is a debt agreement the way to go?
ok so as iv posted before a friend of mine is in a spot of money trouble.he cant get money through the banks because most of his shit is behind.he has talked to fox symes(if anyone has dealt with them would like to know how you went).he wanted to consolidate but because he has finance for a car,boat&bike they cant touch it.they offered to do a debt agreement for him.it sounds to good to be true though.at the moment he is nearly $3000 in arrears in nearly all his bills except rent,boat and bike payments.he keeps asking my thoughts on the matter.
Public Comments
- I would reccomend googling risks of debt agreements. Depending on how this is set up it can be seen as declaring insolvency. Which will impact his credit file. Also what are the fees they are going to charge. Has he tried hardship through each of the financiers, this usually provides a limited amount of time with reduced payments and with a tight self imposed budget he may be able to get himself back on track. These sort of contracts usually state seek independent legal advice for a reason, they can be very beneficial but you need to understand all the implications of your decision.
