Any advice on the best route foward appreciated

[muzzs]

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.

[angela18]

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..

[MelanieGiles]

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?

[muzzs]

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.

[Adam Davies]

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

[MelanieGiles]

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.