Debt Advice

kessik

Hi
I wonder whether any of you kind folks can give me some advice on a problem that has caused a lot of distress and worry over many years to someone very dear to me?

I have just found out that this person has been struggling with debts since 1981 and I never even suspected which is very hard for me but another matter. This person had a lot of cc debt and also bank loans. She has, over the years, managed to pay off the cc debt having been encouraged by her bank (Yorkshire Bank) to take out loans to meet cc payments. At some stage, when phone calls and enforced meetings at the bank made things untenable for her she cashed in her and her husband's life insurances which only held the bank at bay for a while and also gave the bank the idea that, despite what she said, she could lay her hands on money if needs be. To cut a long story short she now owes the bank only, the cc debts having been paid off. The bank is now asking about her mortgage and my friend is worried that her home, which is in joint names with her husband, might be taken from her. Some things to note are a) the mortgage is also with the Yorkshire Bank and I am assuming they (YB) are aware of this. b) my friend gave up her job five years ago following the murder of her youngest child and her only income is the State Pension. c) I don't know how much she owes to YB but am not sure if this is relevant (for this forum). d) there is no way she can increase repayments to the bank which is what they keep pressing her to do.
So my question is, how does she stand re her personal debt and her shared asset? Can the shared asset somehow be seized by the bank and put against the personal debt? She tells me that she would feel more able to tell the bank that she cannot up her repayments to them if she was sure that her home is safe. She has never NOT paid but cannot afford to pay more and more from a pension.
I should add I guess that her husband is aware of the position but is also a pensioner and equally destroyed by the loss of his child.

Hope you can give some advice people!

poppyg_2

Hi kessik

Gosh it sounds like your friend has had a terrible time and not a very understanding bank by all accounts either

Is the loan she has with the Yorkshire secured or unsecured do you know? If you could find out the amount she owes and APR that would be really helpful for people here giving advice.

I think it'd definitely be worth her contacting one of the debt charities, CCCS or payplan and see what they suggest

Lorne

I would agree with poppy's advice, CCCS should be contacted for advice about their asset, they are really helpful.