advise for friend

[angela18]

my friend is literally up to his eyeballs.. some of his debts his relative has taken out on his behalf.. what can he do to sort things out. he's worried sick as has little left to live on. Don't think IVA would be feasible re some debts being in someone elses name. he was looking for loans to cover these debts, but all high interest rates.. which to me will put him further in the mire!! Any advise?

He's one of the few friends who knows of my situation, and I feel so sorry for him

[plasticdaft]

I think you would have to be able to prove that he benefitted from the loans but unfortunately if someone has taken out a loan for him,they will most likely be liable for paying it back in the event that your friend cannot.

Sorry thats possibly not what your friend would want to hear,hope he gets things sorted.

Paul.

[ianmillington]

If I read you right Ang....

the legal position will be that in respect of those debts in the relative's name, the relative will be his creditor and the relative will have the contractual obligation to continue to pay the creditors. It's a bit of a mess because unless the relative can afford to wait for the money it rules out any formal solution, although depending upon the numbers a DMP might not be out of the question.

If the situation goes pear-shaped which seems quite possible, I suspect there are more than financial issues at stake. One thing that would certainly cause a problem for your friend would be taking out further loans, whilst insolvent, to repay loans taken out in a relative's name.

Your friend needs to talk the situation through with an IP.

[angela18]

thats what I thought Ian. he's beside himself not sleeping etc.. I might pass on Melanies phone no to have a chat with her when she gets back..

thanks

[facingittogether]

ANG

WHAT A HORRIBLE SITUATION FOR YOUR FRIEND!

I HOPE HE CAN FIND A SOLUTION!

BARB X

[angela18]

I know barb.. i really don't think his relative would be in a position to pay these debts.. its all a big mess

[Viki.W]

Ah Ang, it's lovely of you to try and help him, I hope he finds a solution, it sounds awful. Viki X

[indebtforever]

.

[angela18]

me too Viki.. he is lovely and normally always full of fun.. hurts to see him so down[:(]

[Viki.W]

Ah Ang, at least he has a friend who knows the ins and outs of debt! It's come in useful eh?! Hopefully you can get him to speak to Melanie. Good luck. Viki X

[angela18]

thanks Viki