Paying off loan for struggling couple

hairyclarey

Hi,

I am after some advise to help my parents out of their money problems.
They are both 53 and have borrowings of up to 20000 (will find out exact figure when we have a big chat this weekend). This includes a £5000 overdraft on their current accounts and a bank loan.

My father is currently out of work due to ill health and is on incapacity benefit, my mum works full time. They have paid off their mortgage.

What would be the best way to reduce their monthly outgoings? Re-mortgage the house? Another bank loan? They aren't old enough to look at equity release but this could be looked at when they reach 55.

Any advise would be appreciated.

Thanks.

CLAPTON

one needs more financial details before giving any advice.

whats caused these debts
have they already addressed the spending habits that caused the debts
whats their income
what will their income be when they retire and when will this be
whats their spending each month
how much have they available each month to pay off the debts?

what are the full debt details, amount, APR minimum monthly payments