I am trying to help my parents who are 76 and 80 years old. They have 30,000.00 in Credit Card Debt. Mother without my knowing signed up with a consolidation company and agreed to have 800.00 taken out of her Checking Account monthly, they do not have this money available. I now know they have been living on CC’s for the past couple of years. They is no money available to make CC payments. They are still paying on their home. I am not sure what to do to help them. What would happen if they just did not pay the CC’s. Would a lein be put on their house ? would they be sued ? Their only income is social security and a 100.00 check for retirement. less than 2000.00 a month income.
Thanks for your help.
Dear Harley Jean,
I’d love to tell you this is an atypical situation but it’s not. Most debt relief companies are more focused on selling their product than making sure it is appropriate for the elderly consumer.
Based on what you shared there is no reason why your parents should have ever been enrolled in that program. Clearly she has no means to afford it.
The biggest problem here is going to be the home. Hopefully you can give me some more details on it.
Do they own the home jointly?
How much is the home worth and how much do they owe on it?
What state are they in?
Until we know more information here it would not make sense to just suddenly stop paying an exposing them to a lawsuits and a lien without a plan.
Please post your responses and follow-up messages to me on this in the comments section below.