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How to help a buddy
Pobby
Posts: 5,438 Forumite
I have a friend in his 50`s who is sadly pretty niave when it comes to money. He is self employed and has lost his contract. He is now on another paying a fraction of what he was earning. After tax, he isn`t covering his mortgage! In desperation he has cashed in 2 very small pensions to release that 25% tax free bit to help himself out.
The money runs out next month. Not sure what he is thinking of but has nothing about his situation. He hasn`t even contacted his lender. He says he might have it valued for sale. Hmmmm, new build in 2005, I think he will have a nasty shock coming his way. What is frustrating is that he doesn`t seem to grasp the situation he is in.
He has been in trouble before and last time, because of divorce, managed to get himself out of a mess due to the release of equity.
Great guy but he never thinks things through. My goodness, he was only about a year into this mortgage when he announced to me he was thinking about buy-to-let. I put him off that one.
I guess all I can do is stand back and support him when it all goes wrong.
The money runs out next month. Not sure what he is thinking of but has nothing about his situation. He hasn`t even contacted his lender. He says he might have it valued for sale. Hmmmm, new build in 2005, I think he will have a nasty shock coming his way. What is frustrating is that he doesn`t seem to grasp the situation he is in.
He has been in trouble before and last time, because of divorce, managed to get himself out of a mess due to the release of equity.
Great guy but he never thinks things through. My goodness, he was only about a year into this mortgage when he announced to me he was thinking about buy-to-let. I put him off that one.
I guess all I can do is stand back and support him when it all goes wrong.
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Comments
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Shameless bump!0
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POB I think the reason you have no replies is that you have not asked any specific questions. You have stated your mate's problem..... then said all you can do is stand back and support him. If you need advice or our opinions then ask away;) .DFree impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D0 -
Dalip, you are so right. Yes being dumb here! I guess that he doesn`t seem to realise how perilous his situation is. The thing is do i draw attention to this?0
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Yes pob most of us don't:o .Until such a time as we can ignore it no longer. Does he have internet access if so point him in our direction. If not advise him to make an app with his local cab,but if his head is still buried then you may be fighting a loosing battle.Bit like AA only that person can seek help,nobody can do it for them.DFree impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D0 -
No internet access.To a degree he has always been ``on the edge``. I do think this is a loosing battle but I thank you for your reply.0
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How about inviting him round for dinner, then chat to him about it and then you can show him the site ect from your house?"Well, that sounds like a pretty good deal. But I think I got a better one. How about I give you the finger, and you give me my phone call"
"There is no spoon"
~~MSE BSC member #172~~0
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