My 60 year old mum owes 14k on credit - Help pls

mumsgirl

Hi all, been visiting this site for a few months and have learnt so much about money saving and paying back our debt which Im getting pretty good at, thank you all

Because of all of you my thoughts turned to my mum, she is just about to turn 60 years old and owes 14k to Capital 1 credit card. They just kept upping the limit from 4k 5 years ago to the current 14k. This is a clear case of irrespinsible lending, my poor mum has taken on extra weekend shifts cleaning in a nursing home to pay the £280 monthly replayments, which isnt much really but its obvious this is never going to get paid What can I do about this? can I get the interest frozen? can I get it partially written off? her husband does work earning 15k per annum she is earning prob £7k per annum and they still have a mortgage. No other debt but this credit card.

Would appreciate your thoughts, help and guidance on this one everyone. Many thanks

mr.broderick

mumsgirl wrote: »

Hi all, been visiting this site for a few months and have learnt so much about money saving and paying back our debt which Im getting pretty good at, thank you all

Because of all of you my thoughts turned to my mum, she is just about to turn 60 years old and owes 14k to Capital 1 credit card. They just kept upping the limit from 4k 5 years ago to the current 14k. This is a clear case of irrespinsible lending, my poor mum has taken on extra weekend shifts cleaning in a nursing home to pay the £280 monthly replayments, which isnt much really but its obvious this is never going to get paid What can I do about this? can I get the interest frozen? can I get it partially written off? her husband does work earning 15k per annum she is earning prob £7k per annum and they still have a mortgage. No other debt but this credit card.

Would appreciate your thoughts, help and guidance on this one everyone. Many thanks

Guess it would be difficult for her to pay this back, could she transfer to a 0% card?

Dan:_4

Broderick's right - see if she could transfer it to a 0% card. Virgin are currently doing a 15 month 0% BT I believe.

Might want to post this on the debt-free board also.

lostinrates

I doubt this is the most helpful board here for you. Maybe DFW board might be more helpful?

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

try link above link.

mumsgirl

she would need to spread it over 3 cards and they wont give her the credit now !

StevieJ

You are lucky, you have some nice kind posters looking after you rather than the usual riff-raff

GDB2222

Does she have equity in the house? Whose name is the house in? Is bankruptcy an option?

lostinrates

StevieJ wrote: »

You are lucky, you have some nice kind posters looking after you rather than the usual riff-raff

Then stevie came in!;)

Honestly OP, catch us on a bad day here and we're fairly unsympathetic towards this kind of debt, as a group, and that's not really helpful to you right now.:o

treliac

Sorry this isn't much help, but she'll have the company of lots and lots of others in the same position.

As well as the Debt Free board, you may want to look at the Credit Card and Loans boards as well.

fc123

mumsgirl wrote: »

Hi all, been visiting this site for a few months and have learnt so much about money saving and paying back our debt which Im getting pretty good at, thank you all

Because of all of you my thoughts turned to my mum, she is just about to turn 60 years old and owes 14k to Capital 1 credit card. They just kept upping the limit from 4k 5 years ago to the current 14k. This is a clear case of irrespinsible lending, my poor mum has taken on extra weekend shifts cleaning in a nursing home to pay the £280 monthly replayments, which isnt much really but its obvious this is never going to get paid What can I do about this? can I get the interest frozen? can I get it partially written off? her husband does work earning 15k per annum she is earning prob £7k per annum and they still have a mortgage. No other debt but this credit card.

Would appreciate your thoughts, help and guidance on this one everyone. Many thanks

The DFW board is better for this sort of advice. http://forums.moneysavingexpert.com/forumdisplay.html?f=76

Post there and someone can give you up to date advice.

However, if you can't get the card onto 0% whilst she pays it down, you can ask them to freeze the interest...but, you have to miss 1 months payment and write a letter stating why you can longer service the interest payments on gthe card.
It can take time and we did this 4 years ago BUT MBNA played hardball. They push for secured consolidation loans if you are a homeowner with equity....but you just ignore them and refuse.

I don't know if things have changed nowadays....4 years was a lifetime ago it seems.;)
cccs are a charity and they can help negotiate also Citizens Advice Centre.

Hope you get it sorted.

Clare

mumsgirl

Hi all, been visiting this site for a few months and have learnt so much about money saving and paying back our debt which Im getting pretty good at, thank you all

Because of all of you my thoughts turned to my mum, she is just about to turn 60 years old and owes 14k to Capital 1 credit card. They just kept upping the limit from 4k 5 years ago to the current 14k. This is a clear case of irrespinsible lending, my poor mum has taken on extra weekend shifts cleaning in a nursing home to pay the £280 monthly replayments, which isnt much really but its obvious this is never going to get paid What can I do about this? can I get the interest frozen? can I get it partially written off? her husband does work earning 15k per annum she is earning prob £7k per annum and they still have a mortgage. No other debt but this credit card.

Would appreciate your thoughts, help and guidance on this one everyone. Many thanks