Families Debt

doobey

Hello

My wife was recently put in a very difficult position by a family member in need of money and took 6k out of her credit cards to lend them for one month.

This was 6 or 7 months ago and all that has been paid is the minimum payment each month with no sign of the debt being cleared in full anytime soon.

My question is, is there anything we can do to get rid of the debt or at least off our heads without harming my wifes credit rating?

And I know, it was a stupid thing to do .

Any help or advise much appreciated. Im pretty much hoping for a miracle here

happyharry2007

Hi, I'm sure someone else will come along soon that knows more than me.

Did you sign a contract with the said family member?

I would guess that if you didnt there is not much you can do.

doobey

No contracts or agreements or anything, just "trust" lol.

Learnt a very valuable lesson from all this!

KingElvis

Short answer about her credit ratings, if she stops paying regardless of who owes what etc, her file will be trashed for at least six years.

I would get this "family member", sit them down and ask what the f*ck is going on, can't give you any better advice than that.

The only other thing is to pay it yourself or prepare for the worst.

doobey

Thanks Elvis, thats exactly what we are expecting to do