John Rambo
Registered User
- Messages
- 662
Guys,
A close friend of mine bared his soul to me this afternoon about his financial situation.
It can be summed up as follows:
He has an outstanding personal loan of €30,000.
He has €12,000 on a credit card.
He is overdrawn with two banks to the tune of €6,000.
He lost his job two months ago and has had no luck in seeking alternative employment.
He lives rent free and has no assets apart from a car worth perhaps €5,000 (although in the present climate who knows).
It doesn't look like he'll get a job anytime soon and the Dept. of Social Welfare are messing him around so he's not even in receipt of the Jobseekers Allowance yet because of the backlogs etc.
Essentially the guy has no money to live and no hope whatsoever of paying these debts. He can't afford to buy a beer, never mind make any of these repayments.
Should he declare personal bankruptcy? Should he face down the banks? Or would his name then be mud (or is it only for 5 years)?
I'm trying to work out what to do...to help him negotiate or even to start paying the loans myself? Has anyone any experience with such a situation? Any advice is greatly appreciated (and this isn't a "I've a friend stories - i.e. I'm not the one in trouble!).
A close friend of mine bared his soul to me this afternoon about his financial situation.
It can be summed up as follows:
He has an outstanding personal loan of €30,000.
He has €12,000 on a credit card.
He is overdrawn with two banks to the tune of €6,000.
He lost his job two months ago and has had no luck in seeking alternative employment.
He lives rent free and has no assets apart from a car worth perhaps €5,000 (although in the present climate who knows).
It doesn't look like he'll get a job anytime soon and the Dept. of Social Welfare are messing him around so he's not even in receipt of the Jobseekers Allowance yet because of the backlogs etc.
Essentially the guy has no money to live and no hope whatsoever of paying these debts. He can't afford to buy a beer, never mind make any of these repayments.
Should he declare personal bankruptcy? Should he face down the banks? Or would his name then be mud (or is it only for 5 years)?
I'm trying to work out what to do...to help him negotiate or even to start paying the loans myself? Has anyone any experience with such a situation? Any advice is greatly appreciated (and this isn't a "I've a friend stories - i.e. I'm not the one in trouble!).