Debt Consolidation

Jo4

laurel7172 wrote: »

Or guarantee a loan unless you can afford to pay the lot...

Thank you for posting this however it is one thing I have no intentions of doing because I know hubby & I done without and worked really hard to get ourselves into the position we are in.

Her mother suggested to me that could I apply for a loan or bt credit cards in their daughter's name as she has 2 part time jobs as well as being at university.

DCFC79

OP you've been a very very good friend to the 2 of them but i think its tme for them to call 1 of the debt charities.

angelsmomma

Jo4 wrote: »

Thank you for posting this however it is one thing I have no intentions of doing because I know hubby & I done without and worked really hard to get ourselves into the position we are in.

Her mother suggested to me that could I apply for a loan or bt credit cards in their daughter's name as she has 2 part time jobs as well as being at university.

Is this the 21 year old. If so its a terrible thing to suggest.

DCFC79

angelsmomma wrote: »

Is this the 21 year old. If so its a terrible thing to suggest.

Its a very bad idea, the mother/friend would be lying so could end up in trouble if the CC found out pus having an effect on the daughters credit record.

meer53

OP, whilst you are doing all the worrying for your friends, neither of them will have their lightbulb moment.

What i would do, is provide them with an accurate (as much as possible) SOA, highlight how much they are short each month, then leave them with the phone numbers for CCCS or Payplan. Tell them there is nothing more you can do.

Back off and leave them to it. It's something THEY have to sort out, i know you feel sorry for them, but they've got themselves into this, they have to face up to it now.

[Deleted User]

If they are facing losing their home, they need to be cutting their outgoings to the absolute minimum.

They should start by dumping the TV package and the mobile phones, which are costing them over £1,000 pa.

nyc_451

Jo4 wrote: »

...she appeared very disappointed that I have not got it sorted for her!
<...>
Her husband knows the full extent of their finances but he leaves her to sort out the finances.

Just mental......

How much time do you spend per day thinking about them, posting about their problems and talking to them about the same? And how much time do THEY spend trying to change something in their life?

Daedalus

If they don't know how to get themselves out of this mess then they aren't aware how they got into the mess in the first place. Normally I am sceptical of this site's phobia of consolidation loans, but they are bang on here.

Tell them to ring a debt charity. You are a good friend, but you shouldn't be taking it all on. They are going to have a nasty shock when they realise they will need to cut back a lot. You are standing in the cross hair. Don't ruin your friendship.

Jo4

angelsmomma wrote: »

Is this the 21 year old. If so its a terrible thing to suggest.

No, the 19 year old who is working 2 part time jobs to put herself through university so she won't have any student debt when she hopefully graduates. I didn't agree with it.

Jo4

Bedsit_Bob wrote: »

If they are facing losing their home, they need to be cutting their outgoings to the absolute minimum.

They should start by dumping the TV package and the mobile phones, which are costing them over £1,000 pa.

They need the mobile phones because they have so many children and one of her jobs means that she is in the car so if she didn't have her phone then she couldn't be reached if needed but then that is only my opinion.