Loan for a 'friend'

poppasmurf_bewdley

Maybe he should see if he qualified for a Debt Relief Order.

See:
https://www.stepchange.org/Howwecanhelpyou/DRODebtrelieforder.aspx

Hannah0205

Okay that's something he could also look into. Thanks.

So with a Debt Relief Order it freezes the debt for 12 months. Then if his finances haven't changed the debt will be written off? Is this correct?

poppasmurf_bewdley

Hannah0205 wrote: »

Okay that's something he could also look into. Thanks.

So with a Debt Relief Order it freezes the debt for 12 months. Then if his finances haven't changed the debt will be written off? Is this correct?

If he meets the requirements, yes.

foxy-stoat

If theres £18K left to pay and they have been paying it for "years" how much was borrowed in the first place and what was it spent on? What is the interest rate of the loan?

There are people who are desperate for money - to buy food and pay bills and theres people who are desperate to scam people out of thousands.

foxy-stoat

https://www.gov.uk/options-for-paying-off-your-debts/debt-relief-orders

Information of a DRO - you need to have less than £1000 worth of assets as well.

Hannah0205

I say years but I think he's been paying it back for 2/3 years so far and the amount was £25k, not sure on the interest rate. I'm not 100% sure what it has been spent on - various things I think.

He was definitely desperate to scam a 'good friend'.

27cool

You'll find that when money is involved the concept of "good friend" changes rapidly to " that idiot who thought I was his friend"

dealer_wins

Another post that needs to be stickied.

How many poor sods have been ripped off/scammed/or just a victim of lending money to someone who is incapable of sticking to financial commitments.

Never lend money to friends or family. If you can afford it and are 100% happy to, then gift the money, and if it comes back its a bonus and makes the friendship/family bond even stronger, if it doesnt then the family bond/friendship survives because you were not expecting it back anyway and did a good deed.

gycraig_2

Ouch been through similar but just with a grand, can't imagine how angry he must be.

Smodlet

This may be a bit random but is there any chance your friend, or any mutual friends of (s)he and the defaulting friend could find this person via social media? I hear that can be a thing these days... of course, in my day it was all fields.

I really hope your friend finds him/her.