Author Topic: What next  (Read 1235 times)

everton

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What next
« on: Jan 23, 2011, 02:34:54 AM »
Hello, my daughter has borrowed money from various outlets but could not keep up the payments.
Each time I have had to go to my bank and ask for a loan to sort out her bills.
It has now got to the stage that I have borrowed so much that my house is at risk because of the repayments.
My daughter can’t get a loan because she is now black listed and during this saga I did not involve my husband.
Please help.
 

James Falla

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Re: What next
« Reply #1 on: Jan 25, 2011, 12:42:55 PM »
Hello everton
 
I am sorry to hear about your situation. Can you give us a bit more information. Is it that you are now in trouble because of the laons you have taken out on behalf of your daughter? How much do you owe in total and how much can you afford to pay towards the debts on a monthly basis.
 
Have you considered telling your husband about the situation. I know this is hard, but in the long run it is almost always for the best to tell your spouse as they can then help you with the solution.
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everton

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Re: What next
« Reply #2 on: Jan 25, 2011, 02:48:40 PM »
Hello James and thanks for your interest.
I was debt free with the bank until the issue with my daughter started.
All we had was the mortgage on the house.
The most at present I could pay back per month on this debt (£18000) would be £100.
I am trying to have a meeting with the bank to discuss this matter asap as they are incurring penalties for non-payment so the debt is increasing daily.
 
Thanks in advance
 

James Falla

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Re: What next
« Reply #3 on: Jan 25, 2011, 05:27:07 PM »
Hi everton
 
In the short term I think you are going to have to agree a reduced payment plan with the bank. They will not like it but you should be able to agree payment of £100 a month with them. The problem is that there is no guarantee that they will stop their additional interest or charges. They may even try to secure the debt against the house by means of a charging order. If this happens, youur husband would be informed.
 
Really the best advice I can give you is not to keep this a secret from your husband. Your inability to pay the debt will negatively effect your credit rating and put you under a lot of pressure so he may find out sooner or later anyway. If you tell him, at least after the inital shock, he can help resolve the problem. Perhaps you could even consider remortgaging to settle the debt?
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everton

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Re: What next
« Reply #4 on: Jan 25, 2011, 08:42:48 PM »
Hello James,
 
I can't thank you enough for the advice you have provided and making me aware of what can happen. I agree in what you suggest.
 
Regards

James Falla

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Re: What next
« Reply #5 on: Jan 26, 2011, 05:34:17 PM »
Its a pleasure everton. Do not hesitate to ask for more help if you need it and let us know how you get on. :)
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