Help!

room512

Apples2 wrote: »

Who else will be affected come the inheritance day if you squander the equity?

this post makes some depressing reading, especially reading you are not even attempting to pay the debt off

I am attempting to pay the debt off - that's offensive. If a loan was taken out then in 60 months it would be cleared. We pay £400 a month off the card each month (which is the most we can afford). H

Apples2

Why is. The old dear at the bottom of your list of priorities?

anyway, good luck in clearing it all up and ridding the old dear of this stressful burden .

room512

Apples2 wrote: »

Why is. The old dear at the bottom of your list of priorities?

anyway, good luck in clearing it all up and ridding the old dear of this stressful burden .

You know nothing about me and my situation. I came asking for help which is what I thought this site was for. The 'old dear' isn't stressed and wants to help us.

Emmzi

She is not going to get a loan, not without a robust income.

My best suggestion is talking to CCCS or payplan as you are in a bit of state, yes?

Or, and this may be most practical, if you know you are due something in her will - ask her to amend the will and write off your debt against your inheritance. Then just keep paying the interest.

Emmzi

room512 wrote: »

We have done a statement of earnings this weekend. We pay as much as we can.

Post it on the (more supportive) debt free wannabe board. Expect to be challenged!

Also ask them about the snowball calculator.

"As much as we can" does not sound like you have bottomed this yet.

Tixy

Is the £16k all on 1 card? And what APR is that on? Is the card from her main bank?

It would be very unlikely she will get a loan for that amount - given her age. Even a mortgage/secured loan is unlikely at over 70.

You might want to consider talking to one of the debt advice charities. If your credit files are already wrecked it might be time to consider other options perhaps a DMP?

You say you've done a statemet of affairs - might be worth posting up on the debt free wannabe section of the forum - to see if people can help you spot savings / things you might be able to get cheaper by switching suppliers /shopping around etc.

Edit - sorry crossposted Emmzi.

Emmzi

Tixy wrote: »

Edit - sorry crossposted Emmzi.

I think it is always useful to know if more than one person shares the same opinion

room512

Thank you - that's been helpful. I only wanted to know if she could get a loan !

Tixy

If the card is with her main bank there might be an small outside chance they'd consider converting it to a loan. If it is then it might just be worth exploring going in branch and discussing it with them or even discussing if they can improve the interest rate at all. Occasionally people manage to get a 1 or 2% deduction. Equally it can lead to them stopping further spending on the account - although presumably thats not an issue in this case.

Presumably you/she know to opt out of any interest rate hikes?

bouncydog1

Whilst it is very supportive of your MIL, does she realise that if she gets a loan secured on her home, there is a real chance that she would lose it if anything happened to your ability to repay?

Bottom line is that the credit card is her debt and she is responsible for it. In my experience even very savvy people in their 70's often get blinded by helping their families rather than understanding the full implications of the effects on them if anything happens to the person making the repayments.

Without being unduly harsh, I do agree with the other posters that you should post up a full statement of affairs on the DFW Board and see what help you can get.

You have no children, both of you have secure jobs, yet you appear to have many debts which most of your income is going on. I think that you really need to priororitise and get on top of things without resorting to further loans.

If it is all about keeping up appearances then who gives a stuff really - better to get shot of the new car and designer gear and phones and not worry about money IMO!

And finally, your MIL should not be given your money worries to deal with - unless you have given her the money previously, your debts are yours to deal with - you are adults not children -grow up and deal with it!