Boyfriends credit card debt

flutterby_lil

Hello

My boyfriend has about 20k worth of debt on two credit cards. He doesn't use these anymore, one company has terminated the contract.

The interest he was paying is crazy and he has stopped paying them completely now as he can't afford them. Hasn't paid for about 6 months so as you can guess the interest and charges are mounting up.

What is the best way to go about sorting this out. Should he write to them offering a token payment and ask them to freeze interest?

All help appreciated.

Thanks

JA1000

I would leave the boyfriend because if he can't manage this then he is a liability, sticking his head is the sand is the worst possible scenario. The fact that you are having to pick up his mess shows already you are carrying him and his credit score is now wrecked for many years to come, if you take this relationship further then you will be linked in with this bad debt.

However, you leaving him is probably the last think on your mind and fair play to you for trying to sort it out, he needs to contact them now and ask what it is they can help him with, they will NOT talk to you. Yes the conversations will be un pleasant because he has defaulted but he will have to get over that because he has put himself in this position. Open up conversations NOW. If he refuses to do this then it will get a hell of a lot worse.

They are likely to freeze the interest and arrange a repayment plan, if he defaults on this then it will get more serious. Always remember that he's had the good times spending on the cards now is the time to pay for it and get sensible about doing it.

Good luck and well done for doing something about it.

chattychappy

Good advice.

If he's nervous/shy about dealing with this, push him into a CAB or to a debt advice charity (a proper one). You can wait outside if necessary! Perhaps he'll find it easier when he realises others get into the same mess.

Fruit_and_Nut_Case

Has anyone tried DEBTREMEDY from CCCS? Looks like it might be a good starting point and it's anonymous so the BF won't have to give any personal details.

creditisbadnews

flutterby_lil wrote: »

Hello

My boyfriend has about 20k worth of debt on two credit cards. He doesn't use these anymore, one company has terminated the contract.

The interest he was paying is crazy and he has stopped paying them completely now as he can't afford them. Hasn't paid for about 6 months so as you can guess the interest and charges are mounting up.

What is the best way to go about sorting this out. Should he write to them offering a token payment and ask them to freeze interest?

All help appreciated.

Thanks

Seriously tell him to go bankrupt,my mate has just gone bankrupt for 13k and in 6 years time is credit rating will be unaffected.

arthur_daley_2

Your boyfriend needs to send his income and expenditure list to the credit card companies and make a token payment offer of what he can afford.Some token offers can be as little as £1 a month.The credit card company will prob refuse to accept this but make the regular payments anyway. As long as you do this you are making an effort to repay them.They will eventually accept this and freeze the intrest.This wiil affect his borrowing in the future.The creditors will continue to call you every 3 0r 6 months to see if his income or expenditure has changed.Just set up a standing order from your bank account to pay the token payments monthly.

creditisbadnews

arthur_daley wrote: »

Your boyfriend needs to send his income and expenditure list to the credit card companies and make a token payment offer of what he can afford.Some token offers can be as little as £1 a month.The credit card company will prob refuse to accept this but make the regular payments anyway. As long as you do this you are making an effort to repay them.They will eventually accept this and freeze the intrest.This wiil affect his borrowing in the future.The creditors will continue to call you every 3 0r 6 months to see if his income or expenditure has changed.Just set up a standing order from your bank account to pay the token payments monthly.

And if your BF do decide to take this option he will be in debt to his creditors for the rest of his life.

arthur_daley_2

creditisbadnews wrote: »

And if your BF do decide to take this option he will be in debt to his creditors for the rest of his life.

Unless the creditors decide to write off your debt as some have done.

creditisbadnews

arthur_daley wrote: »

Unless the creditors decide to write off your debt as some have done.

Which 99% unlikely, unless no contact is made and then become statue barred.

ironlady2022

creditisbadnews wrote: »

Seriously tell him to go bankrupt,my mate has just gone bankrupt for 13k and in 6 years time is credit rating will be unaffected.

Going bankrupt should be the LAST OPTION. This is really bad advice, no wonder the country is in a total state. Who picks up the bill if the debt is wiped? You and me of course! It all swings in roundabouts. If all people went bankrupt rather than trying to sort it out, then companies would have to write off mountains of bad debt, thus things will get more expensive and again hitting us consumers.

bouncydog1

Suggest you sit down with your bf and do a full statement of affairs so he can see where his money is going. You haven't said how old he is but £20k of debt just run up is a lot of money.

Once you have done the SOA (use the link on the debt free board) post it up so others can assist. If he has spent the £20k on having a good time then he is about to come down to earth with a bang as this money should be paid back. Unless he sorts himself out urgently he is on the start of the slippery slope of debt which is hard to get out of.

It is one thing if people get into debt through job loss or illness meaning they can't work - there is help available. He needs to work out why he has spent this money and address the underlying reason. By the way, don't lend him any money or take on his debt yourself no matter how much you care for him, as you will be dragged down with him.