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20k Credit card debt bombshell

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Ok so my wife announced today that she owes 20k.

 

Our house is mortgaged, it's in my name, she is not named on the mortgage. I am employed, she is a nurse currently on maternity leave.

 

The debt relates to credit cards that she has been unable to pay and as such has been paying minimum payments for two years. (MBNA, Barclaycard, Virgin cards and a loan with her bank, Halifax).

 

Obviously this is a huge bombshell, and I could do with some help with a view to seeing a way to resolve this ASAP.

 

IVA seems the most obvious option, and obviously I intend on getting some professional advice, but as its Saturday and I am at work this is not possible.

 

I am greatful for any advice.

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You need to list all the cards seperately, deal with one at at a time an I&E statement will help you sort out what you can afford to pay each creditor, the write to them as for interest and charges to be frozen but TELL them what you can afford to pay.


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Do you know if there is any Payment Protection Insurance on any of the debts, especially on the Loan.

 

If so, then it is almost likely to have been mis sold as your wife works in the NHS she would not have required this product.

 

Are there any default charges applied to the accounts for maybe late or missed payments - these are penalties and can be reclaimed.

 

It is a shame that this debt amount is over £15,000 else she could have applied for a Debt relief order - especially as her name isnt on the mortgage.

 

National Debtline would be the place to go for information regarding and IVA, although personally I wouldnt recommend one of those.

 

It might be worth contacting each of the creditors and asking if they would agree to a repayment plan along with frozen interest and charges after working out how much disposable income she has.

 

Priority debts would obviously be her share of utilities/council tax/mortgage etc.

 

http://www.nationaldebtline.co.uk/

 

Nat Debt are open from 9 - 9 weekdays and 9-1 on Saturdays.

 

If you want to self manage a DMP, then we can help you do this.


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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

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Ellens Budget Sheet.xls

 

Budget sheet for your use.


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Hi

 

Write to each creditor and state she is in financial hardship at the moment, also send a financial statement which does not include your income because they are not your debts. Work out her disposeable income and offer payment pro rata between all creditors. Request all interest and charges be frozen. They will more than likely ask for a list of creditors and amounts owed as well. They will agree to reduced payments and what usually happens is they then pass them to a debt collection agency but the payments remain the same, they seem to do this as a matter of course, some of the DCA are linked to the lenders anyway. This will affect her credit record but after 6 years all erroneous information is removed.

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