Mothers lands daughter into debt
A doting daughter was left in shock and deep confusion after her debt ridden mother stole her credit card and clocked up debt in a bid to satisfy her creditors.
As a result, her daughter was hounded by bailiffs and debt collectors and faced bankruptcy. Her credit rating was completely ruined and any chances of her obtaining a mortgage have been dampened for the next five years until these incidences are removed from her credit file.
Ironically, she says that she gave the card to her mother to look after because she didn’t want temptation to land her in debt. She only signed up for a card after a university friend told her that it would be difficult for her to obtain a loan or mortgage in the future if she did not build up a good credit history of repayments.
She only began to notice that something wasn’t quite right when she started becoming rejected for further credit and payment demands starting arriving through the post for over £2000.
Finally, her mother confessed that instead of seeking her own debt solution, like an IVA or Bankruptcy, she had been using the card to pay off a massive amount of debt as she was unable to obtain credit. The young lady stood by her mother and is now helping her to obtain help from a debt management company. Her debt was so serious that simply transferring the debt to her daughters card did nothing to help the debt, in fact the extra charges only pushed her mother further toward bankruptcy as more interest cards came in.
People who are in debt will go to desperate measures to try to keep the bailiff at bay but talking through your problems with a debt management company will help you to keep your creditors happy and keep you on speaking terms with your son or daughter.
IVA and Bankruptcy News posted on 03/09/2007 11:14:14
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