is getting in touch with credit card worth it

jwoods_2

My son has got himeslf in debt.Lot's of around £17.000


Is it worth getting in touch with the credit card comapny to ask if they will settle at a lower amount?
I don't want him to do a IVA or go bankrupt but he is in a financial mess.
Can you give me some advice, please !!

J woods

Me_Myself_2

Most CCs won't aeccpet a lower amount unless the account has been defaulted. This mark would then stay on his credit ref file for 6 years and the banks would still have to be paid. Some may accept a lower offer, but not all.

Bloke_with_a_simple_life

Hello there JWood

Just some advice...

If you are looking to speak to the credit card firm on your son's behalf (e.g. he does not have the confidence or is too embarrased etc), I think your son would have to phone them up first and give you authority to do that - what ever happen's don't let you be set-up as an joint holder or authorised user of the account. You only want to assist in managing the balance of the account.

Once this is done, you will be able to speak to the company directly and from here find out with them what can and cannot be done. Have him listen in on the extension - do not leave him out!

Once this is worked out, I would recommend getting an appointment with both you and him with the Citizens Advice Bureau for some guidance It will be up to him to decide what to do next. As a parent you can only guide him/shout at him/get angry/give advice/help (all at the same time, naturally!).

There comes a time (and it may be soon) when you bite your tongue and keep your lips tightly (at the same time once more!) and ley him decide. But you can understand the options he has - and give him the opportunity to make the best decision from these options, and follow that decision with your support.

Good luck!

moozie_2

Hi there

I am sorry to see your son has got himself in a mess. I hope he appreciates your help.

The above posters offered some good advice. Just wondered if he has now cut up the cards and not adding more debt to his name by using them?

Best wishes

southernscouser

Does your son understand the problem he is in?

If so this is really something he should take charge of himself. OF course be there for him to offer your advice, opinions and support but don't do it all for him. He has to learn from his own mistakes and the harder it is for him the more he will learn!

I'm not having a pop, just talking from experience.

Is he aware of this site? Perhaps he could post a SOA for us to have a look at!

jwoods_2

I just asked for advice. I didn't say I was going to phone the credit card company myself. He will be doing all the calling. I just wanted to know if anyone has been through this and knows what to do.
Thanks.....J Woods

Broken_hearted

You could ask the to freeze the interest and accept lower monthly payments. That should depending on which bank it is give you up to six months to sort things out.