Financial Information
Does my husband have to be involved in a debt-relief program if the debt is not in his name?
Question : Does my husband have to be involved in a debt-relief program if the debt is not in his name?
I have my own credit cards, etc. and have realized I need to change my spending habits so I am going to see about credit counseling. But the problem is that if my husband finds out how much I owe, THERE WILL BE A DIVORCE. I need help in solving this problem.
debt relief counseling
Best answer:
Answer by MumboVonJumbo
no
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#2 written by Studly 1 year ago
My advice:
Do not hide this from your husband. Eventually he will find out, and then what will you do. It would be much better if you sit down, explain that you now understand that you have made mistakes and need his help and guidance to straighten out your finances. (They are his financial problems also. You are in denial)
If he loves you then you will do just fine.
I do not like credit counseling/repair agencies. I believe that with a little education, you can repair your own credit and get your finances back in order. Much of the work credit counsolers do, you can handle yourself. It only takes some common sense.
With your husbands help, understanding and guidance, you can get through this. Give that a try first.
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I would avoid credit counseling/debt relief programs. When you go into those programs there are two problems:
1) You will be paying a fee for their service monthly. That MAY be offset by the supposed lowering of your interest rates. It will take many months possibly to years to complete the program. And then when you have paid off your cards you stand the chance that the creditors will just close your accounts and report them as “closed by credit grantor” which is very negative.
2) The accounts that get placed in credit counseling will be notated on your credit files which will be negative. Also if you go into credit counseling and and you apply for financing for any major items you will most likely not be approved.
A better solution is to negotiate directly which each creditor.
Your question is too vague i.e., are your cards maxed out, late payments, collections, charge offs, etc.
Depending on the status will depend on the strategy you use.
As far as talking with your husband that is something you will have to decide. But if you start getting collection calls/letters I assume he might become suspicious.
If you haven’t already done so check out your 3 credit reports (your husband’s too) at http://www.annualcreditreport.com. It’s free once a year and doesn’t hurt your FICO credit score.
Review your credit reports for accuracy. You have the right to dispute any item that you believe is inaccurate and unverifiable. The investigation takes about 30 days.
The best site to learn about credit & credit scoring is http://www.myfico.com
Good Luck