I separated from my wife about 2 years ago but didn’t realise the financial impact it was set to have on my future due to the level of debt in my name.
Almost all credit cards, loans, mortgage and other debts were in my name because my credit rating was far superior due to my well paying job.
The debt was always manageable because we had two wages coming into the house, albeit her income was from a part time job it certainly helped.
After years of fighting and unhappiness we decided to separate and I left the home despite it being in my name because my 7 year old daughter stayed there.
I found myself in around £45,000 of debt with a property which had no equity in it but I never even got to stay in any longer.
I asked my ex-wife to help pay some of the debt because she did benefit from it as well but she just said she couldn’t afford to because her low income.
How I Solved My Debt Problem
I spoke to a debt advice charity who advised me I was responsible for the debt although by law she would have to pay something if possible.
Unfortunately my solicitor advised me because she had no assets or money there is no way she would be able to pay anything to the debt.
This meant I was forced to enter an individual voluntary arrangement (iva) because the debt was far too large to repay the within just a few years.
I’m 1 year into the IVA and my ex wife has moved out the old property we had so I was able to move back in without affecting my daughter.
In hindsight I would have almost certainly not taken on so much debt in my own name or at least not had separated when the debt was so high.
[accordion title=”Story By” load=”hide”]Andrew Borland[/accordion]