Help and Support Needed

Clare1985

I need some advice, my mum and dad have debts of £27,000 with different credit cards etc. My mum and dad are not earning enough money to pay the debt off each month. Once all the other bills etc are taken out she is left with about £27.00 a month to pay to the creditors when realistically she needs over £700 a month to pay creditors.

My mum gets really down in the dumps over this, she has always been the one to sort the bills out as my dad can't read or write. Its now got to the point where she cant pay some of the bills. I rang and spoke to a company that offer IVAS and they are going to send us some forms out etc. I had to speak to them as my mum gets really upset over the whole situation. They recommended that my sister who lives at home shes 20 should be paying my mum some board. They said if she pays mum board they would look at doing an IVA or a debt management plan.

Im trying to support my mum as much as I can, Im only 23 and I dont understand too much about IVAS etc. I have read the guide which was a big help. I just want to help my mum out, but im so worried about the whole situation. I currently live with my partner so I also have my own problems to worry about also. But at the end of day shes my mum and I want to help her.

My dad doesn't work either. He had to give it up due to having a heart attack! After that my mum couldn't pay the mortgage so she sold her house to rent it back. Its such a difficult situation.But I keep hoping that there will be light at the end of the tunnel for her.

If anyone has any advice or tips it would be most appreciated.

anniecave

be careful of IVA and debt management companies who are just out to make money..

have you done a proper statement of affairs with your mum/dad?

what does your sister do? If she has a source of income, then yes she I would have thought she should be paying something!

would your parents consider bankruptcy?

does your mum work? could she work? (not sure how close she is to retirement age anyway?)

Clare1985

why sister is due to start a full time job at a care home soon.

My mum works part time, she is 50 this year. My dad is 65 next year i think?

RAS

Clare

Please talk to one of the debt charities listed here http://www.moneysavingexpert.com/loans/debt-help-plan#help

And please ask you parewnts to talk to CAB or Shelter about the house as they are probably on an AST and could be given a few months notice to quit anytime.

beefree

The best thing to do is speak to other companies....an dno it doesnt have to be a 'charity' company. You need someone on the other end of the phone who you can trust and rely on. You will only know this after speaking to different people. If they can only afford £27 surely bankruptcy is something they should look into before looking at an IVA? The payments on an IVA will be around £200 per month so you need to sit down as a family and see if this payment can be manintained for 5 years