A
female
age
36-40,
anonymous
writes:I don't know what to do. My mum is in debt - 4 thousand pounds worth of debt. And despite paying £140 off a month, with interest and this payment covery thingy, the debt is only going down £15 per month. Thats gonna take over 20 years at this rate to pay off. She's already been paying it off for about 6 years and i kept wondering why it wasn't making much of an impact yet i knew she was paying a lot - took a look at her bill and was gob smacked. £95 interest and £30 for the cover thingy - what a rip off. I've tried talking to her to get the payment thing taken off as obviously she is paying for a cover she doesn't need but i can't make her see sense, at least not sense to act ASAP. It would also be advisable talking to bank but again she keeps putting it off. We can't afford this debt, its too much and i'm having a baby in 3 weeks ... had i known how freaking huge it was and how long it was gonna take i would never in my wildest dreams have let a baby be added to the mix. Its just me and mum at home. I'm a student working part time and she's on disability. How the heck are we gonna cope? How can we sort this so it at least goes quicker than the rate it is currently going. I really need help - i feel my blood pressure boiling. I don't know what to do.
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Fancy yourself as an agony aunt? Add your answer to this question! A
male
reader, anonymous, writes (16 August 2010): Well, there are a few options open to you. I'd advice you to visit a page called iva.co.uk to find out more about what options would be right for you.
I've done some volunteer work for the citizen advice bureau and I know a lot of people that are in debt turn to organisations such as the above for help.
They will negotiate affordable rates with your bank and are sometimes able to freeze interests. It does come at a price though. If you enter into an iva or bancruptcy solution your credit rating will be shot to hell.... no mortgage, bank loans or credit cards for your mum in the future....
A
female
reader, Mature Lady +, writes (15 August 2010):
You have to get your mum to see a debt advisor who will be able to advise what to do for the best,and will be able to sort things out for you both,the consumer advice of your local council in your area will be able to give you names and phone numbers of who to contact.
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