Credit Card debt help for a friend

pug_in_a_bed

Hello

Just wondering if anyone can give me some initial help for a good friend of mine. It hasnt got to the point where she is familiar enough with mse to post yet or even to give me an soa, but things are getting dire now. She's 22 and in debt to the tune of about £7000 all on cc debts (that i'm aware), she's a student, but finds she cannot now meet the minimum payments. Her mum is going spare because she has missed payments and now there are some black marks against their address. I doubt mum knows where she is up to though.

Can't give much more info yet, but just wondering what I can do to help now.

She's working two jobs but its still going wrong. I guess she is having her lightbulb moment, or the bulb is at least starting to glow, as she has found herself refused for three credit cards she planned to do a balance transfer on.

I often recall seing those letter templates to write to the cc companies offering token payment or asking for freezing interest - I've had a search and can't find them? is there a sticky for these, or a guide I have missed? Would this be a good thing to do for the time being?

Just trying to think of what to do pretty much immediately.

Any help on this wonderful board is much appreciated.

Broken_hearted

Well done on being a good friend. She needs to talk to the cc companies so that she doesn't end up with charges. I would phone first and follow up with a letter.

CLAPTON

i would strongly suggest you introduce your friend to this board and help her post a Statement Of Affairs asap.

There are a lot of people here who are or have recently been students so you're sure of friendly and helpful advice. Do it today!

If you browse the bulletin board you will see examples but the general format is

: statement of income:

: statement of expenditure
this should be quite detailed but excluding debt repayment
: a subtotal to save us all having to add it up

: statement of all debts including
outstanding amount, monthly repayment , APR
a subtotal of the total debt and of the total repayments, to save us having to add it up

also add a brief details of your situation, partner, any children, rent or own property, value of house and mortgage, any special circumstances that are relevant

pug_in_a_bed

Hello again.

I have gleaned some more info from my friend about her situation, she is having some problems at the moment which have pushed her money problems out of her mind, but we cant ignore this now. Her credit card company capital one are now seriously harrassing her for payment, which she cannot afford. They haven been ringing amost daily wanting £260 per month, this includes late fees as she has missed a few payments. She tells me that she has called them and said she will send a letter detailing her wages etc, but they replied that will make no difference as she 'chose' to become a student.

She can't pay this £260. The card has approx £8000 owing on it.

Its been hard to get any info out of her as she is mortified but also concerned with other problems, so I still don't have a proper statement of affairs although roughly she earns £90 per week.


They are now saying they wil take her to court. She has now dropped out of univeristy and is looking for a full time job. What can we do at this moment in time to prevent them taking her to court? Is there a letter she can send asking them to freeze interest or offering a token payment?

I have been in debt with disastorous consequences which I don't want her to follow, I didn't know where to go for help and I don't want her to end up the same.