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Anthony S | My b/f has bad credit / unpaid debt, I have good credit, If i was 2 marry him, am I responsible for his debt? |
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♥DemonsAngel♥
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no, his debt is separate from yours. unless you two buy something jointly |
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ichyedad
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Beware! If your b/f has bad credit in the past, chances will have bad credit in the future. You would not personally be responsible for his past debts, but you may be for all future debts. Plus, if you have a joint account, any judgments or levies against him may be taken from that account, so be careful.
Find out why he has unpaid debts, and expect him to say it wasn't his fault. The trouble is, it probably was his fault and he is not showing character or integrity by not trying to take care of debts he owes. (Not paying back a debt is the same as stealing -- it's taking something from someone else). Think carefully before you consider marriage to a man of weak character or no integrity. You could be the next one taken advantage of. |
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Wise
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Forget whether you are responsible for his debt and instead take a look at why he has bad credit. Is he irresponsible? Have bad judgment? That is more important so you know whether you are going to have financial problems with this person in the future. |
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Goonhilda
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If you marry him, your credit history becomes joint. That means his bad credit history rubs off on your credit history.
You might not be responsible for his debt, unless you're on it, but if he defaults, it'll certainly be a black mark against your name too.
Before you marry, get his financial things in order. Make sure he repays the debts and starts building a good credit history. He can do this by always paying his bills on time, and also using a credit card regularly for a predictable expense (like fuel) and then repaying it immediately using internet banking or phone banking. It helps if he always puts an extra dollar on the payment, so his balance owing isn't zero, but is positive $1. That will really tell the lenders that he's a good repayer.
Work on this now. If you don't, and you later want to purchase a house together, his credit history will hamstring you. You will be declined by lenders, or will have to settle for a low doc loan, or a loan with higher interest and more fees, because you will be considered a greater risk of defaulting.
When you marry, you share everything, including credit histories.
In Australia, I believe this will soon apply to de facto relationships as well.
Best wishes |
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jackson
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It was debt incurred before marriage. If you purchase a house after that jointly yes they can go after you asset wise.
You will be fine. Just don't co mingle your accounts or assets. A joint account can be frozen. You have your account and he has his. If you have a joint one as well for convienience that is fine. Just don't keep a huge amount in it.
You will also want to look at car insurance and any insurance at all. Your name goes on first then you can add him.
He has to make some serious effort in order to work things out with who he owes. This will take a bit of time, effort and research on his part. |
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lostlilshedevil
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Anything previous to marriage is not included (debts, property), but if done during the marriage, then yes. |
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sunshinegirl
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Absolutely. Marriage comes with a lot of joint responsibilities. My husband still has some debts from his college years. Now we are married now. His debts are my debts now. We have to work together to pay them off. |
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lavaquerabesa
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Legally, no, not if the debt was incurred before you're married. Any debt incurred after marriage would be both of your responsibilities. Of course, one of the reasons why people get married is to share financial burdens, so if you marry him, it might help both of you if you to help pay down his debt. It will make joint expenses cheaper in the future (mortgages, car loans, etc.). |
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♥blondie♥
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Yes. I read on www.moneysavingexpert.com that if you have joint accounts, credit cards etc with someone then your credit ratings become linked.
Have a read on the website. It's really helpful x |
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kristin
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yes, but in this economy it is hard to have good credit. love means more than a credit score!!! |
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oh no!!!
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Yes....DO NOT UNDER ANY CIRCUMSTANCES marry him... Just tell him."when you get your credit straigtened out I may marry you."...Sorry, but this guy sounds like a sponge. I personally would let him go, by not returning his calls. HE WILL GET THE HINT. I have used another one that may work for you. "Oh,I meant to let you know, I went back with an old boyfriend"..Gotta go!!! (funny, but it does work and it did for me!!!) |
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