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About to help a friend
twitterer
Posts: 4 Newbie
A good friend of mine has come out of a divorce with no house, car and in the region of £40k of debt from what I understand to 5 card companies.
To be blunt they are not the most astute when it comes to finances and I would really like to help him out by getting this debt paid off so he can get on with his life.
I've asked him to come round and we go through his budget, debts I've asked him to bring his card statements and he has sent some letters to CC companies as advised by CAB but only had 2 replies after 2 months.
What would anyone recommend the next (or my first stage) with him should be?
To be blunt they are not the most astute when it comes to finances and I would really like to help him out by getting this debt paid off so he can get on with his life.
I've asked him to come round and we go through his budget, debts I've asked him to bring his card statements and he has sent some letters to CC companies as advised by CAB but only had 2 replies after 2 months.
What would anyone recommend the next (or my first stage) with him should be?
0
Comments
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Might be better if the whole thing was handled by the likes of the CAB or the CCCS etc....rather than just a friend with the greatest repsect.0
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I agree but he needs a kick up the **** he has been to CAB and done the sending letters but done nowt else, I just want to draw up a plan of what he needs to do.0
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With £40k of debt, professional advice is going to be highly recommended. CCCS gets alot of use for DMPs, but for generally advice national debtline, CCCS and CAB are the way to go.
They will be able to judge from his budget how long it will take to clear it, and if it is an excessive time what insolvency would be best. Although i can say for certain DRO/IVA are out the question so it would be bankcruptcy, if there income is not high enough to clear the debts.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
although professional advice is possibly going to be the best thing, the very first thing you will need to do with him is the statement of affairs just to actually see how and where he is financially maybe kick his backside in the direction of this forum as well so he can get the advice from someone who isnt a friend as wellDrop a brand challenge
on a £100 shop you might on average get 70 items save
10p per product = £7 a week ~ £28 a month
20p per product = £14 a week ~ £56 a month
30p per product = £21 a week ~ £84 a month (or in other words one weeks shoping at the new price)0 -
Cheers I was going to take him through the CCCS stuff that I seen on this site.
He refuses to go down the bankrupty route but will see what they say.0 -
Cheers Gonzo, thats what I am hoping me getting involved will do, showing him this site and the exp others are having and also the advice on here.0
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If he has a budget already you could use the information and put it into CCCS debt remedy online. This will give suggestions depending on his circumstances.
https://debtremedy.cccs.co.uk/start.aspx0
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