with some old debt my wife failed to mention before we married.
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You are affected by the law in the country you live in, regardless of where you got married.
The oly way to protect yourself is not to link your credit scoring with his. This means no joint accounts of any kind – current, loan, mortgage.
It does sound though like you need to get it straight before you get married because his financial situation will affect the way you live, what you can and cannot do and may ultimately cause marital problems.
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do not marry him child or no child
his irrespopnsible attitude to manoey will not change and you could end up with a bad credit rating because of him
if you carry on living with him then put your foot sown and take over the finances completely
cut up all credit cards and make him set up standing orders from his bank account dated the day after apy day each month
fill them in if necessary and stand over him until he signs them then take them to the bank yourself
never as long as you are toghter let him handle the money
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your credit will not be affected by his debts! as long as your name isn't on anything or added to anything, you will be fine. and that means anything, don't add on to his credit cards and don't put him on yours!
this may cause a problem when you do go to do things like purchase a house because typically you both sign for the house! since his credit is SO bad, you could get denied a home loan but you can try applying for the loan just under your name.
as far as your daughter, it wouldn't matter if she had his last name. his credit is his credit and sharing a name won't affect hers when she's old enough.
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Well things will change when you move to Scotland, but generally it will only be a problem in certain instances. For instance, if you wanted to get a loan, no problem because you can get the loan, but if you wanted to get an apartment or a house, they would probably do a credit check on both of you. I would have him declare bankruptcy before you guys get married, debt only lasts for so long before they do something about it.
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Where you get married has no bearing on the law! You'll live within the law guidelines for he area you live in. You do realise that this man takes financial responsability for you & your family if you are married & you won't get a mortgage etc. What about when he starts using your name for finance – never opening the mail paying the bills…..
you sound like a really smart mum – i wouldn't do it x Your rights as a wife are 50% but 50% of nothing is nothing!!!
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why are you getting married? This will drive you nuts as long as you're married to him. Sounds like you should stay living together.
the law where you live applies to you.
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Unforunately as far as creditors (and i'm sure the law) are concerened his debt becomes yours, this will also apply with the credit reference agencies as you are both now or will be financially linked. He really must sort his mess out now before it gets out of hand. It doesn't matter where you get married as most creditors lend money under the Consumer Credit Act 1974 and this covers England and Scotland.
The only way i can see you protecting your credit rating in the short term is by not getting married, in the long term he must sort this mess out.
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I have no idea what to suggest but you need to try and get him to sort it.
On a credit rating I think your husband will only show up if you have joint financial dealings – ie: a mortgage, joint bank account etc. If you avoid getting any of these things your credit rating will be more secure. However it depends on the search a credit company may run and the criteria they will have.
Does he pay the minimum payments on his credit cards? If so that is fine. It is ok to have lots of debt as long as you pay the minimum monthly amounts – in fact that can often equal a better credit rating than someone with no debt at all. If he doesn't do this i'd imagine he will be soon getting court summons / bailiffs etc.
Try and convince him to get one large loan at a good APR to cover all his debt. Search on moneysupermarket.com or similar for the best one. Stretch it over a long period to keep the monthly repayments down. Then get him to pay off all the credit cards with this – this should mean 20%+ interest is replaced with about 8%. Consolidating debts is the best way.
Money is a big deal and if you aren't happy with this consider putting the wedding off. Or at least suggest it to him….. If that doesn't give him a kick I doubt much will and in which case I;d really think about what you are doing. Forget everything else, marriage means financial entanglement more than anything.
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It is clear you have a big problem.
you say you have no joint property, you need legal advice to see if once married he is entiteled to half of yours!
Bottom line , $1,000 if thats the going costs for a few hours of advice or days, then it is worth it, rather than the cost of a ruined marrige and complete F—up of your credit , rating. That may take you a life time to clear up…………………….Need i say, not a good start, to any kind of relationship let alone a marrige. Sorry*************
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I would not marry this man, until he sorts out of his financial problems. I am speaking from experience. I married my husband and he has over 100k worth of debt. I did not know this until after we were married, now our marriage is suffering. I refuse to bail him out, we live in a community property state, therfore nothing we own has his name on it, including our house. It is very difficult living like this, because he serves no purpose in the marriage. He can't contribute a damn thing to our household other than the basic household bills. And I ask myself, why did I get married? Had it not been for my two small children, I would have bailed a long time ago.
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My husband came to me after getting a divorce, where he had already filed for bankruptcy and had several credit cards that he had to deal with. I had little credit at the time, but had no debts either. His debts and credit rating has not affected me in any way. In the past 3 years, i have paid off all of his credit cards and have helped him start improving his credit. Mine has done nothing but continue to soar. I have gotten a credit card, and bought my own cars. I do not have my name on his accouts and he doesn't have his name on mine. As long as you keep it that way, the your credit will not affect him and his will not affect you. Trust me on this, I have done much research on this very thing because of the same fear that you have. I have excellent credit and only hope to help my husband improve his by making sure that monthly payments are made ontime and kept for a period of time, not just paid off immediately. Feel free to contact me if needed.
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Personal Experience/ similar situation
If he refuses to sort out his own problems….what are you letting yourself in for ??? Think before you leap….most divorce's these days are down to money problems….yours is yet to start ! Good luck.
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You could suggest us to him.
We have helped lots of people with debt.
http://www.moneyme.co.uk
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http://www.moneyme.co.uk/links_credit_card.html