Hi i wonder if you can help me. My friend's daughter is in huge debt but has no job. the two dont get on at all, but of course the mum is worried sick.i dont know what to suggest to her, most debt companies wont help if you are not working. My friend is on the edge and i dont know what to do to help her.
TY for your help xxx
2006-09-19 08:06:03 · 25 answers · asked by zbfinlove 2 in Business & Finance ➔ Credit
This girl must make an effort to find a job. Im out of work and in debt. I only go out as and when I need to and avoid buying luxury items at all costs. All the time I am looking for work.
Only other thing is to ask the CAB for advice.
2006-09-19 08:08:56 · answer #1 · answered by daisymay 5 · 1⤊ 0⤋
She needs to go and get urgent financial advice from somewhere, if in the UK go to the CAB. They will normally write to the companies and try to stop the interest and charges and arrange a pay back plan. The CAB don't charge for this and the companies don't have to take notice, though they do tend to because after all they want their money back. There are also companies that help with a debt management plan but these tend to charge.
If she is really struggling and cannot afford to start paying back these debts then she may have to go bankrupt. Again the CAB are the best ones to speak to.
Is there a reason that she doesn't work? If she is sick or disabled she should be applying to the dss for help, if not then she really should find work which of course will help with her financial situation now and in the long run.
2006-09-20 00:12:42 · answer #2 · answered by Nyla 4 · 1⤊ 0⤋
Well the first thing her daughter needs to do is to get a job. Then she needs to set up a budget so that she can figure out what she is working with after paying her rent and utilities. She really needs to cut the spending all together. Then she needs to add up all of her bills and then try to call her creditors to see if she can get some of the payments lowered. A lot of them will cut the payments because they would rather get something than nothing. Then once she has talked to all of them and got a new balance she needs to add up her new total of bills and start paying each company she owes a few dollars a month until she has paid them all off. Any small bills under $100 she should try to pay them off all together. Tell your friend good luck
2006-09-19 08:17:46 · answer #3 · answered by Medical and Business Information 5 · 1⤊ 0⤋
1. Advise her to cut up the credit cards and stop spending, this will prevent the damage getting any worse.
2. Call the Citizens Advice Bureau who will be able to offer advice relevent to her circumstances.
3. Consider a debt consolidation service that will allow her to pay off her debts over a longer period of time and will therefore give her breathing space.
4. Obviously she needs to find employment as soon as possible.
If all the above fails then she can declare herself bankrupt but she will have little chance of ever obtaining credit (e.g. mortgage, loan etc) ever again.
Good luck.
2006-09-22 04:29:14 · answer #4 · answered by Chris G 3 · 0⤊ 0⤋
Hi there, first off, it is better to pay off the debt. Debt companies are like filing for bankruptcy and you don't want her to do that. I suggest that she get at least a part-time job and maybe can start paying off at least some of her debt. She can go to your cities unemployment office and see what they can offer her as well. Good luck and I hope this helps.
2006-09-19 08:09:16 · answer #5 · answered by aloneinga 5 · 1⤊ 0⤋
if she is not working then she cant pay back what she has not got. The debt companies will not help if you don't have a job because there is no profit in it for them. everyone is out to make a fast buck especially the lenders who lend to people over the odds and very irresponsibly. check out this website for some good advice.
2006-09-19 08:19:41 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Prepare a financial statement of income (even if benefits)and expenditure and see what if any disposable income (if any ) is left. Then prepare a standard letter and send with statement offering what you can to each creditor, even if only £1 per month and send them the £1 regularly.At least that way you will be doing something about it. Then get a job and try and increase the payments.
2006-09-20 08:35:42 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Is this due to an illness, childcare issues or laziness?
Your friend needs to act like an adult and start showing some tough love if it is the latter. Stop trying to save your friend. Empower your friend to save her self.
If this daughter is capable of work take her to a department of labor job center and have them show her how to get a job. Have her apply for any government programs that might be available for her.
2006-09-19 08:27:43 · answer #8 · answered by Think.for.your.self 7 · 1⤊ 0⤋
You can contact the citizens advice bureau, the consumer credit counselling service or the national debt line. These companies are independent and because they are charities, they offer the services free of charge. If your friend's daughter is going to get the best bit of advice, it'll be from one of these three. I wish you all the best.
2006-09-21 03:30:12 · answer #9 · answered by scallywag 4 · 0⤊ 0⤋
Well its simple she needs to get a job quick ! I have been in huge debt before and the only way I have been able to pay it off is by getting off my behind and working hard , there is a job out there for everyone so she should start getting out there today ...............
2006-09-20 00:06:50 · answer #10 · answered by rocky 1 · 1⤊ 0⤋