www.iva.co.uk

Hi
My father has recently admitted he continues working beyond the age of 65 because they owe around £20,000 on various credit cards & that they depend heavily on them as he earns £8 per hour, unfortunately snowballing the situation.Since finding out this information, my mother has become very ill & he is now at home looking after her.His job has no real contract in place & my worry is he will become unviable to his company.Apart from her illness my mother is now worrying about this debt/losing their home/stress on my father etc. which is not helping .Any advice on the best route foward appreciated.

you need to get your dad to speak to a professional.. not sure how he would stand re employment side if not going to be working.. I'm sure a professional will be along to give you more info..

If your parents do not own their property, bankruptcy may well be the best solution to put these debts behind them. You do, however, suggest that they are property owners - is there any equity in the house?

MelanieGiles wrote:

If your parents do not own their property, bankruptcy may well be the best solution to put these debts behind them. You do, however, suggest that they are property owners - is there any equity in the house?

hello- house is owned outright with no mortgage- though still needs extensive repair in places to make saleable.It was their intention to finish the house & downsize to a smaller property until quite recently, probably to kill off debts alongside.Unlikely to move under the current health situation at home.

Hi
They will need to contact their creditors and explain the situation,otherwise the debts will just grow.
Your parents will need to release some equity to pay off the debts,downsizing sounds a sensible way forward.
They could also look into the various equity release schemes available
Regards

Have they thought about equity release or sale or lease back schemes? I would only recommend looking at these in exceptional circumstances, but they could provide the solution needed by your parents.