grandparents credit cards/debts

sparklefrog

I think as part of an IVA that if there is equity in the house this has to be released to pay all or part of the debt off.

In your current situation I would honestly be looking at stopping payments and allowing a default situation to occur and institute a debt management plan. It will screw your grandparents credit references over, but lets be honest here, that may actually be a good thing as they dont look like they can afford or should be taking on more credit.
payplan or cccs can help.

This would hopefully mean a reduction or freezing of interest on the cards and a lower monthly payment amount.as it is calculated on their incomings/outgoings and remaining disposable income.

Once this is in place with lower payments there is absolutely nothing stopping you from 'gifting' them a monthly amount to overpay and reduce the balance as much as you can while the interest rate is lower or frozen.

You are currently paying now, at least this way more of your money would be going to reduce the capital owed.

blitzboy

omega015 wrote: »

Would they be considered for a interest free balance transfer? would banks stop the interest?

Highly unlikely that they would. You might though, depending on your credit history. Of course the debt would then belong to you instead of them, but as you are paying it anyway....

Hooloovoo

omega015 wrote: »

Unfortunately my parents are not great with money

Sounds like it runs in the family. How come it's taken you five years and £30k worth of payments before thinking about doing something about the problem? :eek:

somethingcorporate

Yep, you've spent £30k on avoiding dealing with the situation.

I'd pass this problem back to them, given they are your grandparents they are old enough to be dealing with this by themselves.

7roland8

Shame you have had some harsh comments here as I think what you have done and are trying to do shows great credit to you for trying to help out your grandparents.
However I think the time has coe now that you do need to concentrate on your own savings and home-making. Not being harsh but I would not want my children or grandchilden to get into debt to clear my cards,
You are there to support them whic s great but the sooner this si sorted it will be better for all your sakes - I hope they appreciate what you have done for them.

Hooloovoo

7roland8 wrote: »

However I think the time has coe now that you do need to concentrate on your own savings and home-making.

The road to Hell is paved with good intentions ...

They'd be thirty grand up now (house deposit?) if they had taken positive action five years ago rather than just blindly paying out the minimum month after month.

I mean it's not like £500 a month is something you just "give away" without noticing! Well, most people anyway.

I think some of the harsh comments are justified. Come on, they didn't even bother to check how much of a dent their hefty payments were making in the debt until now!

duchesspink1

hooloovoo, why do you feel the need to be so patronising and rude to the OP?

he's not asking you for any money etc so either be pleasant and offer support and advice or sit on your hands.

No-one comes here to be judged by the likes of you, if someone has a problem, then its help rather than rudeness that they are coming here for.

You are looking like a complete idiot in your posts.

Hooloovoo

duchesspink1 wrote: »

hooloovoo, why do you feel the need to be so patronising and rude to the OP?

I don't believe I have. Just because you may consider it so, doesn't make it true.

he's not asking you for any money etc so either be pleasant and offer support and advice or sit on your hands.

I have offered advice, in case you didn't notice that bit.

No-one comes here to be judged by the likes of you, if someone has a problem, then its help rather than rudeness that they are coming here for.

Sadly, there is no guarantee when posting on public forum that you will get replies you like or agree with. Arguably it's the replies that are not liked that contain the most needed advice.

You are looking like a complete idiot in your posts.

Thanks for your comments.

Having been thanked 183 times over 118 posts I have made here I consider would suggest that most people don't believe me to be a complete idiot.