Debt Consolidation

Jo4

Tixy wrote: »

Like others who have posted - I think it would absolutely be better for them and better for you if you leave them to seek their own advice now. You have advised them where to seek help, and hopefully told them that they do need professional advice on this.

But I suspect from the way you are still posting that you won't do that. In which case I would suggest starting a thread on the debt free wannabe section of the forum.

I cannot believe that some people think this is my debt because if it was why would I say that it is someone else?!? :mad:

Anyway, I have told the couple what I think and she is now hoping that she can get a credit union loan because she used to work there years ago. As far as I am concerned there is nothing more that I can do. I have been helping since Thursday so now it is time for me & hubby to catch up with our plans/life.

[Deleted User]

Jo4 wrote: »

and she is now hoping that she can get a credit union loan because she used to work there years ago.

IMHO, the very last thing she needs right now, is to take out another loan.

Jo4

Bedsit_Bob wrote: »

IMHO, the very last thing she needs right now, is to take out another loan.

She thinks that it will reduce her outgoings and that combined with cancelling Sky, reducing the phone bill, cutting back on the electric and groceries that they will struggle until March when one of the loans will be paid of.

Two of her relatives have given her money for groceries this week, one gave her £40 and the other gave her £60.

[Deleted User]

Where does she intend to find the money, to pay the CU loan, between now and March :huh:

Tixy

Jo4 wrote: »

I cannot believe that some people think this is my debt because if it was why would I say that it is someone else?!? :mad:

I am surprised if you read in to my post that I thought that this was your debt - even re-reading I can't see why you would interpret it as that. I have not for a moment thought it was your debt.

What my post was about is that I didn't think you would step back and let them deal with it themselves. But....

Jo4 wrote: »

Anyway, I have told the couple what I think and she is now hoping that she can get a credit union loan because she used to work there years ago. As far as I am concerned there is nothing more that I can do. I have been helping since Thursday so now it is time for me & hubby to catch up with our plans/life.

... I am glad that you have, for you and for them.

Chance of a credit union loan is remote - as they are based very carefully on afforadability - and they clearly can't afford to repay a new debt.
And even if they did get a small credit union loan of a few hundred quid - that would only put off the inevitable for another month or 2.

Still you have done what you can. I hope it sinks in with them soon.

Jo4

Bedsit_Bob wrote: »

Where does she intend to find the money, to pay the CU loan, between now and March :huh:

She thinks that she will be able to pay less out in the week and she was actually awake when she said that!

Jo4

Tixy wrote: »

I am surprised if you read in to my post that I thought that this was your debt - even re-reading I can't see why you would interpret it as that. I have not for a moment thought it was your debt.

What my post was about is that I didn't think you would step back and let them deal with it themselves. But....



... I am glad that you have, for you and for them.

Chance of a credit union loan is remote - as they are based very carefully on afforadability - and they clearly can't afford to repay a new debt.
And even if they did get a small credit union loan of a few hundred quid - that would only put off the inevitable for another month or 2.

Still you have done what you can. I hope it sinks in with them soon.

Sorry, no it was the part were you said about me responding that I was answering to.

She thinks she will get £8,000 to pay the credit card as there is over either £110 or £130 of interest on it in the month. :mad:

Money_Bunny

I just wanted to say how much this resonated. I too have a friend who is in serious financial difficulty and looks to me to sort it out. Two years ago I laid her position on the line to her. Result was that she made absolutely no changes whatsover and actually completely ran out of money and credit over the summer (and yes, I did end up giving her money so she could eat). I got her to the CAB but even they don't seem to be totally getting through to her.

So I feel a bit cheered by this thread - my friend's situation isn't my fault some people are just complete ostriches when it comes to money.

meer53

OP, i don't think you've been hard enough. Yes, it's not nice seeing your friends struggling, but in this case, tough love is whats needed.

It's her problem, she blames her husband, she needs to sort it out, not you. Time to walk away now. The husband obviously has no idea of how serious things are, if he had, he'd stop smoking and sell his vans. (hopefully)

I sort of get the feeling that you and your friend have protected him, maybe it's because your friend will find life quite difficult with him once he realises how bad things are ? Also sounds as though their financial problems are not the only ones in their relationship, and there's nothing YOU can do to fix that.

Fair play to you for trying to help, but i'd give up now if i were you. Leave them with as much information as you can, but stop trying to help, because you can't.

Tixy

Credit unions generally lend loans of around £200 - £1500. Usually the first loan is restricted to something like £500. In many cases you have to have been a member and saving with them first.

Credit union loans are not necessarily cheap. Well cheap compared to pay day loans, but not cheap compared to mainstream lending. The max they can charge is 26% (2% a month), so basically the same as their cards - and many do charge that amount.