Advice please?

[rft]

Apologies but I have posted this in debt forum too! I am new to this so forgive me.

Dear LB
Would someone be kind enough to give a little advice on my problem please? It has become necessary for me to have to ask my bank if I could make reduced monthly payments on my loan. I have not yet done this as I would like to know if they will to take into account that I am married and will need to know my husbands income? My husband is actually retired with a private income.
I would be very grateful to anyone who could advise.

[legalese]

Re: Advice please?

They will want to know your household income incoming and outgoing to establish how much is left over, if you have money left over to keep paying the loan then it is unlikely they will allow reduced payments.

[rft]

Re: Advice please?

Dear Legalese
Thank you so much for your help. I am however at my wits end especially after what you have told me! Since my husband does not know of my loan. He is very much against any type of credit. I realise this makes me rather deceitful but to be fair you have to know the circumstances!

[wales01man]

Re: Advice please?

Is there a law that says this lady has to divulge her husbands income after all the gebt is hers no one can be taken to court for someone elses debt so why should she gives his info?????????/

[Hurricane Puffrose]

Re: Advice please?

how much total debt have you got?

If it is over 10k it might be worth talking to the national debtline or similar about your options.

[legalese]

Re: Advice please?

Not a law as much as we think about but a contract law, offer and agreements etc, but what you can do rtf is go down to the bank and offer a payment what you can afford, lets say you are paying 400 a month you can offer 200 a month, as long as you are making payments on your loan then your ok, but you can get into arrears and blacklisted as they say but nevertheless you have more money in your pocket.

[rft]

Re: Advice please?

Thanks Puff. The debt is £8900!

[rft]

Re: Advice please?

I intend to write to the bank asking about reduced payments, but will I have to divulge my husbands income? This is what frightens me the most! If he finds out about this I am toast!

[rft]

Re: Advice please?

PS. I am not in any arrears!

[seduraed]

Re: Advice please?

I would write to them explaing the situation and your difficulty in making payments. Do the bank now you are married? Evin if you are having difficulty paying make the payments you can and keep doing it so that at least you have some record . Send them an income and expenditure form for yourself: but put it up here first (with all personal details removed) , and we will see if you can cut back on anything . Can you broach the situation with your husband at all you may discover he's willing to forgive and help you out > .

[legalese]

Re: Advice please?

Yes good idea, send an income and expenditure form to them.

[jax50]

Re: Advice please?

If the loan is only in your name then I wouldn't imagine they can ask a 3rd party to contribute, husband, or not.. Take a reverse example, suppose you had insurance cover on the loan and your hubby popped his clogs (sorry about that), would they pay out ? No. When doing an Income and Expenditure statement split ALL the bills pro rata to your and your husbands incomes, then compare your 'share' with your income and see what's left, and use that as a negotiating point for any reduction. On a personal note, I would think telling your husband would be the right thing to do, but I'm not being at all judgemental and it's entirely up to you of course. Hope the above helps..