Help for a friend - where to start?!

greenwichgirl

Hi lovely DFW's,

I hope you can help

A friend of mine has asked me to help him with his money situation.

He has been seriously ill recently and had to move house, he has a loan for a car
he no longer has, he owes utilities from his last place and he owes his employer money (salary advance / season ticket loan)

The good news:

He is well on the road to recovery, is really really really keen to sort his life out including his finances, is quite happy for me to go through all his paperwork for him to try and help.

Where to start on the practical side?????
Thanks!

jan03

just goes to show that having money doesn't bring happines or friends, only scumbags that will leech off you till its gone!!!!!!!!

Skint_Catt

you, or him need to sit down and do a FULL SOA - every single detail inc balances, APR's, min payments etc of his debts and post it here so we can help!

Congrats on being a good friend!

C xx

binty

jan03 wrote: »

just goes to show that having money doesn't bring happines or friends, only scumbags that will leech off you till its gone!!!!!!!!

I'm sorry, I don't see how this a helpful post Not sure what point you're trying to make?

Anyway, although I've no practical info to give to OP, I'm sure experts will be along shortly, and I'm sure your friend will be happy that you're sticking by him, I hope he know how lucky he is!

RAS

Jan

That was not particularly helpful.

Greenwichgirl

Congratulations on being a good friend. Yes getting his credits reports would be a good start.

They will probably be shot to hell, but the bad news could drop off in the next few years.

To be an even better friend, the best thing would be to be with him whilst he faces up to the mess and the paperwork and to let him actually do the sorting out with his creditors. it does not have to be done in one go, just take what can be handled at one time.

Act as guide and mentor rather than as prop. Given his past, he will get a lot out of the success as long as he has some back up to cope with the difficult days.

A number of folk here are also recovering and would be able to provide valuable peer support, so he may want to join himself.

Even though he is earning well, he needs to yet on an even keel before he gets too involve in the debts. Rent, his employer, Council tax and utililities at his presnt place are priorities.

Once he has his paperwork all together, he would be advised to visit one of the debt agencies and get help sorting his situation out. See the link to free debt advice on the first page. And avoid fee paying agencies like the plague.

RAS

Callcredit I think is the other one.

if you look at Martin's article on credit ratings at the top of the forum, you will find the info on how to get them all free of charge. Can be quicker too. Just he needs to remeber to cancel the free trials or he gets charge a quarterly bill.

jan03

i'm sorry if you have taken my comment as a personal attack against your friend greenwhichgirl, it wasn't intended that way. my attack was on those who helped him get into the state he is in and then abondoned him when he hit rock bottom. this is not an attack on you either as you are the only true friend he seems to have as it is you who has stood by him and is helping him turn his life around. well done you and well done him for seeing that he has a problem and trying to rectify it.