Money advice....Please

I had a friend (yes a friend, not me) who racked up a stupid amount of debt and ended up with nothing to show for it. I can't remember the exact name of the process, but he was able to approach an organisation who act on behalf of people in his situation. This organisation basically speaks to the people you owe money to and (as far as I can see) tell them words to the effect of "he can afford to pay you amount X every month. You get that much or he declares bankrupt and you get nothing". He had to destroy his credit cards and pay back something like a third of his overall debt. I don't think this route was as bad as declaring bankruptcy but again I'm only going from memory.
 
mulpsmebeauty said:
I had a friend (yes a friend, not me) who racked up a stupid amount of debt and ended up with nothing to show for it. I can't remember the exact name of the process, but he was able to approach an organisation who act on behalf of people in his situation. This organisation basically speaks to the people you owe money to and (as far as I can see) tell them words to the effect of "he can afford to pay you amount X every month. You get that much or he declares bankrupt and you get nothing". He had to destroy his credit cards and pay back something like a third of his overall debt. I don't think this route was as bad as declaring bankruptcy but again I'm only going from memory.
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CCCS will do similar to this.
 
Surfer said:
bump it up to around £7 - 10k then get yourself declared bankrupt. Flippant remark yep but its only a few years on the credit blacklist. And nowadays it is a lot easier to do if you look into it.

Of course the system would have you work like trojan for years to pay it all back....
The system rewards those know how to work it not those who are honest and work hard.
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This is perhaps the most cynical, feeble-minded, un-ambitious and tedious advice I have seen given in GD and that really is saying something. Yes you could plan to rack up debts and go bankrupt, effectively and premeditatedly stealing from those you are in debt too, or you could (as the OP clearly plans to do) get your financial affairs in order and take control of your life. The assertion that you get nowhere by working and being honest is ridiculous. Yes, if you have a total poverty of ambition you may make a temporary one-time and pitifully minor gain by racking up feeble debts to go bankrupt. If, however, you do not take this route all options remain open. I suspect that most high net worth people have not "worked the system" but have actually utilised their skills/assets profitably. Quick cash in on £4,000 “free” money now and make life difficult for yourself for the medium term. Sterling advice.
 
I read the thread title as Monkey advice... Please. Disappointed now :(

With regard to the actual topic, I would speak to a professional, and not take the advice of anyone on an internet forum (even though you're all lovely people!) about a matter such as this. Arrange a meeting with your bank, or speak to CAB.
 
This is perhaps the most cynical, feeble-minded, un-ambitious and tedious advice I have seen blah blah
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You dont need to read my "advice" :D Dont be so insecure in your thinking that you let what other people say affect you personally and emotionally.

Theres quite a few people who dont understand how bankruptcy nowadays works. Its not really stealing anyway, If x company is so willing to lend money to bad risk cases they cant really complain when it goes pear-shaped.

Anyway - its not YOU that owes the money its Client XXXXXXXX. Start treating your life like a business and finding the various loopholes that are commonplace then you'll be in control. Ive managed to have about £3k written off myself years back.

But yeah seriously do what the others have said contact cab, work out a finance plan and pay off x amount each month for x amount of years. gl
 
liked already mentioned loads visit the CAB

bankruptcy is an option and not as bad as people would have you believe, you will still have to pay back a certain amount so don't think it will be a free ride
 
CAB isnt the best choice, random volunteers that half of the time dont know anythig, run up and down to their managers who look through some law books to advice you.

Best bet would be to speak some one who deal with debt's.
 
I would have a look on money saving expert forums for this kind of thing. That's not bad debt at all compared to some. Just be careful and don't go to a loan shark where they offer to pay off all your debts by putting them all in to "one easy monthly payment".
 
As i work for the CAB anyway, specifically a debt advice unit, my only advice to you now is get an appointment asap before things do get out of hand, the advisers are very understanding and will do there best to help you out of this situation.

As your debts are below £5000 bankruptcy wont be an option, an IVA is a possibility and in 2009 a new scheme is being introduced called A Debt Relief Order which may be of assistance, information on that isnt yet widely available but it is worth asking an adviser when you see one.

The CAB will be able to help negotiate lower repayments for you if you feel your current monthly payments are putting too much of a strain on your health, but bare in mind this will affect your credit rating so getting credit in the future may be difficult.
 
Surfer said:
You dont need to read my "advice" :D Dont be so insecure in your thinking that you let what other people say affect you personally and emotionally.

Theres quite a few people who dont understand how bankruptcy nowadays works. Its not really stealing anyway, If x company is so willing to lend money to bad risk cases they cant really complain when it goes pear-shaped.

Anyway - its not YOU that owes the money its Client XXXXXXXX. Start treating your life like a business and finding the various loopholes that are commonplace then you'll be in control. Ive managed to have about £3k written off myself years back.

But yeah seriously do what the others have said contact cab, work out a finance plan and pay off x amount each month for x amount of years. gl
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Thanks, I didn't take your advice personally and was not at all emotionally involved with it (it bears absolutely no significance to my personal situation) - for the sake of the OP I was pointing out the short-termist, cynical and questionable legality of it.
 
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