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    • Watermeloncake
    • By Watermeloncake 9th Jun 17, 10:14 PM
    • 1Posts
    • 0Thanks
    What would you do?
    • #1
    • 9th Jun 17, 10:14 PM
    What would you do? 9th Jun 17 at 10:14 PM
    This is the full situation which my friend would be very grateful if you could read and comment on.

    July 2016:

    John is 31, married and works a finance job in London with a salary of 25k a year.

    His wife doesn't work because they live in a very cheap rent.

    They have no significant assets - no car, house. Only shitty personal belongings.

    August 2016:

    John had a very good credit score but felt very bored with life and started to plan a big travel adventure with his wife. He planned to quit his job, move out of the cheap rental, put all his and his wife's stuff into storage and go travelling for 9 months.

    He decided to take out every loan, credit card and overdraft he could. Surprisingly, all his applications were accepted and he managed to get about 60k worth of unsecured credit. He says that he said his income wouldn't change on the applications but of course he planned to quit his job. He also didn't mention other debts when he applied for each credit making it easier to get approved. He planned to continue the monthly payments whilst travelling but would eventually run out of money as he finished his travelling. The monthly repayments basically equalled his salary.

    John just wanted to go on an amazing 9 months of travel and didn't consider the consequences.

    September 2016:

    John and wife went travelling and spent about 50k on travel and about 5k on repayments leaving still 5k left.

    June 2017:

    Now he has finished his travel, is back in the U.K. and has found another job to start but the salary is about the same. He has moved into a new rental but it is more expensive.

    He now can't afford the full repayments on the debt.

    Will John be thrown into prison once his creditors realise what has happened?

    Should John get a lawyer?

    Can John just accept that his credit score is !!!!ed forever and spend his life paying back his debts (which will have to be adjusted)

    Should John pursue bankruptcy?

    If you have any more questions, please fire away. Your comments would be appreciated (by John of course)
Page 1
    • Money maker
    • By Money maker 9th Jun 17, 10:24 PM
    • 4,982 Posts
    • 11,322 Thanks
    Money maker
    • #2
    • 9th Jun 17, 10:24 PM
    • #2
    • 9th Jun 17, 10:24 PM
    How about Johns wife gets a full time job and uses every penny of that to repay their debts?
    Please do not quote spam as this enables it to 'live on' once the spam post is removed.

    If you quote me, don't forget the capital 'M'

    Declutterers of the world - unite!
    • fatbelly
    • By fatbelly 9th Jun 17, 10:27 PM
    • 12,239 Posts
    • 9,276 Thanks
    • #3
    • 9th Jun 17, 10:27 PM
    • #3
    • 9th Jun 17, 10:27 PM
    John should post a full statement of affairs on the debt free wannabee board
    • sourcrates
    • By sourcrates 9th Jun 17, 10:44 PM
    • 14,018 Posts
    • 13,278 Thanks
    • #4
    • 9th Jun 17, 10:44 PM
    • #4
    • 9th Jun 17, 10:44 PM
    John can't go to prison for debt, it's not the nineteenth century.

    I think john needs to grow up significantly and deal with his debts.

    Nothing lasts forever, the limitations act see's to that.

    Follow advice above.
    Last edited by sourcrates; 09-06-2017 at 10:46 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see :
    • Johnsmith2016
    • By Johnsmith2016 18th Jun 17, 7:19 AM
    • 436 Posts
    • 224 Thanks
    • #5
    • 18th Jun 17, 7:19 AM
    • #5
    • 18th Jun 17, 7:19 AM
    John is a silly boy and likely to end up with a BRO, but we are not here to judge so on that note, you can't go prison and it will take longer than 5yr for him to repay 50k via any usual method, he can't go to prison , bankcrupty would seem the best and only solution to sort this mess as he has no assets.

    Has john actually done this or is john planning on doing this?
    • adyj73
    • By adyj73 20th Jun 17, 3:58 PM
    • 164 Posts
    • 52 Thanks
    • #6
    • 20th Jun 17, 3:58 PM
    • #6
    • 20th Jun 17, 3:58 PM
    I can't fathom how John was only earning 25k working in London in finance!

    On a serious note John needs to face up to reality and seek advice ASAP
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