We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
CC advice needed for a friend please
moohound
Posts: 1,209 Forumite
My friend and his wife has total cc debts of £9000 on two cards he has tried to get a 0 percent balance transfer but has been turned down. The cards both have high interest rates but I don't know the figures for the APRs
He also has two loans one is £350 a month and finishes in 6 months.
The other is £250 a month and finishes in 2 months.
He and his wife are struggling with these debts and having to spend on the CCs in order buy groceries.
They also tried to get a consolidation loan for the cards and the smaller loan but again were refused.
They know I also have debt but do not know I am starting debt management.
Their situation will be greatly improved soon when these loans are paid off but in the mean time they are risk of going over their overdraft limits and maxing out their cards.
How can I best advise them?
Would the CCs take a token payment and freeze interest for 6 months for example or would they be better off talking to one of the charities?
He also has two loans one is £350 a month and finishes in 6 months.
The other is £250 a month and finishes in 2 months.
He and his wife are struggling with these debts and having to spend on the CCs in order buy groceries.
They also tried to get a consolidation loan for the cards and the smaller loan but again were refused.
They know I also have debt but do not know I am starting debt management.
Their situation will be greatly improved soon when these loans are paid off but in the mean time they are risk of going over their overdraft limits and maxing out their cards.
How can I best advise them?
Would the CCs take a token payment and freeze interest for 6 months for example or would they be better off talking to one of the charities?
ISA £1675 
MiniMoohound savings £3685.86 :T Plus £3800 CTF 
'MrMoneyMuststache' my new hero, Martin Lewis my long time hero
Poacher turned Gamekeeper
Roadkill rebel No 52 Aug £1.34p Sept 24p Oct 5p Nov 5p Sealed pot Challenge No 403 £176.66(2014) :staradmin NOV NST No 20
MiniMoohound savings £3685.86 :T Plus £3800 CTF 'MrMoneyMuststache' my new hero, Martin Lewis my long time hero
Poacher turned Gamekeeper
Roadkill rebel No 52 Aug £1.34p Sept 24p Oct 5p Nov 5p Sealed pot Challenge No 403 £176.66(2014) :staradmin NOV NST No 20
0
Comments
-
Suggest to them that they do the CCCS debt remedy online and be honest. This will give them an indication of how bad things are. Also tell them not to apply for anything else until they have done this, as multiple credit applications can adversely affect your credit score.
Also check that they are on the electoral roll as this can affect credit score too
chevI want a job that is less than an hour driving away from my house! Are you listening universe?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards