I've done it - SOA Help Required

Gemmzie

Okay, first step anyone?

I was thinking get credit reports for both of my parent's to see what position that is in.
Then send letters for statements for bank charges to NatWest.

Can anyone give me a hand with some links to the above? So stressed that I can't think

CLAPTON

credit agencies are

http://www.experian.co.uk/consumer/index.html

https://www.econsumer.equifax.co.uk/consumer/uk/sitepage.ehtml?forward=gb_elearning_credit14

http://www.callcredit.plc.uk/corporate_scripts/consumer_creditreport.asp

CLAPTON

not being judgemental but the debts look like 50,000 unsecured and 29,000 secured......where has the money all gone?

e.g. does the business actually make real money or is your father simply taking 2,000 a month from loans? or does the family have lots of expensive cars / holidays etc.

i ask because to really consider a DMP or an IVA you will need to understand your real spending ...at the moment there's nothing in the SoA that really says you're spending at the rate of 29,000 in 15 month more than income.

what is the house worth and how much is the mortgage?

Gemmzie

I have absolutely no idea, we cannot even see where this money has gone. This is what's really winding me up.

No expensive cars, I've had two holidays in my life so maybe £2k is holidays if that.

And just to make it worse, this has been consolidated every other year since, well I don't know, my guess 1994.

House is worth around £250k and the mortgage is £120k

Gemmzie

Is it worth moving some of Dad's cards onto Mum's 0% cards for six months to battle them down a bit? Or better to leave on Dad's incase just he goes down the bankrupt route?

Gemmzie

Mum has available... MBNA £3400 at 0% for six months and HSBC £4500 at 3.9% for six months

I think it's delaying the inevitable but does trying look worse or better if we go down the IVA / Bankruptcy route?

Mum_on_a_mission_2

Gemmzie,

hugs to you for trying to sort all this out - sorry I'm not the right person to advise you but I'm sure some-one can.

BUMP - hey guys - can we help here?

Moam

Gemmzie

Thanks moam

Little update...
I have both parents credit reports from Equifax and Experian - no problems with mums and two accounts with one and two 1's for dad.
So by some miracle everything has been paid up to date, up until now.


Dad is currently swallowing his pride and phoning all of the companies to ask for the removal of PPI and interest freezing while we tackle what is basically an IVA but administered by me.

We are going to give it six months and see how it goes. It should improve, as Mint, for example, have been charging £120 average and asking for £115 :eek:

beanielou

Gemmzie
well done on trying to help out.
Why dont you try Payplan/CCCS for further advice.
Its certainly a whole lot of debt.
Good luck!

I_was_a_fool

Good luck with this! It looks like a big chunk of this debt will be interest, especially if the consolidations have been top up loans then each one is likely to have involved an early repayment penalty.

In this situation as the balances get higher, less and less of the actual debt gets paid off the longer it goes on.

I would advise speak to cccs as well.