Author Topic: My fiancée finances  (Read 757 times)


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My fiancée finances
« on: Jul 20, 2011, 01:01:40 PM »
Hi, hoping someone on here may be able to pass on some guidance.

I moved in with a girlfriend I originally dated at school. Been seeing each other for 3yrs and living together for two. We would like to get married and are currently looking at our financial position.

My partner took out a loan in 2006 which was organised through a friend under circumstances neither of us are altogether clear on. Bottom line is she only had £5k of an £9k loan and the debt has not yet been written off as was previously suggested. The debt has now risen to £11k as it has been passed from a debt recovery agency to a debt management firm. Despite paying £70 a month since 2006 none or very little of the loan has been paid off.

Naturally we would like to straighten this out if possible. My circumstances have recently changed, both of us are now on  low income and just getting by. What should I do, in some ways I feel as we are only just managing to get by we should simply carry on as we are.

If I speak to the people managing the debt, not knowing precisely what agreements have been made it could open up a can of worms. Maybe I should try and settle with the original loan firm and tell the other agencies where to go for selling my partner services she never used or care to take. My partner  just wants to forget about the loan or that it ever exists. She realises her stupidity and does not want further embarrassment through me getting involved.

Please help us, we would be grateful for advise.

James Falla

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Re: My fiancée finances
« Reply #1 on: Jul 20, 2011, 02:58:21 PM »
Hi there tracktim
If your partner has been paying £70/mth since 2006 there is no question that your partner is still responsible for the outstanding balance to this loan. If she had not being paying the loan, there might have been an arguement that it would become statute barred and therefore unenforceable after 6 years. However, the fact that she has been making payments will prevent this.
If your partner simply wants to draw a line under the debt and is on a low income and is not a home owner, she should perhaps consider a debt relief order. This is in effect a version of bankruptcy but designed for people with low incomes and debts of less than £15,000. It would mean that she would be debt free after 12 months.
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