what's the worst you have heard of?

mmyers80

Elsewhere wrote: »

My post was purely in response to this in the post right above my original comment and not a comment on the OPs post :-
"a reflection on today's society that many people want instant gratification rather than the discipline of saving and waiting for things they want. Bad financial education and ready credit available makes it a potent mix which often leads to disaster. "

I get very annoyed that people make generalisations about young people's behaviour; many are capable of controlling their finances. However, I apologise for upsetting the OP who is obviously concerned about their brother - my irritation should have been vented in a more general thread.

No problem

mmyers80

Crashy_Time wrote: »

How much is your mortgage?

£550 per month with a balance of about 80K.

I am not in a position to help my brother out financially as I have my own family and commitments. I am giving him my time, advice and have also offered him 6 months rent free accommodation in our house. This should help him to save a bit of money.

EssexHebridean

Quite right too - the very last thing that would be helpful at this point is for him to bailed out by someone else, as that won't enable him to learn the lessons of how to fix it. I'd go as far as to say that rent-free is probably not ideal - he should at least be covering his basic costs - so a contribution for heat & light etc, paying for his share of the food, and that sort of thing. At the end of 6 months he IS still going to be paying off the debts, and the real world coming back at that stage is going to be one hell of a shock if he's had a free-ticket for the previous while, as much as I can see your intentions are good. Your time and advice along with the support he can get from this forum are the best things right now - be very cautious about giving him an unrealistic picture of real-life, though.

getmore4less

mmyers80 wrote: »

I am giving him my time, advice and have also offered him 6 months rent free accommodation in our house. This should help him to save a bit of money.

That will make a big difference,

where is he living now and where/how will he move out in 6 months, plan the move out before the move in.
What stuff does he have storage?

With £3k income and no rent as long as your place is convenient he should be able to thow at least £2kpm at the debt.

you really need his SOA before doing anything

user1168934

mmyers80 wrote: »

£550 per month with a balance of about 80K.

I am not in a position to help my brother out financially as I have my own family and commitments. I am giving him my time, advice and have also offered him 6 months rent free accommodation in our house. This should help him to save a bit of money.

I admire you for all your efforts but can I suggest you don't go too easy on him. He needs to learn some tough lessons. 6 months should be enough to get some things sorted but won't enough for him to go completely debt free, what is he planning to do afterwards?

NicA

6 months rent free is such a lovely offer! Depending on his other expenses he could potentially knock off 10-15k off those debts.

Probably worth looking at his interest payments seeing how those could be lowered, combining debts etc (if it works out better).

Maybe he could look at a second 'spends' current account, that holds his money after bill and debt payments.