Credit cards - defaults

lunar · 30 Dec 2017 at 20:19

TheOracle said:
can't she talk to the bank and get a loan to pay all credit cards off?

or failing that, and I know this is drastic....but before she damages her credit rating can she remortgage and take some equity to pay off her debts?

Gosh would a bank actually provide a load in order to pay off ones credit card debts? I got the impression all banks were vultures.

Vonhelmet · 30 Dec 2017 at 20:26

If it’s properly bad she should just bite the bullet and call a debt management charity like CAP or whoever.

Ninco! · 30 Dec 2017 at 20:43

Adopting the Ostrich approach is the worst thing one can do, letting debt accumulate only leads to the inevitable. The debt gets sold off to a collector. Speak to the card providers, be completely honest and explain the circumstances, record the dates and follow up in writing. A repayment program will be put in place, although be honest from the outset as there is no point agreeing to repayments which you will never meet. Therefore before speaking to the respective card providers, do your home work and have a plan in place (calculate your expenditure and what you can afford to pay) and then make the call.

As many have mentioned there are charities which can provide expert advice. Worth quoting when speaking to the card providers as well - It shows that you recognise and are taking a proactive step to resolving.

Bounce · 30 Dec 2017 at 21:01

if its really bad i guess the only way is to declare her as bankrupt

teaboy5 · 30 Dec 2017 at 21:17

Why are you even asking for her? Let her sort her own mess out! You're evening making calls for her?

The_Abyss · 30 Dec 2017 at 22:05

Perhaps because that's what friends do for each other, and her situation will become significantly worse if someone else doesn't try and intervene?

teaboy5 · 30 Dec 2017 at 22:24

The_Abyss said:
Perhaps because that's what friends do for each other, and her situation will become significantly worse if someone else doesn't try and intervene?

By why? It her issue to sort out. Unless it was my g/f or wife I wouldn't get involved

The_Abyss · 30 Dec 2017 at 22:34

teaboy5 said:
By why? It hjjer issue to sort out. Unless it was my g/f or wife I wouldn't get involved

Would you not spend a bit of time to help out a mate? Or is this a gender thing where you don't believe the opposite sexes can be mates unless they're boffing each other.

Stolly · 30 Dec 2017 at 23:06

The_Abyss said:
Would you not spend a bit of time to help out a mate? Or is this a gender thing where you don't believe the opposite sexes can be mates unless they're boffing each other.

Actually, we are

Anyway. I’ve advised her to call stepchange. Up to her from there. She’s gone on about me not helping, so there’s my help. I’m not clearing her debts, obviously.

The_Abyss · 30 Dec 2017 at 23:11

Get ready to start paying for it!

teaboy5 · 31 Dec 2017 at 00:14

The_Abyss said:
Would you not spend a bit of time to help out a mate? Or is this a gender thing where you don't believe the opposite sexes can be mates unless they're boffing each other.

Christ no! It would be the same for a male. I would just see it as not my issue to be honest.

The_Abyss · 31 Dec 2017 at 00:22

Let's hope you never get in a position where you need some extra help then!

413x · 31 Dec 2017 at 02:42

I wouldn't do any more than offer suggestions as to where to look for help etc. But she should really be capable of this. It's kind of the most important thing in the world to her.

Obviously won't be able to get a 0pc balance transfer deal with an already shot credit rating. Best to talk to the providers and charities etc.