10K CC Debt Cycle

Deru

glasgowsaver2011 wrote: »

Transfer at your peril

Many people here (me included) have lent money and never seen it again.

I lent money to my best friend who then passed away

Her family did not want to know.

Luckily she had nominated me as a death benefit recipient.

Her family wanted to contest that too.

I got the money but I was very lucky!

That's unlucky. That wasn't by choice of the friend and the family sounds unreasonable if they knew you. Maybe they were struggling but yeah, lucky you were a beneficiary.

I was going to do the transfer on his behalf online as I have access to his card. This friend does owe me £350.

I have read posts on here about ex-friends who !!!!!! off though so I have thought about it.


Yeah, I'll force him to do a SOA. That's definitely a good idea. Noddle sounds interesting as well.

glasgowsaver2011

Deru wrote: »

That's unlucky. That wasn't by choice of the friend and the family sounds unreasonable if they knew you. Maybe they were struggling but yeah, lucky you were a beneficiary.

I was going to do the transfer on his behalf online as I have access to his card. This friend does owe me £350.

I have read posts on here about ex-friends who !!!!!! off though so I have thought about it.


Yeah, I'll force him to do a SOA. That's definitely a good idea. Noddle sounds interesting as well.

My friend actually had other debts I did not know about at the time.

When I say they passed away - they actually killed themself due to their debt (do a search for my previous posts to confirm this)

I never thought it would happen to me.

But lending money to a friend.

yes do it - but only as much as you can afford to write off

Deru

Oh, sorry. I did consider that it 'could have' been by choice but didn't expect it to really be the case on this occasion. I will take your word for that so won't search. Sorry, to hear it though as you did say it was your best friend.

Agreed, only lend what you can write off. Even if I can afford to write off £5K, I sure as hell don't want to (it won't put me in debt or anything). I'd be okay with losing the money to lets say parents or certain relatives if they really needed it though. I have actually written off £2K I lent to my mum but I think family comes first unless the friend was one who's saved your life a number of times even if not literally.

Reason I considered doing the balance transfer and back was because I sort of have control over his account. i.e. login details and the transfer is done online (and my Clarity card has no transfer fee)

Getting this friend out of this mess is somewhat beneficial to me in the way that he won't have to keep asking me for money as I feel like I'm part of this silly 'cycle'.

*sigh*

On Martin's page 'Credit Card Shuffle', option number 1 is to ask the card company for a reduction in interest, but it quotes the line:

I need cheaper debt, but I'd prefer not to leave you

Don't think that would work with my friend as I think they'll realise he's got nowhere else to go with his credit!

Does doing the SOA and begging Barclays work? Anyone had any luck or seen someone with a success story?

Since the loophole won't work, this seems the best thing to try whilst he sorts himself out with the SOA and habit change.

Deru

camuk81 wrote: »

And a bit of pre warning he would need to close down all the cards and then reopen 6 months later. Yep tried this one with Barclays myself about talking to switching to another APR

Hi,

Sorry, I don't follow. This is in order to do what? Is this referring to suspending all the charges?

camuk81

If I have a card with Barclay card. Though mine is a much lower card. I phoned to ask if I could lower the apr. They claimed I couldn't but they would relook if I closed my account and reapplied after 6 months.

Always paid so over the minimum with them and making a huge attempt to clear it so took that to read

"hop it we don't want your debt!"

Deru

But how can one close an account without clearing the balance?

jo-bo

Just a word of warning with regards with you doing a bal trf to your card and then back to Barclaycard, Barclaycard could shut down the account when the balance is zero or the 6.9% might never become available. They do state on their website that lob trf is subject to status.

Deru

Thanks for the advice. Luckily, can't do it anyway. That would put me in an annoying spot of having lent him a big amount of money but my friend's interest would be halved if I get him to pay the interest charged to me. Complicates things.

barbarawright

Does your friend understand that shuffling money around will just hold off disaster for a little longer and he can only *solve* his problem my spending less money? It sounds as if he is in deep denial and is hoping you will magic everything better!

glasgowsaver2011

Deru wrote: »

Reason I considered doing the balance transfer and back was because I sort of have control over his account. i.e. login details and the transfer is done online (and my Clarity card has no transfer fee)

Getting this friend out of this mess is somewhat beneficial to me in the way that he won't have to keep asking me for money as I feel like I'm part of this silly 'cycle'.

.

You need to take a step back.

This friend relies on you too much