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| stressbubble |
Posted - 12 January 2011 : 19:03:19
Hi all
I am really worried about my dad. he owns his property outright so no mortgage and his partner has numerous loans and credit cards with outstanding debt of £35,000 and is thinking of going bankrupt as she lost her job in november and is now on job seekers and she can not affors her payments, my dad has owned the house for 34 years and is on incapacity benefit and DLA as he is disabled. she moved in 9 years ago. She is not on the deeds or has any bills in her name. But if she goes banckrupt can they touch his home because of this?
The other question is my dad has also admitted he has run up £18000 worth of debt on his 3 credit cards and he can not afford this on benefits, i have advised him to write to them and offer a minimum amount to see if they will accept this.
Any advice would be really appreciated as i am really worried and am having to help my dad find a solution as he suffered a stroke a few years ago and does not really know what he is doing, this is why he spent as he thought he had not long on this world left :(
I cant understand why the credit card companies have slowly increased his credit limit over the years to allow an out of work person get into so much debt.
Sorry to write so much, just trying to give as much info as possible. Thank you in advance :)
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| 5 L A T E S T R E P L I E S (Newest First) |
| stressbubble |
Posted - 13 January 2011 : 20:09:35
Thank you for the advise, i hope they accept the offers of payments as i dont want him to lose his house over £18000 :( Fingers crossed, will keep you up to date. Thank you again  |
| Bigal4787 |
Posted - 13 January 2011 : 14:46:08
Hi stressbubble,
sorry to hear about your Dad's predicament, however in answer to your question about his credit limits being increased, he was on benefits, and to a credit card company that is guaranteed regular income, as long as they see that then an increase in limits was always guaranteed. I lost count of the number of people who I dealt with, in similar situations.
As for his partner declaring bankruptcy, and as RHB said that shouldn't affect the property as she is not shown as a joint owner.
As a regards your dad's liabilities, the sensible thing to do is to write to the card providers advising them of the position, to propose making token payments and to freeze interest and charges until a more suitable solution can be found.
It may also be worth having a word with Paul at Reviva(another of the experts on this forum) about your dad's position
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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| RHB |
Posted - 13 January 2011 : 14:22:03
His house will obviously be at risk if he can't negociate payments with them. The most likely outcome would be charges secured against his house. |
| stressbubble |
Posted - 12 January 2011 : 19:17:30
Thank you so much for your reply :) i was really worried about it, well he has been unemployed since i was 1 and i am 32, i think its cause he has always used a little and paid it off and they just increased it, so for the past 3 years he has just used it, been paying the minimum until dec when his partner stopped working (£365 on one card)and now they just cant do it :(
He cant rember if they knew but they did know 12 years ago when he applied for a £5000 in his name for me as i could not get credit, and they gave him this, which i paid obviously a long time ago, but still put his limit up and up without asking, sometimes he only knew it went up by looking at statements. |
| RHB |
Posted - 12 January 2011 : 19:07:29
Did he tell them he was out if work?
I think your suggestion is a good one, or maybe look at a dmp.
his partners debt shouldn't affect the house from what you have written. |
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