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Whats the best way to blitz this debt?
masonj3
Posts: 202 Forumite
Hi, my uncle has a £1500 debt on a lloyds tsb credit card. He is 59, now unemployed and is struggling to manage on his JSA income.
He has had a full benefits check and in entitled to JSA only - he gets council tax paid for but still struggles.
The debt is severely worring him and we are trying to help. He does not want to stop paying and he is unable to obtain further credit nor have savings, nor do we.
Initially we thought maybe a short term loan but the rates are very high. The apr is 17.9% with minimium payments working out to £30ish per month.
The only think I can think of is clubbing together and paying say £100 off per month hopefully clearing it in around 18 months - any other suggestions / advice greatly appreciated xx
He has had a full benefits check and in entitled to JSA only - he gets council tax paid for but still struggles.
The debt is severely worring him and we are trying to help. He does not want to stop paying and he is unable to obtain further credit nor have savings, nor do we.
Initially we thought maybe a short term loan but the rates are very high. The apr is 17.9% with minimium payments working out to £30ish per month.
The only think I can think of is clubbing together and paying say £100 off per month hopefully clearing it in around 18 months - any other suggestions / advice greatly appreciated xx
0
Comments
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I would write to lloyds and let the know the situation and ask them if they can freeze any interest and if token payments can be made, while he gets back on his feet.
other than that ebaying or surveys to help raise a bit of cash??PAD Maker0
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