Mate in lots of debt.... advise?

Take a look at the Consumer Credit counselling service with him www.cccs.co.uk
Give them an talk about is situation and they may suggest a Debt Management Plan, I've been with one for about 3 years and turned my life around financially.

Should point out they aren't one of these dodgy finance companies, but a charity to support people in debt crisis.
 
I loled at the irony of posting this on a forum where we are all prentending to be mafioso.
'Send him to see Petey, will sort out a loan ;)
hope he's good for the repayments though or :rolleyes::cool:'

:D
 
just spoke to him about it, she went sheepy so i printed this and stuck it under his door!! hey looked like he would cry so i wimped out with the paper copy

J***** If you want help then you need to ask...
First off the rent and bills need to be paid, so you need to talk with your family tonight. I’m not in the position to cover it as have just moved some of my spare cash into a savings and premium bonds.
I want to help you.... so I’m happy tomorrow night to go through your finances and get some letters off to the banks and whoever else you owe. Stopping the charges, missed payments and interest is the key. I’ve been there myself. If we can get that done it will be much easier.
Speak to your dad or grandparents tonight and explain you’re in the ****. You can’t go a whole month with no money. You need to borrow enough from them to pay the rent/bills and to live off for 4 weeks. So i would come clean and then if you want i will give you all my blagging skills and were get the ball rolling............ my offer is there
 
you seem like a top bloke, I wish you the best of luck mate :)

I know people like this, get money and spend it, then wonder why they are always skint, spending student loans on junk (xbox games, films, pc game, general rubbish), no real job to mention and still spend spend spend :P

Some people have to learn to live within their means
 
Good luck with getting it sorted, as you've highlighted he needs to speak to his creditors because if he doesn't the charges will just mount up and he'll get further into problems. Most creditors would prefer to get some money back than none so negotiate with them or rather he should do so and ask the bank about arranging an overdraft as well as stopping the charges for the moment.

He could possibly consider a voluntary IVA but that depends on how much debt he is in and they're less than ideal in many ways because you're tied into paying the creditors back but much of the money will probably go to the company who have negotiated the IVA - he needs proper advice before considering that course of action though.
 
He should seriously file for bankruptcy mate, if he has no job, do it, he could actually never have to pay a lot of the debt back. Bit of a losers way out, but god If I was unemployed I would most certainly have done it.

I'm assuming he has terrible credit already, after 6 years it's a clean slate for him.
 
Serial45 said:
He should seriously file for bankruptcy mate, if he has no job, do it, he could actually never have to pay a lot of the debt back. Bit of a losers way out, but god If I was unemployed I would most certainly have done it.

I'm assuming he has terrible credit already, after 6 years it's a clean slate for him.
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I'm usually against people filing bankrupt (people need to take some responsibility for their actions) but in this case it might be the best way out as it would go a long way to stopping him getting into debt in future (assuming lenders take notice of the credit rating).
 
Id only go bankrupt if I was in over 10-15k debt.

the rest is pretty managable with payment plans. Banks cant get money you dont have.

I had 5k debt and went through the CAB.. now my finances are more managable and ive learned from my mistakes.

Interest was frozen on my accounts and they were closed. My credit rating is crap but my debt is dropping each month and I feel a lot more comfortable :)
 
ok had a chat....... made him call the bank, they have frozen fines on his account for 2 months, we have a letter typed up for the bank to see if we can get some cash back. he's seeing his dad tomorrow to see if he can borrow some cash. we might be getting somewhere
 
Sounds familiar, except with the person I'm aware of its because a) she's being exploited by her employer b) her landlord increased the rent significantly.

You're taking the right approach. I don't know how long you've known him for, is it possible he was earning more in a previous job? Are you going to suggest to him to sell the car or something?
 
Assuming this has been going on for a while, can he claim back all the bank charges as has been the latest trend) as that should be a fair bit
 
gonna send off a letter asking for the last few months worth, yeah did have a better paid job that he lost in november, so working min wage with £750 take home is a big come down
 
_Jimlad_ said:
gonna send off a letter asking for the last few months worth, yeah did have a better paid job that he lost in november, so working min wage with £750 take home is a big come down
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You should really have said that straight off, a lot of people replying have gotten the wrong impression. Still, you've gotten him motivated to fix things...
 
How do people get themselves into this kind of financial mess?

Im 24 and have never been in debt.
 
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