Credit Card Debt Help Needed

MissUrbex

My mother has around £1107 worth of debt on a TSB credit card. She used the card to make purchases prior to being retired. Now she is retired, she is trying to pay off the balance using only the govt pension she receives (she has no savings or any other income) but is racking up interest charges every month. She can only afford to pay about £30 a month and is getting charged around £15 a month.

I considered doing a 0% balance transfer jobby but according to this website's Credit Card comparison table, the only card she has a chance of getting is a Halifax card which offers only 6 months interest free but with a 3% fee on balance transfers.

I have considered trying to get the interest frozen but have done some Googling and it would seem this is very hard to have granted.

I considered the only other option was for me to get another credit card and pay her balance transfer, giving her hopefully a good few months of 0% interest and she can just pay me monthly. However, I have been given conflicting opinions on whether this is doable or not.

Any advice gratefully advice. TIA xxxxxx

[Deleted User]

You can BT to a card in your name if you're comfortable with that.

She can default and perhaps have the interest frozen, if she's comfortable with the impacts of that.

Her own BT card may be the best place to start.

MissUrbex

I don't think she will get her own BT card. Card comparison sites seem to suggest she will not. She is retired and her only income is the govt pension she receives which is less than 5k per annum.

I am comfortable with me doing the BT with a card in my name and her paying me. This will not affect my credit rating in any way though will it?

[Deleted User]

The additional debt will show on your credit files.

If you are already carrying a lot of debt and are looking for more in the near future, you may want to consider that.

PeacefulWaters

If she lives alone she needs to enquire about additional benefits to top up that pension.

bigadaj

PeacefulWaters wrote: »

If she lives alone she needs to enquire about additional benefits to top up that pension.

The new single tier pension has been set to provide an income just above that basic level provided by benefits, and that is £155 a week.

This suggests that your mother should be eligible for benefits to make up much of this difference.

I think the website 'entitled to' should provide more information, maybe go through this with her and see what may be available.