Kt asked in Business & FinanceCredit · 3 weeks ago

Best way to pay back debts?

Hi everyone,

Please let this be a judge free zone. 

My very good friend is in quite a lot of debt. She won't tell me exactly how much but has hinted it to be around £5000/£6000 But could be more. 

Her credit rating is terrible and has been using those awful loan websites that have crazy interest rates and is now in that vicious cycle of never having any money because it gets taken out of her account before she even gets it so borrows more to survive the month...

Her monthly income is around £1,500 and she's in a lot of trouble with some addictions thrown in there as well. 

She's such a kind person and doesn't deserve this so I'm trying to help her. What is the best way to pay off your debt without it affecting your credit score too much. 

Please help!!

Thanks in advance,

KT xo

7 Answers

  • 2 weeks ago

    If your friend isn't ready to face her debt liabilities, then there is nothing to be done. When she is ready, a debt charity such as stepchange (might have renamed itself) has hints , advice and tools to help.

  • 3 weeks ago

    The best way for "your friend" to pay her debts without affecting her credit score is to stop spending more than she makes.  Decreasing expenditures and increasing her income will help greatly in this endeavor.   

  • 3 weeks ago

    1) Get a second job.

    2) Spend less.

    3) Stop using substances.

    4) Start making payments.

    Not sure where you live, but in the U.S., there are financial counselors/debt relief counselors who can help you make a realistic plan to pay off your debt.

  • 3 weeks ago

    If she quit spending, this would be an excellent start.  Get a 2nd job.  But if she refuses to help herself & mend her ways, all the advice in the world won't help.  There are always those that cry about their lot in life.  But then do zip to fix the problem.  Sounds like she is probably one.  

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  • 3 weeks ago

    She could try robbing a bank.

  • Anonymous
    3 weeks ago

    Best way, show up with a check (valid) or cash and pay what you owe.

  • 3 weeks ago

    You can't sustatinably help her unless she is willing to change.  The first thing I would do is see if she is willing to work on her addiction(s), which is probably draining her budget, and strictly limiting her ability to earn.

    • roderick_young
      Lv 7
      3 weeks agoReport

      That cycle sounds familiar.  This really isn't a financial issue.  AA or rehab would be a positive step.  But if she won't go, there isn't much you can do to help her, sorry.  Paying down her debts would actually be a disservice.

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