Serious Credit Card Dept - help please

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colly

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I just found out that someone I know has serious debt on credit cards. He has about 40k on several different credit cards. He has been carrying this debt for a number of years, paying off the interest and maybe a bit more. The thing is he is in his 60's, is self employed, and does not own a property.

I think it would be much better for him to consolidate his loans to manage them better but does anyone know who might do this in these circumstances?
 
He tried that in the past, but really because mabs are simply volunteers, they are used to people with much smaller problems and they just had no idea what to do.

Perhaps he just got someone who was inexperienced, but he was disappointed by them
 
Has he tried to get a consolidation term loan from his own bank? He could also try applying for the [broken link removed] though I personally don't think it's an ideal product for him.
 
A friend of mine is a Community Welfare Officer working for the HSE and works in the local MABS.
 
If he's a member of a Credit Union, he may be able to borrow enough to pay off his debt. Their rates are usually pretty reasonable.
 
A family friend works for MABS , trust me they are well used to dealing with debts in excess of €40K.
 
colly said:
He tried that in the past, but really because mabs are simply volunteers, they are used to people with much smaller problems and they just had no idea what to do.

Perhaps he just got someone who was inexperienced, but he was disappointed by them
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was he expecting mabs to wave a magic wand while he continued adding to his debts? people need to take personal responsibility for their actions. first step if he hasn't done so already is to cut up all his credit cards and cease using them.
then go back to mabs and take on board their suggestions, perhaps he should have someone go with him so that at least one other person is listening properly to their suggestions.
 
dereko1969 said:
was he expecting mabs to wave a magic wand while he continued adding to his debts? people need to take personal responsibility for their actions. first step if he hasn't done so already is to cut up all his credit cards and cease using them.
then go back to mabs and take on board their suggestions, perhaps he should have someone go with him so that at least one other person is listening properly to their suggestions.
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I agree.
 
MABS are good, they will contact the companies for him and negioate a reasonable rate of repayment. But they won't do it if your friend continues the way he is, they'd be wasting their time. We all have to do it at some stage, STOP spending, send the cards back or let it get out of hand and never be able to get a loan, credit card, nothing ever again.
 
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