Handhold please- debt

[Spinachandkale]

My Dad has told me he is in 30, 000 pounds worth of debt. He said he has considered ending his life so that his life insurance would pay it off for my mum. I'm so sad that he's had thoughts like that. I don't have any experience or know anything about debt management but I will help and support him as best as I can. I don't want to tell any friends as he wouldn't want them to know. Just need a handhold really.

Gladly hold your hand. Ok lovely you need a plan to help. Firstly transfer all assets to your mum ie house ,car etc then help your dad go bankrupt. Is it unsecured debts? If so could a remortgage help? If it is secured then its a different matter. One thing to remember is if he had debts over 6 years with no contact to lenders some of these are statute barred so depending on what it is the debt it cannot be enforcable if they start coming for it. There is a fb group called baiiffs and debt there are so many files on there regarding help and advice on different debt types it could help you no end might be worth having a look. If bankruptsy is an option its easy to do costnot a great deal and he would be able to start again hopefully after a short while. I am sorry its such a shock to you all. we were the same when we had to sort my brother out. It was so scary not knowing a foot of the way in how to help him, But there is so many things that can be done to help. Citizens advice were brilliant, Good luck x

Contact StepChange. They help people with debt and there was someone on the radio from there talking about debt and they were really good and knowledgeable. There is a lot you can do but you need professional advice. Good luck!

All the above plus look at how he got into debt. Sometimes it’s just life but if it’s gambling , compulsive buying etc then he’ll need help with the root cause or it’ll just recur.