Advice needed for my mate

He is in a bit of financial ****, loads of complications happened but he needs some advice concerning his debts. He can't afford to pay his loans + other stuff off so he's going stop paying them all. The main debt is from his Bank and then a car on finance, couple of store cards and i think that's it. He is having his wage put into another account so the bank and the car finance place can't take the payments and stop paying the store cards. He won't be living at the address all these places have got anymore. What will happen?

 

Citizens Advice Bureau would be my first port of call - they get a lot of cases like that...

 

He's got an appointment on Wednesday to see a Debt Advisor

 

REHe'll get ccjs and ppl knocking on his door

every so often for years.</p>

There is a better way out trust me.</p>

I did the same thing, shut me sen off and thought **** it.</p>

It doesn't work.</p>

Tell him to look on the web for IVA's as a last resort.</p>

They will find you and the thing is its normally when you've moved on in life and trying to settle down.</p>

Try an explain what you wre like when you were younger then.</p>

 

i know someone wholl take car for a fair price....other stuff .... (dunno)

 

They usually give you (not you, but whoever!) a few options - they can make arrangements with your creditors so as to cut down the weekly outgoings or they can look at bankruptcy and clear all debts although there's some baggage attached to that.

I think there's laws and stuff that protect the debtors and they know how to manipulate them...

A friend of mine went through it and I went along to some of the appointments and stuff with her. They are really good - well, they were in my mate's case...

 

He did talk to one of these IVA things

they said he didn't earn enough

 

RE: REHe'll get ccjs and ppl knocking on his door

It is usually best to sort things out here and now rather than have 'em catch up later on...

 

Am I right in thinking.....

This is another case of "I'll say it's my mate but it's really me that's in the ****?" Either way just remember it's not going to get sorted overnight, these things never do! It may take quite some time but if the advice is good, follow it.

 

Cheers for that

He's sat at the side of me reading all this advice

 

It's not me, it the lad sat with me

 

RE: Cheers for that

No probs...

The CAB are really helpful - if he's worried they will be able to reassure him.

Don't get me wrong - it's not plain sailing but they can do all sorts to help you.

I always had a dim view of them until I went that time and was surprised at how good they were...

 

He could consolidate all his debts and have enough money left over for a holiday!

 

With a Debt Buster loan!!!

Wouldn't go near one of those...

 

T'was a bit tongue in cheek....it's the "have a little left for a holiday" that gets me - why not borrow less!

 

Him, not me