Helping friends with debt problems, a good thing to do???

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Helping friends with debt problems, a good thing to do???

PostPosted: October 15th, 2018, 3:46 pm
by Debtwizard
I got caught for £5,000 a few years ago as this so called 'friend' didn't tell me about the other £62,000 of credit card debt, bank overdraft, mortgage arrears and the tax man!

Seeing a friend in financial strife is difficult and can often prompt people into handing over their own money in order to help them. Just be wary before you part with your cash, you might well be out of pocket but your friend could still have ongoing debt issues.

I have written a short blog on my experiences, more below.

A friend in need...

Several years ago I helped a friend who said he was having his overdraft called in and had just another small debt with that lender threatening legal action.

Instead of taking out a loan or credit card in my name to cover his debt, I decided to part with £5,000 of my savings. The reason? Like most people with debt issues, my friend was under considerable stress, was often depressed and found sleeping difficult. He was a family man and I could see the impact the debt was having on his loved ones.

You can read more on my blog here (DebtWizard page)

Friends, debt... and how to make sure your help is effective