Parents' with child's debts in their name. Help please.

vimpey

When we allowed our credit card to be used to help out with a money saving balance transfer to 0% plan, everything relationship wise between our daughter and us was fine. In fact better then fine we were very close. So to help financial difficulties was done without a hesitation. The amount was quite a lot £4000 or more. We balanced transfered from her card to ours and for nearly eighteen months have been paying £100 a month which is now £26 over the minimum.She split with her partner about six months ago and has struggled to pay the £100 without receiveing any help from ex even though some of it was his debt but not in his name of course. But her other debts were mounting and her now boyfriend advised to take the CCCS offer to sort them out at minimum payments. (we don't get on well with new boyfriend and relations with daughter has dwindled to as low as just off bad!) but now the CCCS say that she can not pay us the usual amount as the other credit card companies will not like it and so she can only pay us £40 a month even though the minimum is £74. My question is do I approach card company (LLoydstsb to ask for better rate explaining the situation (they have just sent me 0% cheques and I'm tempted to use them to pay it off) or balance transfer to another card or what? I could pay it off myself out of early retirement money but I rely on the little interest from our capital to help pay for my grandaughter's after school activities and living expenses as they live in our house. I'm usually very quick to see the best route through the maze of credit cards etc. but my judgement is clouded at the moment because of my emotional upset with my daughter and I need an outside view point please. Thanks. BTW don't tell me how stupid we were cos I am aware of that but parents don't ever imagine this sort of mess to happen.

jonesMUFCforever

First of all you can't use a credit card cheque from LTSB to pay a LTSB card.
You already know that this debt is your debt now.
If your credit history apply for a new card to balance transfer if you can afford to make the repayments.

If you would find this difficult the only other option I can think of is to approach your bank for a loan over a long repayment period. You probably will not get the best rate doing this if you borrow less than £5k.

Let us know if we can help further.

McKneff

We wouldnt dream of calling you stupid. I have a son and daughter and would do exactly the same for them. Its a case of trust and its as simple as that. Circumstances have let you all down. I dont suppose your daughter is happy with the situation either and will probably feel guilty also. Outside influences are something none of us can control unfortunateley

YorkshireBoy

The important thing is to minimise the cost, irrespective of who's paying for it.

Personally I'd tart it around various 0% cards until repaid.

If you prefer something more 'permanent', then consider a LOB card.