Loan

Thrugelmir

alansmith7 wrote: »

she has already had a loan with her bank, she only needs to have a new loan for a few months as she will be remortgaging her house to pay off her debts.

she has more outgoing then incoming because she is paying her debts off.

Then debt consolidation is unlikely to be the answer. Certainly would fall foul of the new rules when it comes to affordability.

Clive_Woody

alansmith7 wrote: »

i have helped her through her income and expenditures, she has contacted her a debt advisory company but they only advised her to cut down on her expenditure which she has.

Ok i will post on debt free wannabe board

Check that the debt advisory company is not charging her a fee as there are charities that will do the same thing for free and her debts will reduce quicker.

19lottie82

alansmith7 wrote: »

she has contacted her a debt advisory company but they only advised her to cut down on her expenditure which she has.

What company? If it wasn't Stepchange, tell her to call them.

Monkeyballs

Hi Alan,

I know it sounds harsh and I appreciate that she may have been there for you in the past but getting too embroiled in her problems is a sure fire way to sour a relationship...

I would suggest she signs up to this site and posts on the Debt Free Wannabe forum and also follow the advice being given before looking to take on more debt.

I know it's a hard thing to do but it'll be better in the long run as it is making her take ownership of the situation while you provide a shoulder to lean on instead of trying to fix things for her - I know, I've been there

I seriously doubt a mainstream lender would consider her for more debt.

I know this isn't the advice you were hoping for but hopefully it's of help in some way.

MB

alansmith7

Thrugelmir wrote: »

Then debt consolidation is unlikely to be the answer. Certainly would fall foul of the new rules when it comes to affordability.

i agree with you but she is paying too much interest on her credit cards its the only way out for her

alansmith7

lindens wrote: »

The best help you can give your friend is to show her the debt free wannabbee section, and read other people's horror stories, many of which involve consolidation which then makes things worse.
At the very least get her to read the helpful sticky at the top and fill out an SOA.
If her outgoings are more than her incoming sshe has 2 choices - reduce her outgoings or increase her income.

she has worked out her outgoings and you are right she does need to get another part time job to help

alansmith7

Clive_Woody wrote: »

Check that the debt advisory company is not charging her a fee as there are charities that will do the same thing for free and her debts will reduce quicker.

by going through a debt advisory will this affect her credit report?

alansmith7

19lottie82 wrote: »

What company? If it wasn't Stepchange, tell her to call them.

i cant remember the company but i was recommended by someone from this site, she had filled out her income and expenditure on the website. she was told she needs to cut down out her outgoing which she has already and they had not given any further advice on what she can do. Im sure it wasnt step change

alansmith7

Monkeyballs wrote: »

Hi Alan,

I know it sounds harsh and I appreciate that she may have been there for you in the past but getting too embroiled in her problems is a sure fire way to sour a relationship...

I would suggest she signs up to this site and posts on the Debt Free Wannabe forum and also follow the advice being given before looking to take on more debt.

I know it's a hard thing to do but it'll be better in the long run as it is making her take ownership of the situation while you provide a shoulder to lean on instead of trying to fix things for her - I know, I've been there

I seriously doubt a mainstream lender would consider her for more debt.

I know this isn't the advice you were hoping for but hopefully it's of help in some way.

MB

she is trying to take ownership but shes not coping too well.i have sugguest she should join the website and get advice to what she can do.

its hard for me to see her like this and i feel like i need to help her

Thanks

Monkeyballs

alansmith7 wrote: »

she is trying to take ownership but shes not coping too well.i have sugguest she should join the website and get advice to what she can do.

its hard for me to see her like this and i feel like i need to help her

Thanks

Morning Alan,

Totally get that but it's easy to give the wrong sort of help (all given in the best interest obviously).

Helping her to get more credit is not good help whereas looking at alternative action is.

Get her to sign up and post an SOA for folks here to have a rifle through and suggest savings (daft stuff like cancelling mobile contracts and going PAYG, binning tv packages, swapping branded food for own brands, etc).

The great thing about this site is that it makes you realise that it's not just you and panicking and making silly decisions will make matters worse, this is a great site for support so by directing her here then you're helping her fella

MB