Debt and Bank Accounts

andyfromotley

Hi Dormy,

they are very lucky to have you. However this is something they really need to sort out themselves, (with your support)

No recriminations about her secrecy or his lack of interest in the finances, they are where they are which is a FINANCIAL EMERGENCY. Time for them to step up as mature responsible adults and sort this mess out now with a guiding hand from mum. You have made it sound like the response has been, 'this is terrible, sort it out mum' Errr nope. they're not kids, and as Pixie points out they will never learn these lessons otherwise.

dormy

Thanks everyone for the advice.

I agree they need to sort it out themselves and I've probably misrepresented them both slightly (words don't always come out right do they?).

At the moment what my 'control' is, is making them aware of everything as both of them seem to have blinkers on somewhat. Sitting down (so far twice a week) to discuss things in general, plus budgets and how to save even more. This way I figure between them they can save a lump sum and offer a settlement one at a time - hopefully some creditors will agree a reduction.

Today I gave her the details of the basic bank accounts and she is going to read the information and then hopefully tomorrow she is going to look at opening one.

I've also read about GP charges today and their minimum charge is £38.50 so that is what they must be taking. I've mentioned Stepchange to her and she will contact them to hear what their advice is.

At the rate they are paying things off it will take almost 15 years to pay back the money and that is ridiculous. With some sensible budgeting and a bit more finance knowledge, hopefully they will be paid off much sooner.

For those who were asking about her payments - she currently pays £120/month to GP, of which it seems only £81.50 goes on debt. She also pays £15 a month to Think Bank so that could also go on debt. On top of that she has kept up regular payments of a loan that ends next week and that would give her another £60 a month to add. If she changes accounts and ditches GP she automatically goes from £81.50 currently to £135, then add the extra £60 she will be paying £195 off her debts each month - more than double previous! By my reckoning if that all goes on debt she could be debt free in around 4 years (rather than 15!!).

Sorry for the long post! I have also tried to steer my DIL to this forum but she is reluctant to tell anyone, even anonymous internet people, how stupid she has been (her words not mine).

tealady

Hi
Tell your DIL to have a read of some of these threads. If she thinks she has been stupid then some of us (and I include myself in this) have plumbed depths of stupidity which would make her look like Einstein.
I dare not confess, even on these forums , the idiotic things I have done.
I used to have the excuse I was young and foolish, now I haven't even got the excuse of being young!

fatbelly

dormy wrote: »

I've also read about GP charges today and their minimum charge is £38.50 so that is what they must be taking. I've mentioned Stepchange to her and she will contact them to hear what their advice is.

At the rate they are paying things off it will take almost 15 years to pay back the money and that is ridiculous. With some sensible budgeting and a bit more finance knowledge, hopefully they will be paid off much sooner.

For those who were asking about her payments - she currently pays £120/month to GP, of which it seems only £81.50 goes on debt. She also pays £15 a month to Think Bank so that could also go on debt. On top of that she has kept up regular payments of a loan that ends next week and that would give her another £60 a month to add. If she changes accounts and ditches GP she automatically goes from £81.50 currently to £135, then add the extra £60 she will be paying £195 off her debts each month - more than double previous! By my reckoning if that all goes on debt she could be debt free in around 4 years (rather than 15!!).

At that point a conventional dmp with a fee-free provider seems the sensible option.

Full & final strategy is not appropriate if they have no lump sum available.