£29K in loans, credit cards & property bills. Where to start? Please Help!!

HappySad

Thanks for this advice. Friend still has not come up with more information about interest rate and should (I hope) come up with this later on. I think that a loan to pay everything off then just pay that over the years would be the easiest thing to do and to arrange a regular payment for the council tax as I don't think that will go up with interest.

Friend got into this situation because he does not want to face the problems and do something about this. I am hoping that this time he will actually do something constructive to sort things out.

CFC

Your mate might find that with so many debts, multiple bank accounts and unarranged overdrafts, and a low income,that getting a 29k loan is actually not an option.

A secured loan is what the banks are likely to be looking at, and from the outgoings you've listed it doesn't look to me likely that he has a property to secure it agaiinst. And the rate of interest offered, if he should get one, is not likely to be low. He's a bad risk, you see, and the interest rate you get offered reflects the perceived risk. After all, offering an 8k loan is one thing, and 30 grand is quite another.

It won't be possible for you to offer him help unless he really wants to sort this situation out. Good luck.