Newbie - two different debt scenarios

Clairy

Hello everyone.

My brother has recently confided in me that he has serious debt problems. I am not aware of the amount of debt, but I believe it to be the case that many of his monthly payments are bouncing, and there is a possibility of him losing his house. I am really worried about him.

I can't give him money to help, but have offered to be a buddy and cut down my own family's expenses. We're not in any seriously trouble (thankfully) but our finances have become a little flabby and it's time to tighten up. We've recently paid off our overdraft (£2k :j ) that we ran up over 4 years whilst I was on maternity leave / setting up my own business, so I am pleased about that. We do have around £4k on a credit card, that we used to buy our new kitchen with last month.

I'd like to pay this off and save six month's salary (we have about six months saved already, but in a stocks and shares ISA, so I don't think it would be wise to cash some of this in ATM to pay off the credit card when we can just do some cutting back, would it)

Anyway, that's all about me, and I guess I am asking whether you have any advice for:

1) someone is serious debt
2) someone who wants to be in a sharper financial position
3) supporting / buddying someone else re money.

Thanks guys :rolleyes:

beanielou

Why dont you pop up your SOA & we can see if we can help.
Your brother needs to think about contacting one of the free debt charities.
Sure somone will be along in a wee mo with a linky.

GeorgeUK

If he's in Scotland, he may be able to look into a Debt Arrangement Scheme.

Either way, contacting CCCS or Payplan would not help, even if he didn't want to use them. Just getting advice first hand may get him looking at it seriously instead of possibly hiding from it.