I'm comfortable where I am currently... my domestic partner not so much.
Although we've been together a while, only now does the comfort level reach a point where we can disclose everything to each other, finances included.
I know they've been very irresponsible, but I was not prepared for what I found out (and am still discovering).
Their background:
Divorced, but while married, cosigned on 2 vehicles and a mortgage. Opened three retail store credit cards (2 GE MoneyBank)
After the divorce: Ex defaulted on home and foreclosed. Several late payments on 1 vehicle before selling. All 3 cards incurred late payments, missed payments, over limit penalties and eventually resulted in credit line being closed*
*(I'm aware an account is only officially closed after it is paid off)
Now:
Have convinced them to give me control of their accounts and making progress.
2 cards completely paid off due to tax refund and budgeting!
The Target card remains though - at 30% APR and wants $300 minimum payments for a 4000 balance.
I've not encountered this before with these circumstances, and don't know how to negotiate with the card's bank. They rightfully have an interest in the amount given the accountholder’s behavior and agreement to the terms, but this is just unreasonable. Minimum payment is possible, but interferes with day to day finances too much and would take 17 years to pay off at current APR. The payments alone raise the Income to debt ratio to 50% up from 30.
What would be the best way to start resolving this?
