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Credit cards - unable to pay
ACG
Posts: 24,730 Forumite
in Credit cards
Hi,
I have a friend (honestly...its not me. I dont ever use mine) who has some credit cards (Personal) and a sole trader overdraft.
Due to the economy nosediving there is very little chance of these being able to be paid off. In total were looking at possibly 2 years income in total if not more being owed. Short of declaring herself bankrupt is there anything that can be done? The 2 Credit cards are with Halifax and Barclays and the bank account is RBS.
Ideally what she is looking for is the banks to agree to reduce the debt and be on a payment plan for a year or 2, or as the person involved is a relative (who i trust) i would be happy to make a lump some payment and clear it however i could only afford to clear 1/3rd. Would the banks accept this?
I know some people will say just offer and see where it gets you but if there is no chance then there is no point wasting my time and building peoples hopes up.
Cheers
I have a friend (honestly...its not me. I dont ever use mine) who has some credit cards (Personal) and a sole trader overdraft.
Due to the economy nosediving there is very little chance of these being able to be paid off. In total were looking at possibly 2 years income in total if not more being owed. Short of declaring herself bankrupt is there anything that can be done? The 2 Credit cards are with Halifax and Barclays and the bank account is RBS.
Ideally what she is looking for is the banks to agree to reduce the debt and be on a payment plan for a year or 2, or as the person involved is a relative (who i trust) i would be happy to make a lump some payment and clear it however i could only afford to clear 1/3rd. Would the banks accept this?
I know some people will say just offer and see where it gets you but if there is no chance then there is no point wasting my time and building peoples hopes up.
Cheers
I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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