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Worried about my Brother.

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  • 22-05-2008 1:54am
    #1
    LoanShark
    Registered Users Posts: 949 ✭✭✭


    Hi All,

    Sorry this is gonna be a long one.

    I'm writing in here because I quite worried about my older brother who is 36.
    He has Been split from his wife for over three years now, after seven years of marrige.. And has been in Financial (sorry mods) **** ever since..
    He has debts so massive I dont know how he manages to sleep.

    I'll try to explain the best I can.......They started out in business a few years after they wed. A while after that, they expanded into another area of their industry (I dont want to give specs about the business.. if that is OK..) the expansion became more profitable than the first bit. I forgot to add this they used their first business as capital for the expansion (I hope I'm making sense) and therefore had a lot of debt added to it..
    When they split, She took The Expansion and he got the original business with Debt and All, about €25k
    As part of the seperation he gave up all claim to the expansion and she gave up all claim to the family home which has a mortage of around €80k
    He did'nt have any luck in the business on his own and ran up more debt I think in the region of €8k he now is subletting the business.
    But It does'nt end here...
    Over the last few weeks I've been out in his house as he has children and I 'm very close to them, I saw a number of letters, One was from a solicitor issuing a civil bill from the bank (he has'nt been making his payments or has been late),I did a bit more snoopin around and found the original letter from the solicitor and it had the outstanding figures on it he has two loans outstanding one for €32k and the other for €9k... I found TWO credit card bills one for €2,500 and the other for €5k to two different banks..
    He has an eircom bill €100...Not paid Disconnected
    Sky €95... Not Paid Disconnected
    Suppliers from his business are still onto him a year on looking for their money.
    He pays maintanence for the kids although he has them about 80% of the time, He has to pay the baby sitter half too €150 p/w
    I've seen letters from the bank with Cheques that bounced attached to them..
    I know that just last month he got my mother to guarantor a loan for €15k.(Shes a pensioner)
    He wont answer his mobile to anyone unless he knows the number he doesnt open letters. And is on to either me or my other brother looking to borrow money or for us to take out a loan I cant help him because I'm not working at the moment and my other brother has his own finances to worry about (Hes not in bother like the first fell,He has the usual household debts Mortage,Car etc...)..
    He know thinks that remortaging the house would help him "Clear The Slate" and that about €200k should do it.. But with the way his credit history is I doubt he'll get it.. He does'nt know that I saw the letters But I think he left them out to be found.. I have suggested MABS but I dont know if they can help Or If he will be totally honest with them..

    I dont know what I'm Looking for in here by writing this But I feel telling strangers in this format might throw some rays of light..

    I dont have a clue what the Civil Bill Means?

    If he were to take another route and sell the home Would the wife get half even though she gave up all claim to it?

    He doesnt earn a whole lot now and is always struggling..The figures above are what I know off, But there could be a whole lot more..
    I'm afraid that this will just get the better of him some day...

    Thanks for reading this.


Comments

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    #2
    Daithio
    Closed Accounts Posts: 1,679 ✭✭✭Daithio


    I'd advise you to confront him about it. As tactfully as possible obviously. People with big debts have an uncanny way of burying their heads in the sand and ignoring it. If you confront him about it he may start to look for a solution to the problem, rather than just ignoring it, as it seems he has been doing. Who knows what that solution will be, but facing up to it is a start.


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    #3
    b3t4
    Closed Accounts Posts: 1,325 ✭✭✭b3t4


    Sit your brother down and say that you can see that he's in a bit of finacial trouble. He's been asking you to help out with a loan after all.

    MABS would probably be the best option here (as long as it isn't business debt I believe they don't deal in that). He might be more likely to listen to an outside source than a family one.

    If there are papers stating that his ex-wife has no call to the house then he should try to remortgage, but failing that, he should sell the house and go renting for a while. If he has a job he should be able to manage the rent a better than he can a mortgage at the moment.

    A.


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    #4
    Carrigart Exile
    Closed Accounts Posts: 994 ✭✭✭Carrigart Exile


    You need to take the bull by the horns and contact all of his creditors with him. He also needs to get the maintenance arrangements reviewed, if he has the children 80% of the time, she should be paying him child maintenance


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