# Help - OAP with large Credit card debt



## hma (24 Sep 2012)

My parents are retired in late 60's on an old age pension as their only income. They had a business that failed a few years back. As a result they ran up a lot of debt on their credit cards paying off creditors and surviving with no income for a period as they didn't declare bankruptcy. 
They now still owe €25k on their credit cards and are paying off €900pm from an OAP. This is a real struggle for them and they cant continue. 

What is their best option to get this debt renogotiated?


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## wbbs (24 Sep 2012)

I would suggest they contact MABS and make an appointment, there is a waiting time in most offices but they are probably the best to deal with this, in the meantime you could have a look at their website or phone their helpline.


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## deeheg (23 Nov 2012)

Can anyone advise, is there a way to reduce the credit card owed after a death? can you do any kind of barter to make it easier on surviving family?? sorry posting after a question cant seem to find where on this to post new


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## mf1 (23 Nov 2012)

But if money is owed and there is money in the estate, why should there be any discount? 

Are there any extenuating circumstances? 

mf


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## demoivre (23 Nov 2012)

hma said:


> My parents are retired in late 60's on an old age pension as their only income. They had a business that failed a few years back. As a result they ran up a lot of debt on their credit cards paying off creditors and surviving with no income for a period as they didn't declare bankruptcy.
> They now still owe €25k on their credit cards and are paying off €900pm from an OAP. This is a real struggle for them and they cant continue.
> 
> What is their best option to get this debt renogotiated?



Stop paying them until they are "written off ", ie no more interest and penalties are being added - this will take several months. Then the amounts outstanding are placed with the respective recoveries departments who will negotiate. Their credit records will be shot which is the downside !


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## deeheg (23 Nov 2012)

Not really money in the estate slight extenuating


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## amtc (24 Nov 2012)

There's a weird quirk if death occurs on joint credit cards (only one person dies) - the whole amount is written off by BoI but AIB pursue the other party for both. Heard about this and didn't believe it but certainly the case until last year


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## Time (24 Nov 2012)

deeheg said:


> Not really money in the estate slight extenuating



If there is no money in the estate they get nothing.


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## Time (24 Nov 2012)

demoivre said:


> Stop paying them until they are "written off ", ie no more interest and penalties are being added - this will take several months. Then the amounts outstanding are placed with the respective recoveries departments who will negotiate. Their credit records will be shot which is the downside !


Agreed.

Let them write off the debt and then do a deal with the new owner of the debt. You should be able to get a write down of at least 30 to 40%. 

I don't think a OAP would really care about the ICB.


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## terrontress (26 Nov 2012)

amtc said:


> There's a weird quirk if death occurs on joint credit cards (only one person dies) - the whole amount is written off by BoI but AIB pursue the other party for both. Heard about this and didn't believe it but certainly the case until last year


 
There is no such thing as a joint credit card. You have a principal account holder who is wholly liable for all outstanding amounts and they may choose to give an additional card to someone to spend against the limit on the principal account.

If a wife applies for a credit card, puts her husband on as an authorised user, the husband accrues a balance of thousands and then dies, she is liable for the amount outstanding.

If a husband applies for a credit card, puts his wife on as an authorised user, she accrues a balance of thousands and he dies, she is not liable for the amount outstanding.


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