Debt After Divorce

Hi all,

I need some assistance on where I can turn here.

I’ve been divorced 2 years and I have three young children all under 12 that live with their mum. They live in the ex family home and is only afforded due to my earnings. Their mum has just started work so not able to take on the mortgage. The court agreed a 5 year plan whereby at 5 years the house is to be sold or she buys me out.(2025)

As part of the divorce I agreed to take on the family debt and currently this stands at £25k. It’s been a tough few months and I’m barely getting through the months. My children are growing and want to do more clubs, bdays, etc etc have all meant money is really tight.

I approached my ex wife with a view to either releasing equity (of which there is circa £200k) so I get rid of the debts allowing breathing room each monthly… she said no. I’ve asked if I can get a secured loan, which will lower my payments each month, again she said no.

I do not really have anywhere to turn here. I’ve told my ex wife that somethings got to give and she has said that if the kids clubs have to stop then so be it as she can not afford to take them on herself. I think this is awful when she is sat on the answer… the house.

Does anyone have any ideas?? I feel that my ex is being a bit selfish here and not thinking about the kids at all but herself.

I feel helpless and resigned to another 2 years of scraping by each month paying over the odds for debts whilst my kids suffer not doing clubs etc with their friends.

thanks in advance here!

How old are your kids?

You’ll be doing them a favour in the long tun teaching them the lesson that people have to live to their means and if you can’t afford something you can’t have it.

Why risk their home by moving unsecured debt to being secured on the house?

If you’re really struggling have you spoken to the unsecured lenders to try to find a solution?

Hi,

They are 5,9,11.

I can get a unsecured loan that is worthwhile getting. The whole point is to reduce the monthly payments and the secured loan does exactly that.

I know it’s a “risk” of sorts but the repayments can be made and I’m just about to move up in my job so feel that is secure also. It would only be until 2025 when the divorce agreement stipulates that the house must be sold of I am bought out (which is when the loan will be paid from my share of course.)