Advice needed before it gets desperate

RVK2

Evening peeps

I’m not a regular poster on this forum but am an addict and follow the trials and tribulations of the regulars here. I don’t post as I’ve got no debt but I love the atmosphere and kind heartedness of the posters along with the great advice given. On that note I come here asking for advice, not for myself but for a friend who finds herself in some financial trouble and needing some help.

A little info – friend and partner live together with children in mortgaged home in his name only (bought before they met). She has a teenage DD from previous relationship and DS together who is 5. For the moment I can only give friend’s info.

She has 2 credit cards with £5000 on one and £3000 on the other. All money goes into the ‘pot’ but she has a monthly salary of £140 from one job and approx £50 a week from another job. She receives child benefit for both children and only £10 a month C&WTC because of partners high salary.

They are really struggling, not behind on any payments but it might not be long before that happens. I know the routine of joint SOA and showing all debt and all income etc and ultimately I’d like to post that information but at the moment her partner is unaware that I’m trying to help my friend. They both admit they are bad with money and can’t stick to a budget!

I am going to see her in the morning to see if I can offer any help but know this is going to be limited as I don’t have access to all the information, although my friend is happy to show bank statements to me so I guess I’d have an idea from that?

I’ve told my friend about this fantastic forum so I hope you’ll all be able to offer some advice to help out this lovely couple before things get desperate.

Thank you so much for reading and for any help you can offer.:D

RVK2

yellowduck_2

You sound a good caring friend, try and get them to have a browse on this site, the help and support is wonderful. I'm not good at the practical stuff as still learning and sorting out my stuff, but we all learn from each other

GeorgeUK

As her monthly salary is only £140 i don't think she will be able to get another creditcard with which to take advantage of any 0% offers. About the only way she could make a reduction in her expenditure so that she can throw more at the debt is to have a look at her insurance and utility providers to see if she can get a better deal (Possibly doing this through Quidco so that she gets money back too).

If they decide to tackle it together he may be able to get a 0% card and they may also be able to look at going interest only on the mortgage for a while to throw more at the high interest debts.

gfplux

Hello rvk2,
Well done for trying to help your friend,
However you know the old saying about leading a horse to water etc.
I think your friend AND the partner have to want to do this together.