Debt Consolidation

somethingcorporate

Credit Union loans are not cheap, they can just be more accessible to some people on lower incomes.

There is no chance of her getting one for £8k.

They really need to seek professional advice, more credit is certainly not the answer.

nyc_451

From my experience, many people who are in debt are looking for a shoulder to cry on, when what they actually need is a good kick in their a*s*s*. Since childhood I've been watching quite a few relatives struggling with money and coming to my mom and grandma for help. Nothing has changed since, as they get 'help' every time they get into trouble - why bother changing habits I avoid them even when they are well off because I know that sooner or later they will mess up and come to me for 'help'. I am a cold heart b*tch to them but I really don't need this kind of friends, I'd rather get a dog!

thegirlintheattic

OP you are being a very good friend but please stop applying for loans for them. You are risking your own credit history and money should this couple default. At the end of the day they have got themselves into this situation and need to get themselves out of it, with the help of a professional debt management service.

They are living way beyond their means and taking another loan is not going to help.

In their situation it's no longer about what they think they need it is about basics.

Do they have two vans on top of the car? If so two out of three need to go unless they are essential for work.

Two uni students get student loan so should be paying their own way 100%.

Is there a way of getting out of the HP? What is it for?

Mortage - is it cheaper than renting? While it is a drastic solution, if they could sell the house they would clear their debts and have a clean slate. Rent for a few years then buy again debt free.

Electricity is high, can they change deal?

Mobile phone - if essential get cheap PYG phones and only use when needed. House phone - make calls during free hours (if included in package). Are they all essential calls?

Sky - get rid. Not needed.

Groceries - go over to the old style board and get some tips on cutting the spend down.

Presents - cut down. Small gifts for children, don't buy for others.

What are the other child related expenses?

meer53

Thegirlintheattic - Think you have misunderstood -

"OP you are being a very good friend but please stop applying for loans for them. You are risking your own credit history and money should this couple default. At the end of the day they have got themselves into this situation and need to get themselves out of it, with the help of a professional debt management service"

From what i understand the OP is doing the applying in her friends name, not her own. The OP's husband refuses to sell the vans, mentioned in another post. Justification for the high electricity bill also mentioned in another post. I think you'll find that most points have already been covered in one way or another, seems the OP's friend just doesn't want to accept their situation.

Jo4

thegirlintheattic wrote: »

OP you are being a very good friend but please stop applying for loans for them. You are risking your own credit history and money should this couple default. At the end of the day they have got themselves into this situation and need to get themselves out of it, with the help of a professional debt management service.

Thank you! I was applying for the loans in their names at their address.

thegirlintheattic wrote: »

Do they have two vans on top of the car? If so two out of three need to go unless they are essential for work.

Yes, they have 2 vans but he is not willing to sell either of them and they are both declared SORN. She understands they need to be sold but he doesn't appear to.

thegirlintheattic wrote: »

Two uni students get student loan so should be paying their own way 100%.

Uni students are paying their own way. One has one part time job while the other has two part time jobs.

thegirlintheattic wrote: »

Is there a way of getting out of the HP? What is it for?

They are paying for the car and one van.

thegirlintheattic wrote: »

Mortage - is it cheaper than renting? While it is a drastic solution, if they could sell the house they would clear their debts and have a clean slate. Rent for a few years then buy again debt free.

I don't honestly know.

thegirlintheattic wrote: »

Electricity is high, can they change deal?

They are in arrears but the price per unit of electric is reducing tomorrow.

thegirlintheattic wrote: »

Mobile phone - if essential get cheap PYG phones and only use when needed. House phone - make calls during free hours (if included in package). Are they all essential calls?

They are supposed to be essential calls but then when there are children in the house I would imagine they would phone their friends and I don't know if those clls would be essential.

thegirlintheattic wrote: »

What are the other child related expenses?

School dinners for the 12 year old and almost 11 year old. The 3 1/2 year old has to pay for food at school too.

chesky

OP Ithink you should also understand that you are not helping them any more. You are in danger of acting like an adviser in financial matters which are frankly beyond you. Tell them to contact your local CAB and allow those who understand these things to assist them - if thats what they really want.

angelsmomma

Uni students are paying their own way. One has one part time job while the other has two part time jobs.

Then its not right to keep saying they have 6 children to support. They have 4

They are paying for the car and one van.

Get rid of both and drive the other van then


They are supposed to be essential calls but then when there are children in the house I would imagine they would phone their friends and I don't know if those clls would be essential.

Children should not need a phone except in an emergency. Keep as little credit on a payg phone as possible. A landline not needed, it is a wanted, get rid.

School dinners for the 12 year old and almost 11 year old. The 3 1/2 year old has to pay for food at school too.[/QUOTE]

packed lunches?




Please op, stop trying to help them. They need to take control and stop making silly excuses.

Jo4

angelsmomma wrote: »

Uni students are paying their own way. One has one part time job while the other has two part time jobs.

Then its not right to keep saying they have 6 children to support. They have 4

If you look at their SOA it states 4 children.

It is up to them what they do as others have said I have done my best - it is up to them now!

angelsmomma

Jo4 wrote: »

If you look at their SOA it states 4 children.

It is up to them what they do as others have said I have done my best - it is up to them now!

Ah yes I see that. But in that case where is the income that comes from the 2 older ones who pay their way on the SOA.

It should say 4 adults not 2 and give the money they pay in as income.

Even if they only pay £50 each a week it would be £400 a month so that would nearly cover the shortfall they are having each month.

Please op, stop trying to help now. They are not giving you the whole picture. You are a good friend for trying but let go now.

Jo4

angelsmomma wrote: »

Ah yes I see that. But in that case where is the income that comes from the 2 older ones who pay their way on the SOA.

It should say 4 adults not 2 and give the money they pay in as income.

Please op, stop trying to help now. They are not giving you the whole picture. You are a good friend for trying but let go now.

The two older ones live away from a Sunday afternoon/evening to a Friday evening so they do not contribute to the household. One of them always works near home on a Saturday nigt if not both.