any advice please??

moomin13

Hi all, could anyone help me on my credit card problems? I helped out my brother in law to build his house using my 'excellent' credit rating to the tune of £30k..cutting a long story short-the house did not sell, I am paying the debt-had bad accident and am now disabled-still paying debt-house not sold-now hes done a bunk and the house may be repossesed meaning I will not get anything back!!!!I am making payments but its killing me!!I do not want to go 'bankrupt' or if at all possible-dont want to lose my credit rating! but I am only paying off the interest!!!!Is there any help I could get please???? I know, stupid idiot me!!!

kristofferson67

Whose the card with?

moomin13

Hi, its with TSB, I did the jugling thing, 0% etc until it all ran out!! I worry as my mortgage is with C&G and dont want to ring any alarms! Is there any light? thanks.

lynzpower

Unfortunately Moomin, as the credit card debt is in your name, you are the one legally expected to pay this and indeed contracted to. Im certain thats not what you want to hear.

I would first of all call the CC co and explain to them what has happened and ask them if there is any chance of them reducing your interest. You wont lose your credit rating until you start defaulting so dont worry too mcuh about that.

Is there ANY chance that your brother can be found? Is the property still on the market? or is it past that stage now?

moomin13

Hi, the property is not on the market now, we have had a phone call from the brother in law briefly saying sorry, do with it what you want! The letters are coming in with threats to pay, to sell to a housebuyer would pay off the existing mortgage only-none left for me!!Lose lose eh! ?

lynzpower

Moomin,

I knwo this is going to sound a bit mean, but is there any furniture or effects in the property you can sell? Sofas? A tv? and put the money to the credit card. I know itds mercenary in a way, but you have to look after yourself where you can.

Poor brother, he must be having a terrible time. Doesnt help yiou though does it

Where is he living? Or where are YOU living? Is it possible that you could rent the house out??? Or live in it yourselves and save rent & bills elsewhere?

lynzpower

why is property No longer on the market?

mrposhman

renting would be a good idea if possible but it depends in what area of the country you live.

More people cannot get on the housing market so continue on the rental market, its worth a try. If theres no furniture you can rent it with no furniture but it will need things like ovens etc.