Alternative Debt Solutions
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When people have been close for a long time, it’s normal to notice when something might be wrong. Perhaps your friend has become more withdrawn or maybe they are more reluctant to join you on nights out. Regardless, it’s never easy to watch someone you care about struggle.
Fortunately, if you suspect your friend has a debt problem, there are several things you can do about it:
If your friend isn’t quite themselves, there may certainly be other reasons. Therefore, without asking them about their finances directly, here are five ways you can identify if they’re struggling with money:
When we’re struggling with money, many of us will keep the matter to ourselves. It’s not completely unheard of for those in debt to wait months or even years before seeking help. As a result, confronting your friend about their financial situation can be difficult. When it comes to having this conversation, try:
One option which comes to mind when helping a friend out of debt is to repay what they owe yourself. However, unless if you’re in an excellent financial position, this solution may not be suitable. Furthermore, if you resolve their debts for them, there is a chance your friend could just get into financial difficulty again.
Without paying their debts for them, here are several ways you can help:
Being in debt can be an isolating experience so it’s impossible to overstate just how valuable a supportive voice can be. Listen to their situation, be non-judgmental, and let them know they aren’t alone.
At the very least, this can make the burden of debt much easier to bear.
Although it’s essential to maintain a good work/life balance, there might be some ways your friend can earn some extra cash. Potentially, it might be possible for them to get a better job, request a pay rise, or do some extra hours. Furthermore, if they have a spare room, could this be rented out to a lodger? Between the both of you, you should be able to come up with some ideas to either bring in more money or make some cuts.
When in debt, it’s difficult to not impose a form of self-exile. Your friend probably won’t want to go out or do anything which costs money. Although this makes financial sense, it’s not great for a person’s mental wellbeing. As a result, take the lead and come up with some free activities the both of you can do together.
Just because someone’s struggling with money doesn’t mean they have to become a hermit.
Before seeking help with debt, it’s important to get a good idea of the situation. By working together on a budget, you can identify exactly how much your friend has coming in and going out. This may also identify options for cutting back or bring spending under control.
If you think we can help your friend, then we’ll be happy to chat with them about their finances. Through a debt solution, we could help them get on top of their situation, freeze interest rates and charges, and potentially write off significant sums.
If that sounds like a plan, then we’ll look forward to hearing from your friend!
Debt write off applies to unsecured debts and on completion of an IVA. A debt write off amount of between 20% and 80% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.
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Free money help and advice can be found at the MoneyAdviceService.org.uk