Please help 15k debt

pelfed

Please can someone give me some advice.

I'm upto 40k in debt, but one of my biggest debts was when I went guarenteur for a so called friend who was now being very diffiuclt to get hold of and keeps moving. This has been going on now for 3 years and he owes me 15k of which he only ever paid £300 in the first 2 months of the repayment.

I have a baby due next year and now I'm really getting worried. My debts are getting out of control and although I'm not adding to them anymore I still need £1000 per month just to pay them.

skintchick

Hi - first of all don't panic! We are all here to help.

Next, post your SOA, a list of all your incomings and outgoings, plus your debts, minimum payments and APRS.

Re your 'friend'. Do you know where s/he lives? If so, then go to the county court and start proceedings against them. It cost about £20 which you will get back when you win. Did you get a signed agreement from them? What are the exact circumstances of the loan?

Tell us more and we'll try and help

pelfed

Hi here is a list of outgoings per month:

Mortgage (97000) - £470
Cahoot Loan (5000) - £110
IF Loan (6000) - £125
IF Credit Card (2500) - £70
Halifax CC (3200) - £80
NorthernRock Load (25000) - £320

I'm also self employed paying myself (1400) just enough to cover all my debts and live. I've only being doing this for 4 months, so I remortgage is out of the question.

I don't know where my so called friend is, and the story is that (i know this sounds silly): He started a company with someone so I put in 7500 (paid by cheque), his partner disappeard as did the money so god knows how I could get this money back. I also went guarenteur for £7500 with Household bank, so this is recorded etc.

I think he might be working in Worcester for an Internet company - i have the details and address, but that was about 7 months ago now. That was the last time I spoke to him and he promised me some money as he said he'd been in a car accident and was due about 10,000. I Never got any money and I know that he's in serious trouble with debt as well.

pelfed

No advice ? :-((

wigginsmum

I'm sorry, I don't have the legal knowledge to advise you re the friend/guarantee situation. If you want to post the rest of your outgoings like food and utilities, I'd be happy to try and help you cut costs there.

Jules

System

Hi pelfed - for legal advice, try

https://www.clsdirect.org.uk

skintchick

Pelfred

On your outgoings, please list all bills - council tax, food, car, etc., so we can see where it all goes.

Ref your friend - I have online access to the electoral roll. If you PM me your 'friend's' name and possible location/s I can give you a list of possible addresses for him, assuming he votes.

And do get proper legal advice.

jobbingmusician

Pelfed, I suggest you deal with this as 2 separate problems.

Treat the first problem as if you are never going to see the £15k you lent your 'friend' again. Assume the worst, that you are in £40k worth of debt, and firstly use this thread to get help and advice from people who have 'been there, done that'. £40k worth of debt is by no means the worst debt that this board has seen - you can, and will, recover from that. This board will help you to do it as painlessly as possible.

PLEASE NOTE!!!! - I am NOT saying that you will never see this £15k again. I'm just suggesting that you act as if you never will, so that you have seized the bull by the horns and faced up to the worst that can happen, knowing that if you can act as if this worst scenario is true, you will have faced all your problems (and you might come out of it with £15k in your pocket! :j )

The second problem, to be dealt with separately (although by the sounds of it there's still loads of useful advice on this board) is tracking down your friend and recovering the money. (Even this might be split into 2 separate bits - firstly find him, secondly get money!)

I do hope this helps. Well done for making the first steps! :xmassign: