Helping a friend

Linwood1965

I have a friend who is in debt - approx 7-8000. I have been helping her with bits of cash every week but am not sure whether I should be taking out a loan on her behalf to help repay the debt instead of just keeping her head above water. If so where and who is best etc and how do I keep it quiet from my other half?

desdemona01

Noooooooooooo!

caz2003uk

Dont do it!!!

Tell her to contact CCCS or CAB to discuss her options!!

Anondebtadvisor

No..... i see clients everyday who have lent money to a friend and its a sure way to lose a friend and your hard earnt cash!

Best thing to do is tell your friend to get some advice asap from cccs or CAB

fatbelly

You've posted on the DRO board. Help her find the £90 if she qualifies.

National Debtline and Payplan are other options, or if she wants a second opinion.

muddipaws

Dont do it, your are liable for the debt and if you friend stops paying you will be responsible for paying it back, and I guess that friendship will be put to the test and all that will come out of it is a rather large debt and a hole in your pocket

McKneff

What is more important to you, helping your friend out or not lying to your other half.

I know where my loyalties would lie.

Let her sort her own mess out or you may land in an even bigger mess.

Foxy-Stoat_3

As others have said, don't do it...but if you are set at taking out a loan to "help" them (but you wont be helping them as they wouldn't of learnt a thing) repay all their debt may I suggest you sit with your friend while you do a credit search online first, so that you will see ALL the debts on their credit file.

Once you are able to get a loan out for all debts then I would tell your friend to default on ALL of them for around 3/4 months in a row and take the 3/4 monthly payments they would of paid for the new loan you have signed up to. That should go some way in crushing their credit file so that once you clear all debts and cancel all credit agreements, they wont be able to just take out another loan/credit card and come to you in 1 year and say, that £8,000 you cleared, well the card companies were so happy the balances were zero'd, they have double all the credit limits and I managed to get another £10,000 loan and I am now in £26,000 worth of debt and I cant pay you any more......I have seen it happen!

wba31

Foxy-Stoat wrote: »

As others have said, don't do it...but if you are set at taking out a loan to "help" them (but you wont be helping them as they wouldn't of learnt a thing) repay all their debt may I suggest you sit with your friend while you do a credit search online first, so that you will see ALL the debts on their credit file.

Once you are able to get a loan out for all debts then I would tell your friend to default on ALL of them for around 3/4 months in a row and take the 3/4 monthly payments they would of paid for the new loan you have signed up to. That should go some way in crushing their credit file so that once you clear all debts and cancel all credit agreements, they wont be able to just take out another loan/credit card and come to you in 1 year and say, that £8,000 you cleared, well the card companies were so happy the balances were zero'd, they have double all the credit limits and I managed to get another £10,000 loan and I am now in £26,000 worth of debt and I cant pay you any more......I have seen it happen!

OR just dont take a loan out for someone... refer to CCCS, NDL or CAB for free debt advice. much cheaper...

RecoveringAlcoholic

Did somebody saY:

Don't do it!!!!!!!!!!