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How to deal with stubborn Credit companies - Help!
c.allen34
Posts: 2 Newbie
Hello. This is my first time, so please be gentle. A quick update on the situation so far...
I am trying to sort out my fathers credit card debt mountain. He was diagnosed with cancer back in Apr 07 (and suffered a large debilitating stroke since). He is unable to deal with his creditors himself, so it has sort of fallen on my lap. Whilst permenantly hospitalised his debt came to life. In total £35000 approx spread over 10 credit cards. He was just paying the minimum balance each month, so I guess he was a perfect customer. He had borrowed cash on them damn credit card cheques without realising the interest he would pay back and got into a bit of a debt spiral (over how many months we dont know). We have closed down his business (self trader) and he and my mother are now on benefits. They will have enough to live on to cover the priority debts, but I need to give them a bit of space with these other credit cards.
To date I have cleared 4 of the cards in full by claiming on insurance (barclaycard platinum, Goldfish, RBOS TUC & Halifax One), 1 by offering 50% to clear which they accepted (Mint) and 2 which are paying monthly insurances amounts (co-op & morgan stanley).
The other cards (Barclaycard Gold, Capital One, Shell (now Citi) are not covered on insurance and are they are not being as accomodating as the others.
Basically my question is what sort of settlement figures should I be offering these companies ?. I do not have a bottomless pot, and do not whish to over borrrow myself. The total debt has now fallen to about £ 18,000.
Help !. Any advice would be appreciated.
I am trying to sort out my fathers credit card debt mountain. He was diagnosed with cancer back in Apr 07 (and suffered a large debilitating stroke since). He is unable to deal with his creditors himself, so it has sort of fallen on my lap. Whilst permenantly hospitalised his debt came to life. In total £35000 approx spread over 10 credit cards. He was just paying the minimum balance each month, so I guess he was a perfect customer. He had borrowed cash on them damn credit card cheques without realising the interest he would pay back and got into a bit of a debt spiral (over how many months we dont know). We have closed down his business (self trader) and he and my mother are now on benefits. They will have enough to live on to cover the priority debts, but I need to give them a bit of space with these other credit cards.
To date I have cleared 4 of the cards in full by claiming on insurance (barclaycard platinum, Goldfish, RBOS TUC & Halifax One), 1 by offering 50% to clear which they accepted (Mint) and 2 which are paying monthly insurances amounts (co-op & morgan stanley).
The other cards (Barclaycard Gold, Capital One, Shell (now Citi) are not covered on insurance and are they are not being as accomodating as the others.
Basically my question is what sort of settlement figures should I be offering these companies ?. I do not have a bottomless pot, and do not whish to over borrrow myself. The total debt has now fallen to about £ 18,000.
Help !. Any advice would be appreciated.
0
Comments
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Do your parents own their own home? Or do they have any other large assets?:grouphug: Things can only get better.0
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