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bang up
New Member
58 Posts |
 Posted - 30 March 2010 : 11:09:14
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hi all,
having sorted myself with help from everybody in this forum - thanks all - i'm now trying to do something for my dad.
best advice please:
he's 72, only got his state pension, a couple of quid pension credit + £19 a week from a private pension. this would just about be enough for him to live on but he has a bank loan with £4000 left to pay and credit card debt of £4500. i'd love to be able to give him the money just to pay them off but the official receiver still takes most of my wages for my ipa, which is half way through so i can't help him financially for quite a while yet.
this is causing him so much worry and stress and since he wants to avoid bankruptcy i think his best way out of his nightmare is to write to the 2 creditors and ask them to freeze the interest (which is the bit that is really killing him i guess) + offer some sort of reduced payment he can afford or better still get the debts written off.
so, has anybody in the forum done this kind of thing and if so, what was the process, what was the success rate and generally how reasonable are creditors in such circumstances.
thanks all.
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 30 March 2010 : 11:30:55
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Hi Bang up
depends on what property he lives in
not a financial advisor
if own property consider lifetime equity release ie he clears his debts has some money to enjoy now and the money is not paid back untiul his estate releases the money
if not own property would he qualify for a DRO (debt relief order)
ex serviceman ? consider the SSSAFA or RBL
consider negotiating a reduced payment plan (DMP) £2 a week to each creditor, it ll knacker his credit file (although i doubt he actually cares)
regards Richard |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 30 March 2010 : 18:52:29
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HI
He could default on the loans, and let it goto a collections agent, they are usually more open to negotiation than a creditor
If you want to negotiate a reduced payment plan, you have to write to the creditor explain why their a change of circumstances offer up an income and expenditure sheet (you can download one of these from CCSS) or create your own, explain what the surplus is and offer that to the creditor, explain to them that this is for a six month review and ask at first for a redcued % interest rate, they are more likely to be open to suggestion there
Or as Richard states their is equity release, or speak to CAB to see if he can have any benefits on top of state pensions.
Or could you speak to your OR and see if he could reduce the IPA explain the family problem.
Best of Luck
Stu J Byron |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 30 March 2010 : 19:12:32
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Hi Stu
it is funny how one comment feeds another and you go off on a tangent, hopefully providing further information
My father in law was struggling with his pension, the local social services were unable to have time to spend with him ensuring that he was or was not claiming for all of his entitlements
CAB provided the details of an age concern representitive who came around and provided a full profile on my F-I-L, we were then able to use this profile to confirm with local social services what benefits he was entitled to.
ours consisted of household upgrades and free taxi tokens but better than nothing
regards Richard
regards Richard |
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bang up
New Member
58 Posts |
Posted - 31 March 2010 : 06:25:47
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thanks everybody - will be chatting to dad at the weekend so i'll bear your advice in mind.
thnks again
t |
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