credit card debt

klola

Hi not sure if I am posting this on the right bit.

But I need some advice, my dad ran up high credit card debts a few years ago. These credit cards are in joint names so declaring himself bankrupt is not an option.
We have been paying an agreed amount for the last two years.
However I have heard that some credit cards will right off debt if you pay a lump sum.
Is this correct and if it is what do I have to do to offer this as I am in a position to pay this for him?
I would be grateful of any help and advice people could offer
Thanks K

rog2

klola wrote: »

But I need some advice, my dad ran up high credit card debts a few years ago. These credit cards are in joint names so declaring himself bankrupt is not an option.

Credit cards certainly are not 'Joint' accounts - was your dad the principle card holder? If so, then he would be solely liable for any debt that a second or nominated card holder ran up on that card.
Roughly how much is the 'debt'?
If your dad has no other assetts, then bankruptcy could be an option, but there are several other options that could and, indeed, should be considered before opting for bankruptcy. Bankruptcy should only be considered if no other solution is available, or practical, and, even then, he should take advice from one of the Debt Counselling Charities, such as CAB, National Debtline or CCCS, who will look at his overall situation and offer free, impartial and professional advice.
We would, in all fairness, need to know a bit more before we can give you any meaningful advice, but we can, happily, support and guide you in whatever decision you/your dad opts to choose.

klola

Hi thanks for your help he owes approx 8900 on one and 5000 on the other.
My mum was under the impression that this would affect her as they are married and still live together.
They have a house together.
My dads debts are due to him gambling in secret as a result is in very ill health so I would like to lift the burden a bit he now has no control over his bank accouns so would not be able to run up the debts again.

klola

rog2 wrote: »

Credit cards certainly are not 'Joint' accounts - was your dad the principle card holder? If so, then he would be solely liable for any debt that a second or nominated card holder ran up on that card.
Roughly how much is the 'debt'?
If your dad has no other assetts, then bankruptcy could be an option, but there are several other options that could and, indeed, should be considered before opting for bankruptcy. Bankruptcy should only be considered if no other solution is available, or practical, and, even then, he should take advice from one of the Debt Counselling Charities, such as CAB, National Debtline or CCCS, who will look at his overall situation and offer free, impartial and professional advice.
We would, in all fairness, need to know a bit more before we can give you any meaningful advice, but we can, happily, support and guide you in whatever decision you/your dad opts to choose.

Hi thanks for your help he owes approx 8900 on one and 5000 on the other.
My mum was under the impression that this would affect her as they are married and still live together.
They have a house together.
My dads debts are due to him gambling in secret as a result is in very ill health so I would like to lift the burden a bit he now has no control over his bank accouns so would not be able to run up the debts again.

rog2

klola wrote: »

Hi thanks for your help he owes approx 8900 on one and 5000 on the other.
My mum was under the impression that this would affect her as they are married and still live together.
They have a house together.
My dads debts are due to him gambling in secret as a result is in very ill health so I would like to lift the burden a bit he now has no control over his bank accouns so would not be able to run up the debts again.

Okay, klola - as they stand, the 'debts' should have no impact on your mum, as they are 'unsecured'. The problems will start if one or both of the creditors apply for a 'charge' on their house.
Equally, if he decides to go for bankruptcy, and the house is in joint names, then the Official Receiver will 'vest an interest' in his share of any equity in that property. Whilst your mum would, normally, be given the opportunity to 'buy' his beneficial interest from the OR, the OR could force a sale of the house.
I think your dad would be best advised to talk to one of the Debt Counselling Charities, sooner rather than later.
Good luck