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Elderly parent's card
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Russ68
Posts: 3 Newbie
in Credit cards
Hi guys,
I'm new to this so please bear with me if this is a subject that's been done already.
My dad went in to hospital six weeks ago with symptoms that have deteriorated his dementia significantly. It's now at the stage where it's apparent he won't be going home. At the moment we are optimistically looking at him going in to care, but frankly don't know if it'll get that far. I got the power of attorney paperwork back through recently and am set to go and register with his bank (HSBC), but my immediate concern is his credit card (barclaycard). I know from personal experience it can run away very quickly so want to get ahead of it rather than reacting once my mum starts panicking when the letters & phone calls start with gusto. The card is in his name, it has around £12000 on it and he has state & very modest private pension. They joint own their home, but have released about 30% of it's equity to be repaid on it's sale. All the money from that has gone.
Thanks for your input if you have any advice that'll help me avoid pitfalls along the way and iscolate mum from this.
I'm new to this so please bear with me if this is a subject that's been done already.
My dad went in to hospital six weeks ago with symptoms that have deteriorated his dementia significantly. It's now at the stage where it's apparent he won't be going home. At the moment we are optimistically looking at him going in to care, but frankly don't know if it'll get that far. I got the power of attorney paperwork back through recently and am set to go and register with his bank (HSBC), but my immediate concern is his credit card (barclaycard). I know from personal experience it can run away very quickly so want to get ahead of it rather than reacting once my mum starts panicking when the letters & phone calls start with gusto. The card is in his name, it has around £12000 on it and he has state & very modest private pension. They joint own their home, but have released about 30% of it's equity to be repaid on it's sale. All the money from that has gone.
Thanks for your input if you have any advice that'll help me avoid pitfalls along the way and iscolate mum from this.
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Comments
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Presumably he was making the minimum payments on this card before he went into hospital. Why not just continue as before? What has actually changed?0
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its unsecured debt, the best kind !0
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How long ago was the equity taken out on the house. You may find by the time the loan company want repaying that the interest on the loan swallows up the other 70%.0
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Hi, thanks for replying. What's changing is that he's either going to go in to care which I expect will swallow his pension, or he'll pass away fairly soon. Either way it doesn't look like there'll be any money to pay the card.
Thanks0 -
The equity was released only a few years ago. My understanding from my dad when we discussed it at the time was that when the house comes to be sold around 30% of it's value would go to this. It's an aspect that needs looking at as I'm trawling through his multiple cabinets & piles of paperwork.
Thanks for your reply0
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