Advice For A Friend!

Danni-R

I'm working with a lovely lady that has about £30k in debts. She is currently paying about £250-£300 a month and has been given a DFD of 30 years.

She is a temp and so apparently isnt liable for anything such as an IVA.

What would be the situation with a DMP? Does she have to be in full time employment? The job is secure and she's been here for years.

The debt is all in her name and she wants to keep it that way so that her husband isnt effected. She has 3 kids and like us all is feeling the pinch.

Any advice greatly appreciated!

Danni.

Percy1983

Well a DMP is based on what you can afford, to which she doesn't have a certain income.

Without full details its hard to say, but can she not pay more off the debts every month? Assuming she has go the DFD from the snowball calculator has she tried adding say £50 to what she is paying and seeing the effect it has.

Also is all debt on low(ish) APR's or could card shuffling be used.

Without a full picture we can only give general advice.

mixedupdebt

Hi Danni,

Depends on her specifics but as she is in regular work, she could look at bankruptcy to wipe it out. Check over on the bankruptcy boards for more advice if she feels it may be an option.

All the best.

dancingfairy

I would say she needs to do a full SOA - statement of affairs and see if she can shop around for any of her bills to get them cheaper.
Start a spending diary to see if there are any holes - ie money just disappearing on chocolate/magazines/drinks/meals out/ drinks after work/cd's/dvd's/bottles of wine - everyone has some weakness.
Also is she doing a dmp with a debt charity or a fee charging company as this will affect how long it takes to get debt free and whether the advice is impartial or not.
Your friend could also try National Debtline,CCCS or their local CAB depending on who they have already tried - there's no harm getting a second opinion.
Also - I think she probably needs to tell her OH as he might well find out anyway - and she might find it hard to explain why she's trying to cut down - he might have his own secrets too - or maybe wondering why she is stressed out and suspecting the worst?
It might help to identify where the debt has come from as I guess some of it might be stuff for the house that he has had use of as well?
Good Luck to them
df

Danni-R

Hey,

Thanks for the replies. She is in full time employment and its one massive loan with Natwest (I think). He other half knows and takes care ofwhat he can.

She wanted to get an IVA but was told that she couldnt because she's a temp. But although its classed as a temp role (nearly 2 years there) they still have to give us 4 weeks notice etc.

I'm pretty sure she's stretched to her limit. I might see if the bankrupcy option is an idea she'd be willing to go for.

Thanks for all the ideas. I'm going to pester her to register on here and look at the ideas.