my parents (both in there 60's) had good credit for most of there life. that is up to 1997 when My father was put on disability. my mother never worked and still doesn't cause she tends to my father. heres my ? they filled bankrupt ch. 7 in '97 and kept there house, car and discover... they made it fine till she (mom) was in an accident and was in hospital and now has medical bills she is paying by agreement every month. so my mom had discover put them on a hardship program in sept. 2002 but she said discover would only let her stay on the program for 6mo.now she is back to paying min. pay @ 190.00 mo of which 150.00 GOES TO INTREST. i'm very upset and just learned of this through my father who is tired of her getting worried about making the payment every mo. anyone have any ideas about getting this intrest down, frozen ect. i'm pretty sure acct. is closed but i know she is CURRENT AND HASN'T MISSED A PAYMENT! THANKS FOR YOUR HELP AND SORRY FOR LONG POST!
Do you know what rate they're paying now? Do they have any equity in their home they can borrow against?
rate not shown on statement... house is newly financed so no equity! payment is 190.00 on 9213.00 bal last pay was 193.00 of which 41.76 went to principle and rest to INTREST
This may be viewed as bad advice, but since they are elderly, they may not have a great need for credit in the future. Maybe they should BK this debt. I may get flamed, grilled and fried for this, but I don't see any other options, other than refinancing the debt somehow. But that may be difficult at their age. Hopefully, someone can offer better advice.
What state are you in? In Ohio, they have something called HCAP. It is where you pay for medical expenses on a sliding income scale. The hospitals offer this to people who are not on insurance. Also, she may be paying too much for her medical bills. There are certain charges for certain procedures. I'm not sure how this is figured. If it is a federal guideline or a state guideline. Maybe someone else can give better info.
I don't think they can file BK again yet. They just filed in 97. Maybe get that one debt into CCCS? Consumer Credit Counseling
Re: Re: pleeze! need help for parents They should see a BK lawyer, if it has been over 6 years since their last discharge they can file again. CCCS is bad enough for people who have some prospect of repayment, in your parent's case it would be a disaster. They could just default, and if they were sued, they seem to be "judgment proof"
Re: Re: Re: pleeze! need help for parents My thoughts exactly. If it were my parents, I would write big mean D a letter and say, stop the interest charges immediately, or have this account go into default. your choice. I only say that because I know that D will not stop the interest charges, and your mother might feel better making that much of an effort. The other issue is, can she deal with the collection calls? Better get set up for that, answering machine or voice mail. I only say tht, because it may be terribly hard
Re: Re: Re: pleeze! need help for parents thanks all for the advice.... It is a sad situation but we gotten some good ideas here to 'brainstorm' with
Re: Re: Re: pleeze! need help for parents We have our Discover acct with CCCS- 6.99% could be worth a shot
