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

itsnever2lateisit?

Thanks for coming along fermi:j There is also a thread on the DFW board about this http://forums.moneysavingexpert.com/showthread.html?p=19690815&posted=1#post19690815

fermi

itsnever2lateisit? wrote: »

Thanks for coming along fermi:j There is also a thread on the DFW board about this http://forums.moneysavingexpert.com/showthread.html?p=19690815&posted=1#post19690815

Seen it thanks.

I thought I would post that on this thread, because everyone knows about the above backwards already on DFW.

Tis tough out there at the moment, but as Martin has said somewhere there isn't a debt problem that can't be sorted.

fermi

I'll repeat what I said in this post.....

Use the free advice services recommended here:

Link to Martin's article: Debt Problems: Where to start, what to do, where to get help

The fee charging ones act in their own interests/profit not yours.

misskool

Moved to DFW for best help and advice

fermi

misskool wrote: »

Moved to DFW for best help and advice

Now merged the two threads.

Anyone replying, please bear in mind that one of the two threads started off on House Prices, the Economy & Recession. So the replies may be a little mixed together and with a different emphasis.

Thanks.

RAS

Hi

This seems to have dropped down the pages a bit and need of attention..

mumsgirl wrote: »

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.

First thing is that cap1 tend to charge about 35% or more, so even if she pays off the minimum each month, she will never repay the debt.

Second one is that if the debt was taken out some years ago, there isa decent chance that the CCA does not exist. That would leave mum in a much safer situation because the debt would not be enfocreable through the courts.

Third thing is that the mortgage is priority.

So we start by sending the CCA request to find out the legal situation.

KimYeovil

The trouble with all the touchy-feely CCCS nonsense is that that will only extend the debt and maximise interest payments.

They earn £22K, the debt is only £14K. In five years they'll be expected to live on £9K. Non-pensioners are able to live on £5K per year. So after this basic allowance of £5K they have £17K to service their debts and housing. Pay it back.