Just found out that a friend's wife has (apparently) unbeknown to him ran up debts to the tune of £98,000.
( A lot of this whilst he was working 14 hours a day overseas to feed her spendy habit!)
They've downsized their house and placed the debt in the hands of a debt management company who are paying small amounts off to the twenty-five or so credit card companies that she's used (as well as taking their cut of course)
This has been going on for six years and he's just paying the interest and getting nowhere.
My mate's now doing, so he tells me, half a bottle of vodka a night (hardly ever used to drink) and looks shocking having lost huge amounts of weight.
I think he needs to quit the boozing, though that probably won't happen immediately, flog the house and declare bankruptcy and take himself and family off to live in a council house, with a view to wiping the slate clean and starting again.
I, however, know nothing about this type of thing and this may well be shockingly bad advice, given that he may struggle to get a mortgage in the future.
Is anyone able to point me towards a good source of information or can offer any good advice?
He's a really great guy and I hate to see his life going down the tube like this.
Any help much appreciated