Rob Posted February 2, 2006 Share Posted February 2, 2006 Obviously I would wade in at some point. Bill's advice is best, contact the CCCS, they will give him a number of options, bankruptcy is what people say when they don't know the other options. (or suicide, and believe me, that has been considered) IVA is a short term repayment, where some of the debt is wiped out on the promise that some of it is payed back. A bit like saying "you owe me £50, but give me £20 and we'll forget the rest". Sounds good, but if you default once, you have to repay the full amount again. A lot of people will say £15K is naff all, indeed on my current repayment plan I'd clear that in just over a year, yay for me. But in your friends case the CCCS will help him work out just what he can spare each month, if that's just £150 he can repay that debt over the next 8 years interest free, just like taking a 5-year loan and repaying half again in interest. Nothing is for free. The way I look at it is that you end up with the same things, you either buy it now and pay the interest, get into trouble and end up on a repayment plan, scrimping and saving for years, or you scrimp and save for years and buy it much later on. You'll end up in the same position, but in the debt route a lot of other people will have made money off your spending habits. (All that philosophy only applies if you desire holidays, plasma TVs, flash watches etc etc) It may be disrespectful, but the suicide victims really piss me off, that father who topped himself over £30K leaving his family to pay the debt? Selfish Tosser! There was a student who killed himself over £1000 overdraft to HSBC, not the sharpest tool in the box was he? I lived the high life, I now have .... £136,000... to pay back, it'll take me 11 years if I don't lose me job or health. Would I do things differently if I had the time again? Don't know, I'd still be living in a small house with no Supra. I wouldn't have had a £30K wedding, it wouldn't have been so much fun, but now I've got to live that frugal life for real. In eleven years time I'll have huge disposable income again. As I said, nothing is for free, and I'll be paying back everything I borrowed. Quote Link to comment Share on other sites More sharing options...
Pete Posted February 2, 2006 Share Posted February 2, 2006 I wouldn't have had a £30K wedding Crikey! That's it. I'm definately not getting married Quote Link to comment Share on other sites More sharing options...
Rob Posted February 2, 2006 Share Posted February 2, 2006 Suffice to say, we may have gone over the top a bit with that one. The cake was £700 FFS. I blame the wife. Quote Link to comment Share on other sites More sharing options...
tbourner Posted February 2, 2006 Share Posted February 2, 2006 Yeah my brother's wedding cake was over £800!!!!! WTF!!!!! Should've called Sheena. Quote Link to comment Share on other sites More sharing options...
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