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Question for a friend.
LaLaLa34
Posts: 29 Forumite
Hi people.
I'm already bankrupt myself, I did this before my accounts defaulted.
My mate is thinking of Bankruptcy as well, owes 25k on credit cards, loans, and only earns 18k a year.
His cards and loan have already defaulted, would you recommend bankruptcy now? He can't afford settlement figures or can't really afford to pay them back.
Thanks in advance
I'm already bankrupt myself, I did this before my accounts defaulted.
My mate is thinking of Bankruptcy as well, owes 25k on credit cards, loans, and only earns 18k a year.
His cards and loan have already defaulted, would you recommend bankruptcy now? He can't afford settlement figures or can't really afford to pay them back.
Thanks in advance
0
Comments
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Just to add, he has no assets either.0
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Hi,
No one can answer that question without seeing your mates SOA.
Best advice is for him to contact one of the free debt charities and go through his income/expenditure with them, they will then be able to advise.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
agree with sourcrates - too little info to even suggest a path
best for him to speak to Stepchange, NationalDebline, Payplan or CAB0 -
In the meantime get them to read all the stickies on here and the I.S website so much information to read while waiting for the appointment.0
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