74 years old and £22k credit card debt

itfgm

Hi,

My mates gran who is 74 years old and has built up a debt of £22k on unpaid credit cards over the last 3 or 4 years on about 5 or 6 credit cards. She isnt a homeowner and is on a normal government pension and has no savings. She cant afford to live and pay the minimum amount on all the credit cards.

What are her options?

Thanks

Kavanne

She can get in contact with the Citizens Advice Bureau or a debt charity like Consumer Credit Counselling Service which can provide her with advice. If you google them you can give her a telephone number

1984ReturnsForReal_2

Bankrupcy. Then she doesnt have to pay anything!

Innocent_Guy

itfgm wrote: »

Hi,

My mates gran who is 74 years old and has built up a debt of £22k on unpaid credit cards over the last 3 or 4 years on about 5 or 6 credit cards. She isnt a homeowner and is on a normal government pension and has no savings. She cant afford to live and pay the minimum amount on all the credit cards.

What are her options?

Thanks

See IVA details and also bancrupcy. At 74 she has nothing to loose as I assume she is not going to apply for a morgage or new current account anytime soon....

clou19750

Deffo bankdrupcy.... nothing to lose at all at that age x

Innocent_Guy

clou19750 wrote: »

Deffo bankdrupcy.... nothing to lose at all at that age x

I agree.........

ClaireLR

While I agree with the Bankruptcy/nothing to lose route, can I suggest that the OP or his/her friend find out a little about it first so as not to scare Gran? In my experience many older people think bankruptcy = prison, obviously not the case but don't scare her unnecessarily!

CCCS are a good option, also try posting on the bankruptcy board on here x

Paulgonnabedebtfree

itfgm wrote: »

Hi,

My mates gran who is 74 years old and has built up a debt of £22k on unpaid credit cards over the last 3 or 4 years on about 5 or 6 credit cards. She isnt a homeowner and is on a normal government pension and has no savings. She cant afford to live and pay the minimum amount on all the credit cards.

What are her options?

Thanks

Although others are saying to go BR, I have known CC companies to just write it off in these circumstances without going through all that. This was quite a few years back though so things may have changed in the current climate. The two pensioners I knew who got it written off had to do SOAs, produce recent bank statements and do it via CAB etc. Bear in mind it costs money to go BR and if someone has no money and no way of getting any then they might as well just write it off. Things may have changed if the banks are now being harsher with debtors.

udydudy

She's cool mate!!! right time to have a massive debt and no assets. Bankruptcy looks like the option to go for.

Ofcourse unless your gran lives longer than the banks. at the current economic scenario looks like the bank will go before her for sure!!.........

Hope she has a long debt free life after the bakruptcy!!!.

alfred64

These older people are becoming really irresponsible.
Should never have ended the debtor prisons.