It was a bank loan from HSBC,they also gave her a Visa,around 7years ago.The debt has now been passed on to a debt collection service.We are currently on a Debt Management Plan.
The fact that your wife was on benefits when she was given the loan and that HSBC knew that makes no difference to whether or not the money is now owed. Ultimately if your wife took the loan as offered and spent the money, she is now liable to repay it. If she is unable to do so then a debt management plan sounds a sensible way to resolve the situation. Alternatively if her total debt is less than £15,000 and she has a low income, then a debt relief order might be a better option as it would mean that she would be debt free in 12 months.
Debt solutions expert and author. If you would like further help or guidance visit www.beatmydebt.com Alternatively I can be contacted via e-mail: james@beatmydebt.com
Quite right to ask those questions Jan. Ultimately an individual is only eligable for a debt relief order if they are not a homeowner (whether there is equity or not), if their personal debt is less than £15000, their personal disposable income is less than £50 a month and their other assets are not worth more than £300 (other than a car which can be worth £1000). Unfortunately these are very strict criteria.
Debt solutions expert and author. If you would like further help or guidance visit www.beatmydebt.com Alternatively I can be contacted via e-mail: james@beatmydebt.com
Advice please on loan given to' my wife while she was claiming benefits
Posted - 01 March 2012 : 13:56:15
