i have a 26 yaears old cousin she`s in so much debt she`s working three jobs to pay off all her debt. i feel sorry for her because doesn`t get time to rest i feel like she needs to slow down and start enjoying her life.
2006-07-10 20:25:27 · 14 answers · asked by mickylicious 2 in Family & Relationships ➔ Family
I dont' think serious debt is worth the trouble later unless you're buying a house or a car. But then again, what caused her to get into debt? That kind of makes all the difference. All you can do is offer her moral support. It seems she really wants to not be in debt. Good for her.
2006-07-10 20:29:27 · answer #1 · answered by mlove1307 6 · 0⤊ 1⤋
No.
Is she managing to pay OK, or is it becoming a problem.
If it is starting to become a problem, my advice is she contacts a licensed insolvency practitioner, they will assess her debts and ability to pay. They can obtain a court order to stop interest on debts until an agreement has been made to either arrange an IVA ( Independent Voluntary Arrangement ) or worst scenario, Bankruptcy. In an IVA you can offer to pay back the debts over a period of 5 years, you will only pay back a percentage of the debt ( normally accepted over 70p in the pound ), if the majority of creditors agree the IVA will be successful and as long as you stick to the arrangement you will be problem free in 5 years and you will not get any phone calls from creditors. An IVA is a legally binding agreement for all parties.
Bankruptcy is another matter, your financial being is scrutinised by an appointed accountant who will effectively take control of your financial afffairs. You could be forced to sell your property, car and belongings to repay the debt. Having said that, you can be discharged from bankruptcy after 12 months, but this does have a negative effect on your ability to obtain credit in the future, or for at least six years I believe.
Wish her luck, she should be enjoying her life...
2006-07-11 03:55:24 · answer #2 · answered by Dec 1 · 0⤊ 0⤋
Sometimes people find themselves into so much debt not becuase they planed it that way, but because maybe on thing did not work out. She and i are in the same shoes and I wish I could be like her to take up mult jobs to pay back my jobs. Dont worry about she will soon get off it, just encourage her not to get some more before she clears what she already has.
2006-07-11 03:39:49 · answer #3 · answered by God you are my all in all in Jesus' name 4 · 0⤊ 0⤋
no debt is horrible! Sure you only live once and all that, but why work you butt off the entire time your here to pay for the outrageous debt that you've run up? I just recently paid off all my credit card debt and I can't tell you how great that felt! I'll never get crazy with those plastic devils again!!
2006-07-11 03:29:57 · answer #4 · answered by Chris 3 · 0⤊ 0⤋
Yes it is worth it she HAS to pay her debts off. She was very silly getting into debt but this will teach her a lesson she wont EVER get into debt again!
2006-07-11 05:27:07 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Sorry but i have no sympathy i like her got myself into debt and it was all my fault... Nobody asked me to it was all down to me.. So why should u feel sorry for her when shes got herself into such a mess? Its right that she should be working her butt off to pay back what she owes.
She would feel the same if it were u
2006-07-11 05:03:36 · answer #6 · answered by Scatty 6 · 0⤊ 0⤋
Advise her to talk to the Samaritans or Citizens Advice Bureau about her debts. It sounds like they are far too much to handle. I cannot comment on her circumstances or judge her but this cannot be good for her health.
2006-07-11 03:31:34 · answer #7 · answered by ehc11 5 · 0⤊ 0⤋
Just think, all that money she is paying back in interest, could be going into a savings account instead of helping these credit companies get richer. What a shame.
2006-07-11 03:29:20 · answer #8 · answered by Dolly 5 · 0⤊ 0⤋
NO WAY!! its not worth it, do a runner. Start a fresh.
They stop looking after seven years, so dont worry about it, there is more to life than money.
2006-07-11 03:29:16 · answer #9 · answered by duncan_jet 2 · 0⤊ 0⤋
i used to be in 20 grands worth of debt. i had to sell my flat to pay it off. NO its not worth it xx
2006-07-11 03:31:20 · answer #10 · answered by Phoenix 2 · 0⤊ 0⤋