married but separate accts

Date: Thu, 02/05/2009 - 08:55

Submitted by anonymous
on Thu, 02/05/2009 - 08:55

Posts: 202330 Credits: [Donate]

Total Replies: 1

I'm not really sue how to start handling our debt. We owe a total of 31K on cc, 26K on cars, and our mortgage. The cc debt is 21K in my name and 10K in husband's name. I do not work. Can I handle my debt separately from his and continue to pay his or try and negotiate a hardship payment plan on his? His income and credit is what we use for any loans, so I feel it's important to protect it as much as possible. I am on the house and 1 vehicle, however. My goal would be to try and settle my accounts on my own. Otherwise, we could try a dmp, but I'm not sure we have the income to qualify. Right now we pay 29.99% on most cards, we'll payoff at that rate. What do you suggest? Thanks for any advice.

If your husband is not a co-signer on your credit cards, he is i

If your husband is not a co-signer on your credit cards, he is in no way responsible for your debt and your debt will not show in his credit report. So you can start paying off his debt through debt management program if you want to improve his score first.

As far as your debts are concerned, you can call up the creditor and negotiate for a discount on the outstanding debt amount. Most of the creditors agree to 50 to 60% of the outstanding amount. If they agree to settle for less, get it in writing and pay it off. Although paying off the debt as agreed between you and the creditor will not affect your credit score, it will save you from judgment which the creditor might bring to recover the debt.

lrhall41

Submitted by jstn.credit on Tue, 03/03/2009 - 03:28

( Posts: 139 | Credits: )