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    • dallynj
    • By dallynj 16th May 18, 12:18 PM
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    dallynj
    Team up to beat debt
    • #1
    • 16th May 18, 12:18 PM
    Team up to beat debt 16th May 18 at 12:18 PM
    Hi, has there ever been a case where a number of people with similar amounts of debt have "teamed up" to get out of their collective debt?
Page 1
    • pidge04
    • By pidge04 16th May 18, 8:11 PM
    • 606 Posts
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    pidge04
    • #2
    • 16th May 18, 8:11 PM
    • #2
    • 16th May 18, 8:11 PM
    That is a great idea! I would totally be up for that.
    O/D 900 to be 400 in December 2019
    CC 3050 . to be 1999 in December 2019
    LOAN 3692 to be 1876 in December 2019!
    • pidge04
    • By pidge04 16th May 18, 10:13 PM
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    pidge04
    • #3
    • 16th May 18, 10:13 PM
    • #3
    • 16th May 18, 10:13 PM
    In terms of peer mentoring?
    O/D 900 to be 400 in December 2019
    CC 3050 . to be 1999 in December 2019
    LOAN 3692 to be 1876 in December 2019!
    • beanielou
    • By beanielou 17th May 18, 8:48 AM
    • 61,811 Posts
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    beanielou
    • #4
    • 17th May 18, 8:48 AM
    • #4
    • 17th May 18, 8:48 AM
    In what way?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • dallynj
    • By dallynj 29th May 18, 1:47 AM
    • 2 Posts
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    dallynj
    • #5
    • 29th May 18, 1:47 AM
    • #5
    • 29th May 18, 1:47 AM
    Say 10 people have approx 5k debt each, instead of all paying eg 100/month, would it be possible for those people to club together and pay 1000/month into a pot that would pay off each individual debt one after the other. The rest would have to pay the minimum amount until it was their turn obviously. Also a lot of trust would be involved. It would need a more clearer method but hopefully you get my point. (I'm not actually in debt myself but would love a method to be developed to help people who are)
    • enthusiasticsaver
    • By enthusiasticsaver 29th May 18, 3:43 AM
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    enthusiasticsaver
    • #6
    • 29th May 18, 3:43 AM
    • #6
    • 29th May 18, 3:43 AM
    I cannot see any way this could work. It has so many pitfalls not least the fact that most people would not be motivated to paying off someone else's debts. I am not even sure what the advantage would be or why teaming up would work better than doing it individually. A lot of trust would also be needed and in my experience there are always some who would let you down. Once a few of the team had their debts repaid they may very well decide they don't want to carry on leaving the others in the lurch.

    Sorry but it is too idealistic and not practical.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • pidge04
    • By pidge04 29th May 18, 6:10 AM
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    pidge04
    • #7
    • 29th May 18, 6:10 AM
    • #7
    • 29th May 18, 6:10 AM
    I misunderstood - I thought it was about peer support/motivation.
    O/D 900 to be 400 in December 2019
    CC 3050 . to be 1999 in December 2019
    LOAN 3692 to be 1876 in December 2019!
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