Need credit cards and/or loans that'll accept someone with nothing...

Thenotsowyzewun

It's not for me actually... I was silly enough to lend one of my friends (who cannot pay his rent since he became homeless and has just enough money to live on (his benefit money)) a contract simcard with free minutes assuming he'd not go mad on it and spend lots of money, well he did he spent £830 so now my bank account is £430 overdrawn (I only work part-time in a supermarket myself whilst I'm at college) and I've got £80 in excess overdraft fees to pay (the account was over £600 under about a week ago when Orange charged me - he spent 40 hours on the phone and over 500 texts according to the bill).

So anyway I've got him a Capital One card and he's given me the £150 of the £200 limit it gave him (he put the rest towards giving his landlady a little money and buying some food) and I need to find more cards/loans for him to sign upto, the only problem is he has no assets since he got kicked out of his house, will probably soon be homeless if he continues to pay no rent, and has a very bad credit rating.

Any ideas? I just want to shift the debt off of me basically, because I can't afford to be £830 + £80 bank fees (-£150 =£760) short!!

dougk_2

Getting more loans / credit isn't going to help him , its just going to make him further in debt.

He needs help to get out of debt no further in it!

I suggest reading some of the other threads here for advice.

I know it doesn't help you much ...sorry

Thenotsowyzewun

Whilst admittedly I should probably hold onto his debt for him so he can pay me back slowly as he gets back on his feet etc etc, I'm not in a situation myself where I can afford to be short over £700, I'd like to go on holiday etc and my lifestyle has already been seriously altered (I can't afford to go out etc until I've got at least a large chunk of this money back) so whilst I should be a good samaritan I'd rather some advice on which companies would be willing to give cash to this guy so he can give it back to me!


BG Note: This board is about getting out of debt not getting into it so I am moving it to anything else.

Joe_Bloggs

Find out who he was calling and texting and get them to help your fiend.
You should perhaps try the Citizens Advice Bureau together. You can't continue to find sub prime financial deals for a friend who can't pay you or the consequences of these loans. What next? Loan sharks /Organ donation . A stay in hospital with broken limbs/scars may postpone the where to live problem.

You are now in a debt situation. Hit by unfair banking charges, due to your philanthropy that you could not afford. Some may say your reward will be in heaven.

Good luck in those exams, stay in and study, avoid holidays.
J_B.
Does this guy have responsible parents ?

Edited for spolling.

mrcow

Look - this is going to sound harsh, but if this guy really is your friend, then how could you even consider trying to "sign him up" to more debt just to get your own money back?

It sounds as if your friend has enough problems as it is, without you further adding to them. As far as I can see, you've done him absolutely no favours at all by lending him the SIM card.

It was a irresponsible mistake and you're now paying the price. I'm not saying that I dont have sympathy for you, as you thought that you were helping, but he's soon to become completely homeless by the looks of it, and you're worrying about holidays and going out? I think that you're on the wrong board. No-one on this site is going to advocate you signing him up to expensive credit deals when he's no hope of paying any of it back at all.

The CAB is a great idea - for the both of you. If you really do consider him a friend, then you'll start looking for positive options for him instead of trying to load on his problems just to help yourself.

scheming_gypsy

mrcow wrote:

Look - this is going to sound harsh, but if this guy really is your friend, then how could you even consider trying to "sign him up" to more debt just to get your own money back?

that works both ways really.. if the other one was a friend he wouldn't have run up an £850 phone bill without the means to pay for it, so in my book mr original poster person has every right to get the money back whatever way he can.
Pauper friend has put poster friend in debt that he can't pay so why can't he try and recoup it? whichever way you look at it pauper friend is in debt, either to a credit card company or the mate he screwed in the first place.

Eager_Elephant

Could you not get your friend to apply for Housing Benefit, that way his landlady will be happy?

If he gets Income Support or Job Seekers Allowance Income Based (i think it's that one) then these two benefits are a gateway to receiving Housing Benefit which basically means if you get these two then your rent will definitely be paid.

I suggest you get said friend down to local council to apply for this, all he needs is proof from his landlady of his weekly rent and his JSA or IS award letter and any details of bank accounts he may have. They may be able to backdate this if he has good reason as to why he hasn't claimed before now. (I will check which this then post again)
Ask to see a customer service adviser they will help him fill in the form and answer any queries, at my council they are available all the time that the council is open.

I know this is not going to help you get your money back in one go but maybe then he could offer you say £5 or £10 per week.

I can understand from your point wanting your friend to pay up but unfortunately you did give him the contract sim and assumed he wouldn't run up a bill. If he has been unemployed for a long time then he may never have had a contract phone so doesn't understand the free minutes and texts. Did you specify how many minutes were free? When you get chatting on the phone doesn't time fly, did he not realise he had run this much up?

Although it's a bit late now, if he still has the phone could you get a limit put on the bill so if he uses up his free minutes then he can only make £25 or £50 worth of calls?

I'm not trying to stick up for anyone just trying to get both sides of the picture.

What was his response when you approached him about the bill?

HTH

daveboy

This is high on the list of the things that make me laugh on this site. People complaining about bank charges which they know exist if they go overdrawn and it is unauthorised was the other thing that made me laugh in disbelief.

Some friend they are if that's what they've done to you.

PAYG SIM cards are so cheap as well.

welf_man

Two things: your friend needs advice on his financial situation, but he needs to accept that and do the legwork himself. As a previous poster says, he should be entitled to Housing Benefit - most councils now have benefits advisers, so he can kill two birds with one stone.

As you are at college, there may be institution or government funds that can help you in the short term. Get yourself to the Students' Union or institution financial adviser on Monday, and ask for assistance.

Oh - good for you for trying to help a friend, but don't do it this way again!

Mel.

nh

It is no surprise that you want this money back, but it was a bit of a daft thing to do to lend him a sim card. surely if he is homeless and can hardly afford to eat, not having a telephone is the least of his worries.

Could you get him a job in your supermarket, and maybe arrange for him to pay you £50 a month or whatever he can afford?

Definitely he should find out what benefits he is entitled to though.

Good luck!

Cardinal-Red

Joe_Bloggs wrote:

Find out who he was calling and texting and get them to help your fiend..

Is the fiend bit a Freudian slip? ;-)