Urgent Advice needed ASAP!

SIMMY

Hi guys,

Im a longlurker of mse but havent really posted much in the past i really could do with some advice plz for a friend of mine!

The poor soul is crying her eyes out she has just found out this morning that her partner of 6 years has took a £10k loan and a seperate loan for £3k and gone and bought a £28k car on finance:eek::eek::eek::eek:!

The problem is the mans only getting £500 a month of which he is paying £100 towards rent. So he is left with £400 per month however his repayments per month are totalling £700 for the loans and £600 for the car. Ar ethe banks losing their mind they knew he was only getting £500 per month from his wage as it is only his wage that goes into his account. Their wtc and ctc goes into her account as she runs the household and looks after the kids etc,

The thing is he has been suffering from depression recently and they have had a lot of ongoing family problems. Though this is still no excuse for this sort of stupidity. He has blown the money in casinos (Idiot):mad::mad: now he hasnt got enuff money for his repayments. We just need some advice as to what he can do with regards to repayments and also will this affect my mates credit rating?
She is also worried (havent got a clue why ) that he will get locked up for fraud so i need some reassurance that it is highly unlikely!

She will be on later so any further questions to help her plz fire away!

Thankyou

Simm

ILW

If I were her I would just walk away and let him wallow in his own mess, unless there are children involved.

CLAPTON

tell her to go over to the debt free wannabe board
and to post up the details of income spending and all the debts etc in this format

http://www.makesenseofcards.com/soacalc.html

nikki1520

Dear Simmy

If he was honest when he took out the loans, it's unlikely that he will be prosecuted for fraud - you have to decieve with the intent of personal gain for this to happen.

Has he seen his GP? Depression is an illness, and it could be argued that he wasn't of sound mind when he made these decisions. However, he will need medical support to make this arguement stick.

Sorry I can't help more, good luck!!

barcelonabombshell

I suggest she gets advice. Call the NationalDebt helpline. Its free to call and they will talk you through all available options. I found them really helpful.Have a look at their website.

SIMMY

ILW wrote: »

If I were her I would just walk away and let him wallow in his own mess, unless there are children involved.

unfortunately 2 kids involved #3 on its way!!!

SIMMY

CLAPTON wrote: »

tell her to go over to the debt free wannabe board
and to post up the details of income spending and all the debts etc in this format

Thanks hun ill tell her to go on their but its not really her debt also shes only getting wtc and ctc!

nikki1520 wrote: »

Dear Simmy

If he was honest when he took out the loans, it's unlikely that he will be prosecuted for fraud - you have to decieve with the intent of personal gain for this to happen.

Has he seen his GP? Depression is an illness, and it could be argued that he wasn't of sound mind when he made these decisions. However, he will need medical support to make this arguement stick.

Sorry I can't help more, good luck!!

Thanks for your reply hun the guys a plonker.
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I dont think he has been to the docs for his depression as he is too much of a man for that:rolleyes::rolleyes::rolleyes:! With regards to what he told the bank etc havent got a clue have not spoke to him myself also could the bank not see the man is only depositing £500 per month!

barcelonabombshell wrote: »

I suggest she gets advice. Call the NationalDebt helpline. Its free to call and they will talk you through all available options. I found them really helpful.Have a look at their website.

I'll ask her to get him to call even though he too much of a man to admit his faults:rolleyes: What a p**ck?

Sorry im just fuming ive got this pregnant lass on the fone crying her eyes out!

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PNPSUKNET

The £28k for a car sounds a little strange, to get that type of finance he must of lied to be honest as they ask how much you earn.

SIMMY

PNPSUKNET wrote: »

The £28k for a car sounds a little strange, to get that type of finance he must of lied to be honest as they ask how much you earn.

Hi mate, thanks for your reply just asked him he is saying they did not ask how much he earns they just took his employer and bank details.

He has also ran up a debt on his credit cards and store cards argos etc!:eek::eek:

SIMMY

Hi again all if he does not pay monthly instalments will the finance company take the car because we do not want him getting further into more debt. He shouldnt be driving a nice new car he dont desrve it!!!!!!

Also will the debt result in bailiffs coming to my friends house, she is soo worried sick!!!

CHR15

They will take the car away, sell it for about £100 and bill him for the difference.

Not paying it will pile more debt onto them, along with default charges etc..... bad move.