Hello friends. I hope somewhere out there reading this can help me. My closest pal is stuck in a huge pile of debt, which can even lead to bankruptcy. His situation is getting worse day by day and he desperately needs some hard cash to pay off his debts. I want to help him out but I myself don’t have that kind of money. The only asset he has left is his house which he can sell.

But he needs to do it fast. What I know of estate agents is that they take months to fix up a deal. He just doesn’t have that kind of time. Is there any other faster way selling your home in UK? He needs to badly get out of the situation. Help!

Hi.

 not sure if this is any help or not but maybe try the following.

1) contact the lender and explain the situation, this owuld depend on whether he has already missed any payments.

2) contact the creditors who he owes money to offering them less for the time being until the house is sold.

3) Look into remortgaging or using any equity in the home.

4) look into bridging loans, there are also loans that can tide you over whilst waiting for a sale to go through.

5) debt consolidation loans can reduce his monthly payments.

Of all the above mentioned, the loans side of it are a last resort. Many people dont know that they can go to their citizens advice bureau and get help writing to creditors. Many creditors will accept lower or even freeze interest on debts if pushed. Dont sign up for any debt management services as they are mostly expensive cons.

DONT brush it under the carpet, get talking to your citizens advice bureau and take it from there.

Robert