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80 yr old with £19,000 credit card debt - HELP!
Lee_UK_3
Posts: 2 Newbie
in Credit cards
I don't know if anyone can help/give advice...
My 80yr old mother-in-law has recently informed us that she's accumulated £19,000 on two high interest credit cards. I can't believe that card companies would allow a pensioner this level of credit, especially as she doesn't own her home.
She tried to apply for a 0% card with Virgin, but was refused - not sure if this was because of her age or the amount of credit she was looking for.
She is having great difficulty meeting the minimum payments (which are only reducing her debt by about £20), has had to borrow money from us to meet this month's payments and the shame and stress she feels is starting to affect her health.
Can anyone tell me what options might be available to get this debt to a manageable level?
Thank you!!!!
My 80yr old mother-in-law has recently informed us that she's accumulated £19,000 on two high interest credit cards. I can't believe that card companies would allow a pensioner this level of credit, especially as she doesn't own her home.
She tried to apply for a 0% card with Virgin, but was refused - not sure if this was because of her age or the amount of credit she was looking for.
She is having great difficulty meeting the minimum payments (which are only reducing her debt by about £20), has had to borrow money from us to meet this month's payments and the shame and stress she feels is starting to affect her health.
Can anyone tell me what options might be available to get this debt to a manageable level?
Thank you!!!!
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Debt managment planBank Accounts - Barlcays Premier[/B] - £1000 o/d, HSBC - £200 o/d- First Direct - £500
Credit Cards - Barclaycard £2000 - Silver Card £1300 - Flybe £7500 - HSBC £1000 - First Direct £2500 First Direct Gold £3000
6 credit accounts closed in 2010!
Official SOS Club number 001 - Dry until 01.07.100 -
I agree with the other posters about getting her on a debt management plan then taking those cards and cutting them in half. Any other options are not that pleasant so might as well start with that and see how it goes.For premium mortgages at discount prices we recommend UK Mortgage Specialists0
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Assuming she has nothing of great value to leave in her estate tell her not to worry.
If lenders are stupid enough to let an old age pensioner accumulate that level of debt without checking whether she can afford it - then they deserve to lose the lot when she dies.
If her estate does not have enough to pay off the debt it will be written off.0 -
jonesMUFCforever wrote: »Assuming she has nothing of great value to leave in her estate tell her not to worry.
If lenders are stupid enough to let an old age pensioner accumulate that level of debt without checking whether she can afford it - then they deserve to lose the lot when she dies.
If her estate does not have enough to pay off the debt it will be written off.
Agreed....unless she owns property and the debt is settled when estate gets sorted....in which case you can't get blood from a stone....
"I can't believe that card companies would allow a pensioner this level of credit"....neither can I and something just doesn't sound quite right...has she more than one card? is there anyone else on the CC a/cs i.e. another authorised card holder, what where her credit limits? Who applied for the cards in her name? How long has she held the cards? What did she spend £19k on? Has she received any default letters etc?
If you browse the forum, you'll find many posts from younger people, with good paying jobs, owning their own homes and not being given credit limits approaching 1 tenth of that.
Something literally doesn't add up here...which credit card companies were involved....you don't necessarily have to name ...but give us a clue....it may make it easier to substantiate/help with advice.
As regards shame and stress....she spent the money...remorse is great with hindsight...and as for you paying the debt...forget it.I'm now a retired teacher... hooray ...:j
Those who can do, those who can't, come to me for lessons:cool:0 -
She must pay back what she owes!!
Im sick of people spending 1000`s on credit cards and expecting to get away with it.
If the interest rate on her cards is less than 80% per annum I will be furious.
Good god I sound like some of the tw*ts that pollute this forum.
Its unsecured debt so her house is safe. I say b*llocks to them.0 -
mufc689908 wrote: »She must pay back what she owes!!
Im sick of people spending 1000`s on credit cards and expecting to get away with it.
If the interest rate on her cards is less than 80% per annum I will be furious.
Good god I sound like some of the tw*ts that pollute this forum.
Its unsecured debt so her house is safe. I say b*llocks to them.
I'm digressing, but, it's a pity your sign in names isn't mufc68990809.
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mufc689908 wrote: »How does mufc68990810 sound:cool:
Yes that sound brilliant, at the Bernabeu as well!!
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At 80 without her own home? I'd look at misselling and non payment..... not a lot they can do to her at her age...
2010 - year of the troll
Niddy - Over & Out :wave:
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