confused by credit card debt

[caneedhelp]

What is the name of your state (only U.S. law)? CA
I have a property settlement offer that says I would be resposible for half of the credit card balance (I understand that...makes sense) but I am also being charged with half the payments he has made since the seperation--Is this correct?

 

[JETX]

What is the name of your state (only U.S. law)? CA
I have a property settlement offer that says I would be resposible for half of the credit card balance (I understand that...makes sense) but I am also being charged with half the payments he has made since the seperation--Is this correct?

No one can answer without actually reviewing the specific terms of the settlement. What did your attorney (who should be familiar with the agreement) say when you asked him/her??

 

[LdiJ]

What is the name of your state (only U.S. law)? CA
I have a property settlement offer that says I would be resposible for half of the credit card balance (I understand that...makes sense) but I am also being charged with half the payments he has made since the seperation--Is this correct?

That's a little odd. Normally you would be responsible for 1/2 of the credit card debt that existed at the time of separation. So that any continued use of the cards by him afterwards, or any payments made by him afterwards, would be irrelevant. So, if he paid down the cards some since then, it wouldn't matter, because you would still be responsible for 1/2 of the balance as of the date of separation.

 

[mistoffolees]

That's a little odd. Normally you would be responsible for 1/2 of the credit card debt that existed at the time of separation. So that any continued use of the cards by him afterwards, or any payments made by him afterwards, would be irrelevant. So, if he paid down the cards some since then, it wouldn't matter, because you would still be responsible for 1/2 of the balance as of the date of separation.

Which seems to be what OP said.

At the time of the separation, the debt was $X. STBX continued to make payments, so the current debt is lower. OP is going to be responsible for CURRENT debt plus 1/2 of the payments since the separation - which amounts to the same thing as 1/2 of the original debt (if no additional charges were made in the interim).

 

[LdiJ]

Which seems to be what OP said.

At the time of the separation, the debt was $X. STBX continued to make payments, so the current debt is lower. OP is going to be responsible for CURRENT debt plus 1/2 of the payments since the separation - which amounts to the same thing as 1/2 of the original debt (if no additional charges were made in the interim).

Its still an odd way to put it together. If he continued to use the cards it would be a much more convoluted calculation.

 

[caneedhelp]

It seems he made "minimum"payments and he's out of pockets for the interest payments since May of 2006. I cannot check with my attorney, I could not guarantee the 10K he said it would cost to finish this 3.5 year case. I really want this over, its been a long battle.

 

[mistoffolees]

It seems he made "minimum"payments and he's out of pockets for the interest payments since May of 2006. I cannot check with my attorney, I could not guarantee the 10K he said it would cost to finish this 3.5 year case. I really want this over, its been a long battle.

Minimum payments are not all that much (they're increasing now, but they used to be quite small). Even given a couple of years, your 1/2 of the minimum payments is probably less than you'd spend fighting over it.

 

[caneedhelp]

probably true....total credit card balance was 16,500.00 and they are claiming he has paid 7425.00 of which I owe half.

 

[mistoffolees]

probably true....total credit card balance was 16,500.00 and they are claiming he has paid 7425.00 of which I owe half.

That sounds like he paid more than minimum payments and the current balance would be lower than the starting balance (assuming that no one made any new charges) and you're fighting over even less than 1/2 of the $7425.

 

[caneedhelp]

Actually they are claiming that I owe half the orginal amount AND half of the payments he's made. Instead of owing 8250.00 they are claiming I owe 11962.00. Thats the part I'm having trouble wrapping my brain around.

 

[Some Random Guy]

Actually they are claiming that I owe half the orginal amount AND half of the payments he's made. Instead of owing 8250.00 they are claiming I owe 11962.00. Thats the part I'm having trouble wrapping my brain around.

And that's why you need your lawyer to look at their proposed settlement, realize they are trying to shaft you and write a counter proposal that would be more acceptable.

 

[mistoffolees]

Actually they are claiming that I owe half the orginal amount AND half of the payments he's made. Instead of owing 8250.00 they are claiming I owe 11962.00. Thats the part I'm having trouble wrapping my brain around.

You really shouldn't be doing this on your own. Find the money for an attorney.

There is a scenario where what they are asking for is plausible. You stated that he was making only minimum payments (it would have to be a fairly high interest rate, but I guess it's possible). If he's making minimum payments, most of what he's paying would be interest with very little reduction in principal.

What is the current balance on the credit cards? Has anyone used them since the separation?

The credit card debt is marital debt. If he's paying the interest in marital debt from his own separate assets, then it's not unreasonable to expect you to cough up your half.

 

[caneedhelp]

I wish I could afford an attorney. This case has been dragging on since 2006 (nope not a typo) and when I could not assure my attorney that I would have 10K to cover his costs thru the October trial date we had to part ways. Thanks for your help. I don't mind paying half ...thats fair. This just needs to end.