OK so where to go next.

[sulphur2001]

I've been reading a few forums and although many things make sense to me, it's a difficult decision to know where to next.

Quick overview. My folks have around £12k of debt owed to various creditors; two accounts with Cabot, one with CapQuest and two with Capital One. With Niddy's help, we have determined that the three accounts that were sold on the the DCAs are unenforceable; the debt with Cap One is enforceable.

After discussing with my parents, they're not happy going further along the lines of standard UE; they're too afraid to quit paying and wait for statute barred.

Further background. My Dad suffers ill-health. He has heart disease and a recently botched hip replacement. My Mom has various ailments including being a cancer survivor. They are on benefits, but own their own house. However, I'm bored of seeing them giving away what little they have to their creditors.

Given they won't go UE - they're scared of losing the house and they've really had six years of stress and headache, constantly battling the phone calls from them - what could happen next?

What's in my mind is some sort of full and final settlement. I have £2k to stand for the cause and they are slightly more amenable to this. However, would this work? I know, the prospect of paying off an UE debt is perverse, but have to work with what I got here.

At the moment, they are paying around £100 to their creditors monthly which is a severe blow to their already very tight budgets; their savings have long since gone.

Any thoughts? I know it's sort of like asking for a crystal ball, but I'm new to this world and would love a point in the right direction, alternative idea, etc. Given their recently declining health be in any way leverage-able towards full and final settlements?

Answers on a postcard!

[MrsD]

Re: OK so where to go next.

The hard facts are the longer you allow these guys to bully the money out of your parents, they will, and they'll ask for more every 4-6months and be very unpleasant about it, these are facts of how it works. You could do a self administered DMP for them and we could help with the payment schedule to get it down to a manageable level for them or we could try for a write off as was suggested on your other thread.

I understand how they feel, but if they continue to ignore how the world really works, then they need to pay.

No one should be paying more than they can afford on unsecured debts. And in you parents situation, it's only prolonging the agony.

Just because you stop paying or TELL them you will in future be paying an amount you can afford, doesn't mean you are straight into court. Most of us on here have substantial amounts of debt, and we, (well most) are not paying and there has been no wholesale railroading into court. if the worst does happen, the very worst scenario would be a charging order, no one comes along to erect a banner on the roof, you just pay it off when the house gets sold.

Banks are not good, kind, nice. They want your money, end of. They are very happy to smile and give you a free pen when it's all fine, but when it goes wrong, they up the interest rate and set the dogs on you, if I had a £1 for everytime I've seen it, I'd be a rich woman!

[sulphur2001]

Re: OK so where to go next.

In this situation, is a write off from any of these people even likely? I'm up for giving it a swing, but apart from using the templates, I have no idea if this is the right thing to do first, or do later, or what?

[MrsD]

Re: OK so where to go next.

well we won't know until we give it a go

Elsa and Niddy have had success in the past, but your parents need to be with this one hundred percent, we can't do it without their permission and their co-operation, and if a writeoff doesn't work, then they need to have agreed with a plan B