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Hi.
I'm discussing with my parents how best to handle their debts. A quick rundown, they're living on disability living allowance. My Dad is very poorly and both are over retirement age. They are mortgage free and are being hounded with old credit card debt.
The debts were about £17k but over the last six years of payments, this is now down to about £12k. I want to try and help as they're not enjoying their old age and are, at the core, although scared to rock boats, are coming round to the idea. I checked these accounts with Niddy a while back and got the enforceable/unenforceable yays and nays, admittedly before I knew what to do with that information. Their biggest worry is that if they sell their house to downsize and generate money to pay the debts, will they then stick charges/interest on? At the moment, interest is frozen on all accounts. The reason they didn't fancy just stopping the unenforceable debts is if they were dragged through the courts. I know, from other accounts here it's not too likely, but still they're not able for it.
A quick rundown is as follows:
2x Capital One accounts, both enforceable, about £4k between the two
1 Cabot, was barclays, very unenforceable, about £2k
1 Cabot, was IF, unenforceable, about £1800
1 CapQuest, was Sainsburys, about £2k
1 Cabot, was Morgan Stanley, about £1700
I think we are venturing down the path of trying to figure the best way to do full and final settlements on these. So, questions:
- Given the debts, statuses, length of time this has gone on and DCAs involved, what sort of money should we be looking at generating? My initial thought is about £2k as it's over 15% and I have that about now
- Is it necessary for a F&F to go through a third party? I'm happy to do it for them if so.
- Should they first ask to reduce to token payments (Niddy's templates) of £1,00 a month? Would six months of that sort of treatment have any bearing on their likelihood to accept?
OK, I'm a noob and have no idea what I'm talking about... so feel free to tell me what we should do!
Many thanks!
I'm discussing with my parents how best to handle their debts. A quick rundown, they're living on disability living allowance. My Dad is very poorly and both are over retirement age. They are mortgage free and are being hounded with old credit card debt.
The debts were about £17k but over the last six years of payments, this is now down to about £12k. I want to try and help as they're not enjoying their old age and are, at the core, although scared to rock boats, are coming round to the idea. I checked these accounts with Niddy a while back and got the enforceable/unenforceable yays and nays, admittedly before I knew what to do with that information. Their biggest worry is that if they sell their house to downsize and generate money to pay the debts, will they then stick charges/interest on? At the moment, interest is frozen on all accounts. The reason they didn't fancy just stopping the unenforceable debts is if they were dragged through the courts. I know, from other accounts here it's not too likely, but still they're not able for it.
A quick rundown is as follows:
2x Capital One accounts, both enforceable, about £4k between the two
1 Cabot, was barclays, very unenforceable, about £2k
1 Cabot, was IF, unenforceable, about £1800
1 CapQuest, was Sainsburys, about £2k
1 Cabot, was Morgan Stanley, about £1700
I think we are venturing down the path of trying to figure the best way to do full and final settlements on these. So, questions:
- Given the debts, statuses, length of time this has gone on and DCAs involved, what sort of money should we be looking at generating? My initial thought is about £2k as it's over 15% and I have that about now
- Is it necessary for a F&F to go through a third party? I'm happy to do it for them if so.
- Should they first ask to reduce to token payments (Niddy's templates) of £1,00 a month? Would six months of that sort of treatment have any bearing on their likelihood to accept?
OK, I'm a noob and have no idea what I'm talking about... so feel free to tell me what we should do!
Many thanks!
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