hi, I am hoping someone can help with some advice for a friend, { this is not for me !} He has a large credit card loan, well a collection of totalling to over £20,000. The monthly payments are high , and he has been using some kind of day loan? whereby you can get instant loans on the day for a certain amount. its spiralling out of control and the place hes renting is behind with rent, so he owes a few months, and is now getting harrassed to pay that. the next worrying problem is that he needs to move due to work commitments but will this huge collection of debts cause the next address some kind of problem? he is contemplating going bankrupt, but has heard not all loan lenders let you, and some dont reinstate your credit worthy status. not too sure about how to write all this, he wont get help as hes avoiding talking about it, though has looked into going bankrupt but is worried about the consequences. how can I help him, should he go to the citizens advice bureau and / or then get a financial adviser to help? or can anyone advise here, any questions please ask as I dont know alot about the ins and outs of it all.If I am on the wrong message board please let me know and I will post elsewhere...
It appears that you are in the UK. Most of the posters on this board are in the US, and I'm afraid that we wouldn't be familiar with your laws.
Your friend needs to speak with a bankruptcy lawyer in his country. Based solely on the information provided, I cannot see any real options for him. He needs good legal counsel at this time.
