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i just had a very good friend come up to my mum and dads place in tears i said to him whats the problem to him he said hes in very deep and holy mess i said to him in what way he repley money wise i said to him keep talking he as 25 credit cards with 10k limit on each one and as 150k out of these cards hes in deep debt with them so i said you have used 15 credit cards you are 150k in debt plus he as a 60k on a loan hes about 210k plus intrest in debt he earns 65k per year hes a md of a company and hes on about using those other 10 credit cards to clear some of this debt any abody advice

JOHNPAUL

the other 10 credit cards have 10k each on them that could be another 100k of debt

JOHNPAUL

John Paul

Your 'friend' needs to speak to a professional ie an IP to discuss his situation.

Pippa

hi pippa hes does the thing is how come earns 65k per year and have 25 credit cards
but one thing pippa if he uses that other 100k linit on the other 10 credit cards that will mean he will have debts of over 310k could he do a iva

JOHNPAUL

i told him to cut the credit cards up he said to me i live on credit and will carry on doing so

JOHNPAUL

In that case there's nothing you can do to help your 'friend' is there? If that's his attitude I don't believe that he actually wants any help. I'd tell 'him' to go away and come back when he actually wants to do something constructive otherwise he's wasting everyone's time.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

John paul but I am confused

You say your 'friend' is very upset as he has huge debts and cannot by the sounds of it clear them. Yet he is prepared to continue this path with the other 10 CC's??????? No one here can tell you what is best for him, he needs to approach a professional body and seek some advice.

Pippa

skippy [;)]

John Paul
You are a very active member of this forum at the moment so you understand the valuable advice that is given here through the professionals and those that have experiences first hand. I am sure you have learnt sufficient to pass your 'friend' the advice he needs.

Pippa

hi skippy i agree with that when i told him that how come he owes all of this money he told me i am trying to prove a point thats its far to easy to get credit cards and before he left he said the offer is not over until the fat lady sings

JOHNPAUL

i told him pippa to seek help and to do a iva or go bankrupt

JOHNPAUL

If ur "friend" is in that much debt and as u say is admitting hes in a "holy mess" how can he be considering being so irresponsible as to carry on and use any more credit let alone the £100k u say is available to him.

If this so called friend carries on using credit and eventually goes BR it's pretty likely he will get a restriction order.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

that could be nasty skippy how long could that last for
becky i dont think he cared he as a 100k car which i think should be sold to pay back some of these debts

JOHNPAUL

if the cars on credit which is probably is with that level of debt he wont have any choice cos it wont be sold it will be taken back!!