Mate in lots of debt.... advise?

Stretch · 3 Mar 2009 at 00:08

Nix said:
He needs to face up to it and start agreeing to some form of payment plans. He's living beyond his means.

That or do a runner or declare himself bankrupt/IVA

In today’s reckless society there's no shortage of ways to spend other peoples money.

Sysco said:
How do people get themselves into this kind of financial mess?

You go to the bank and ask to borrow some money.

They say sure, how much?

You take what you can and spend it.

Rinse and repeat.

Indy500 · 3 Mar 2009 at 01:31

Stretch said:
That or do a runner or declare himself bankrupt/IVA

In today’s reckless society there's no shortage of ways to spend other peoples money.

You go to the bank and ask to borrow some money.

They say sure, how much?

You take what you can and spend it.

Rinse and repeat.

Er no. He didn't adjust to losing his old job. Read the highlighted quote above, its quite pertinent information

"andy" · 3 Mar 2009 at 01:42

has he got enough money to buy a canoe ?

in seriousness though what has he been spending the 'borrowed' money on ?

has he been buying things that he could sell ?

or has he just wee'd it all away ?

radderfire · 3 Mar 2009 at 01:45

Does he have any assets he can sell? Better to take any swift action possible to tackle debt.

Rgds

( |-| |2 ][ $ · 3 Mar 2009 at 03:09

He should look into selling his car. Insurance, tax, petrol, and a loan on it must eat into half his wage.

6thElement · 3 Mar 2009 at 03:15

Give him a AAA credit rating then sell him on eBay, off-setting any profits made against future earnings to reinvest in possible future derivatives.

Dist · 3 Mar 2009 at 03:38

Sysco said:
How do people get themselves into this kind of financial mess?

Im 24 and have never been in debt.

Well some people get into a lot of debt by getting a degree. I saw on the news the other day that in 2008 there were over 300,000 people in the UK who got a degree (or started towards a degree, i cant remember which) and only 30,000 of them will get a decent job out of uni. Meaning every year more and more people are getting into many thousands pounds worth of debt and when they leave uni are having a very hard time finding a job, meaning they have tons of debt hanging over their head right at the start of the adult lives.

This isn't helped by the fact that mickey mouse degrees are growing more common, so not only do some people have tens of thousands of pounds of debt, but a worthless degree too.

There are obviously many other ways to get into debt, but im not experienced in it, so someone else can proberly explain it better.

Lord-Jaffa · 3 Mar 2009 at 03:40

asim18 said:
Lol, reminds me of my retarded POS brother. He's in thousands of £ debt on his debit card.

He's now got a credit card, he doesn't even work regularly (about 6 hours a month) , and I don't think he realises that he has to pay the credit back, even though I've told him.

I want to punch his face in.

heh my brother is the same, I think he owes about 20 grand in store cards, creditcards, loans.

Hes never made a single payment to any credit hes ever taken out, the debt collectors dont even bother sending letters or calling anymore, he just ignores it all!

_Jimlad_ · 3 Mar 2009 at 08:10

ok glad a i started this thread as i did sit down with him again, and it now seems like he wants to get out of this mess and we can talk about it, he told his old man about the issues who wired him the rent money (which is for me) the bank have no paused the interest and late fee's so were getting somewhere

DailyGeek · 3 Mar 2009 at 08:43

Seriously, get him to talk to www.cccs.co.uk, who I mentioned earlier, it'll take a huge weight off of his shoulders.

orderoftheflame · 3 Mar 2009 at 08:58

Kneecaps. Break 'em.

timmothy · 3 Mar 2009 at 09:08

orderoftheflame said:
Kneecaps. Break 'em.

this^^^
Its the only way imo

_Jimlad_ · 3 Mar 2009 at 11:18

i felt like it! i just wanted to whack him round the chops, but i think we have had a break through!

gjc10212 · 3 Mar 2009 at 11:23

Lord-Jaffa said:
heh my brother is the same, I think he owes about 20 grand in store cards, creditcards, loans.

Hes never made a single payment to any credit hes ever taken out, the debt collectors dont even bother sending letters or calling anymore, he just ignores it all!

As long as he doesn't receive a CCJ or communicate with any creditors for 6 years he wont have to pay a penny....(statute barred.)

Hedge · 3 Mar 2009 at 11:32

Sysco said:
How do people get themselves into this kind of financial mess?

Im 24 and have never been in debt.

Depends how extravagant people like to live really. Some people spend way beyond their means.

When my wages dried up i used to bomb credit cards to go out and get wrecked with me mates or buy the things i wanted

learned from that now though!

_Jimlad_ · 3 Mar 2009 at 11:50

it must be so depressing!

Messiah Khan · 3 Mar 2009 at 12:12

_Jimlad_ said:
it must be so depressing!

Any idea how much debt he owes in toal out of interest?

_Jimlad_ · 3 Mar 2009 at 12:14

Messiah Khan said:
Any idea how much debt he owes in toal out of interest?

hard to say, if you include cars then i would say 5 - 7k not a great deal i have other mates in worse than that, it's just the lack of income

jakeke · 3 Mar 2009 at 12:23

Repta · 3 Mar 2009 at 12:47

if its only 5-7k then it wont be too hard to deal with. Dont file for bankruptcy for that amount there really is no point. My dad was in 60k+ debt a few years back and was advised not to, the finicial advisers basically said if he was going to rack up as much debt as possible then do it... Anyway he has cleared all the debt now and making 70k/year tax free. He wouldnt of got the job if he had filed for bankruptcy.