Young credit card addictee

Emma79

My brother (25yrs old) has credit card debts of £17K that he built up while pretenting to us that he was going to University. God only knows what this money went on.

He is very secretive, and refuses to let anyone get involved or advise him. However my dad (who he still lives with), has found out that he has been to one of these debt consolidation agencies who now take the majority of his salary off him each month and pay his debtors. The debtors are all credit card companies (approx 8 different credit cards).

I'm quite irate that these companies gave him the money when he wasn't even employed or a student... but I don't suppose there is much we can do in that respect. :mad:

I can't see how he will ever be able to stand on his own two feet, and paying off this loan will take forever (he earns less that £15K), especially as some of the cc companies are still charging interest.

I was hoping that someone might have any words of advice???

Broken_hearted

I know some banks don't check if you are a student or not, they sign anyone up.

kar

Take him kicking and screeming down to payplan or cccs what's he paying someone for the privalidge of paying his debts off. What a waste of money that could otherwise be going off the debt. Payplan and CCCS are free.

Emmzi

Emma,

very frustrating!

Question one for me is, does he want to be helped? Because until he does, there's no point trying to make him do things!

It sounds like he's not really having repercussions for what he's done, and your dad is helping him maintain a comfortable lifestyle - is that right?

Does your dad charge a realistic rent, and get contributions to bills etc?

OTOH he is at least willing to work, and able to get work, which is more than many! So all is not lost.

17k is managable, but I suspect he would be better going through CCCS or Payplan, and not paying a debt management company fee each month, as others have said. Or even managing things himself if he can.

However - the only person who can fix this is him!

Can he come on here and post a SOA so all the number crunchers here can help him find extra money to throw at his debts?

It must be tough as a caring sister watching all this happen. Be careful not to let yourself get too wound up over him; do what you can, but look after yourself, and dad!

Broken_hearted

Agreed payplan or CCC will cut his outgoings but the reasons for spending and lying need to be delt with first.

Emma79

Thanks guys... all very helpful and insightful stuff!
Will certainly act on it.

biglad

I got into very similar situation when i was a student, even got given a £9,500 limit on an egg card when id left uni and couldnt work due to illness. I agree with people saying he is the only one that can help himself. I just kept letting my debts get bigger until i had a light bulb moment and realised i want a home and family of my own, and how can i do this with loads of debt.

getting in touch with payplan is the best thing that ever happened to me and they are VERY helpful and friendly. maybe just even getting him to read some post on here would help him