MABS

lightpipe

Hi all, wonder if someone here can help me with this. My wife ran up massive debts on credit cards & bank loans in the 'boom' years, amounting to over 100,000 with the interest. She was struggling to survive with all the payments, & finally consulted MABS who set up deals for her where she's now only paying minimal payments to all her creditors. The problem is she's very vague about the situation & refuses to answer any questions about it. My understanding is that any money she receives outside her wages has to go to her creditors, can anyone confirm this? If this is the case, I have life insurance through my work & would it be wise to name someone else as the beneficiary? Also, I have some money in a long term high interest account, should I make a will, & again make someone else the beneficiary? n.b. we have no children. Thanks in advance for your help

ytpe2r5bxkn0c1

Why, if married,would you not want any funds you have to go towards clearing your wife's debts? It seems odd to me on first reading.

Oryx

You need proper legal advice.

ElNino

You both should talk to a Personal Insolvency Practicioner. The official list is here

http://www.isi.gov.ie/en/ISI/webPIParea?OpenView&Count=-1

Grab All Association

You reckon she is going try kill him?

lightpipe

Warren Nutritious Flagpole wrote: »

Why, if married,would you not want any funds you have to go towards clearing your wife's debts? It seems odd to me on first reading.

i understand your logic there, but she embarked on this odyssey of spending without my knowledge, despite being asked numerous times she is unable to explain where the money went, (I suspect some of it may have been used to buy drugs). If my asssumptions are correct and any cash she gets goes to her creditors, that means I'm working all my life to give any money I have to the banks to service a debt that I'm unconnected with.

Oryx

You are connected with it, which is why you need legal advice.

ytpe2r5bxkn0c1

Agreed. You need legal advice rather than consumer advice.

lightpipe

I'm actually very scared, if, god forbid, she dies,does the life insurance linked tothe mortgage go to her creditors? You're right, solicitors tomorrow, thanks for the advice everyone.

dudara

Closing this thread as we cannot give legal advice here

dudara