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Original poster

Best solution for massive debt

22 replies

Seabiscuit1 · 20/04/2018 21:14

This is not for me but for my partner. I own my house separately so am not too financially tied but we are about to have a baby together. He has revealed how much in debt he is. £25k with £600 a month repayments which he is falling behind on. What is the best way for him to get out of this situation? He has lived beyond his means in his youth and it’s still following him around now. I am worried about him. It is causing him massive stress but he is just burying his head in the sand. He is on a good salary but we don’t have much spare cash at the moment and i am about to go on maternity leave.
Please can someone more knowledgeable advise?

OP posts:
BritInUS1 · 20/04/2018 21:18

Get him to call Step Change www.stepchange.org/

They will go through everything with him and give him options

Original poster
Seabiscuit1 · 20/04/2018 21:34

Thank you. I will get him to do that. We need some way to take the pressure off. I think it’s going to crush him.

OP posts:
Babyiwantabump · 20/04/2018 22:39

Can he transfer any of it to 0% cards?

Then do the snowball or avalanche method?

Money saving expert forum has some great advice

Original poster
Seabiscuit1 · 20/04/2018 22:46

I am worried that with his credit rating being as bad as I suspect it might be that that would be tricky but we will certainly look into it. Thanks.

OP posts:
Firstworlddramas · 20/04/2018 23:55

Check out debt camel and as steochange

Jon66 · 21/04/2018 00:06

Probably bankruptcy is a good option. Discharged after a year and if you have little spare cash might get away without a repayment order. Cab or step change are good for advice. Depends whether he owns a car he wants to keep or has any other assets.

AndNoneForGretchenWieners · 21/04/2018 00:10

jon depends on his job though. I would be dismissed if I were made bankrupt.

Jon66 · 21/04/2018 00:13

Yes good point hence the caveat of seeking advice.

TalkinPeece · 21/04/2018 20:55

Bankruptcy = NOT a good idea
He needs to talk to stepchange
BUT
if the debts are credit cards, the standing order trick might work the magic for you
if his rating is dire, transfers are not an option
but
if you and he can work out what you owe, standing orders might just be the right answer

Shitshitshitty · 21/04/2018 21:06

If he's never owned his own house and has a car less than 1k he can get a DRO debt relief order once he gets below 20k debts

Just depends on his assets

AdoraBell · 21/04/2018 22:47

If it’s credit cards has he stopped spending on them now? As TalkinPeece said, the standing order trick will bring CC bills down much faster than just paying minimum amount.

19lottie82 · 21/04/2018 22:47

Check out debt camel

Don’t! They will take a fee and not act in your best interests.

Go straight to stepchange!

bouncydog · 22/04/2018 06:56

Go over to www.moneysavingexpert.com and post on the debt free wannabe thread. He will need to post a statement of affairs ( income and outgoings) and the people on there will give some very helpful advice in the first instance. There is never a debt problem that cannot be solved!

Firstworlddramas · 22/04/2018 19:20

19lottie82

Is written word libellous or slanderous? I can't remember which way round it is but whichever, you are guilty.

Why post when you don't know what you are talking about?

I'm nothing to do with debtcamel but I'm furious on their behalf.

I suggest you ask for your post to be removed and make a donation to the CAB by way of apology.

TalkinPeece · 22/04/2018 19:59

firstworld
get back under your rock
debtcamel has no more validity, and much less transparency than my spreadsheets

getting out of debt is not rocket science
but only StepChange have the Legal Authority to sort out creditors

Firstworlddramas · 22/04/2018 21:24

Haha,

Hence why I recommended stepchange

Debt camel is a good, great website for some advice, that is all.

Nor do debt camel charge or make money from you, nor do they go into specific cases - again it and why I recommended stepchange

MargotMoon · 22/04/2018 21:34

@TalkinPeece No, Stepchange are not the only 'legal authority' to sort out debts.

OP, you should get your partner to contact a free, impartial and independent debt adviser. Stepchange are one, but you can also go to Citizens Advice, National Debtline or Payplan. All advice will be FCA regulated. (I am an IMA-accredited debt adviser working for one of three organisations).

Have a look at www.moneyadviceservice.org.uk for more information, as well as the websites for the above advice agencies.

Nobody here can give accurate advice about the best options, only someone who has gone through your partner's individual circumstances, income, expenditure etc with him can do that. Good luck.

TalkinPeece · 22/04/2018 21:40

Margot
Fair point
CAB etc are all charities / government recognised

BUT
the credit card standing order trick that I have talked about for years invented
was adopted by the FCA this spring
just saying

MargotMoon · 22/04/2018 21:58

Sounds interesting. Do you have a link?

Firstworlddramas · 23/04/2018 08:56

Look great but such is the security on google I can believe you are encouraging people to use those directly, knowing full well you could access if you were so inclined and then you attack me for telling people to read / look at a website run by a former CAB advisor into which you input no personal data.

Like I say looks great and well done you but still fail to understand why you attacked me, on a personal level, when I was just correcting someone posting false information

It's a crazy old world

MargotMoon · 23/04/2018 08:59

Thanks. I work in an agency where we mainly deal with very low income clients and priority debt. Having spare income to manage credit debt is unheard of! So although I was aware of the FCA consultation and changes coming in I'm unlikely to experience giving advice to someone about this.

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