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How to pay £400k debt? Besides working?

Hi!
How would a person pay that much debt. Ideas is what I need!
I was thinking of something like 1p per person in the U.K. will get me more than enough.

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Well hopefully the thing you invested the £400k in will have some nice yields and you can pay it all back. Simple.
Bankruptcy might be a better option?
Original post by nexttime
Well hopefully the thing you invested the £400k in will have some nice yields and you can pay it all back. Simple.

It doesn’t. Altogether was around £600000
So £200000 was paid back

Original post by RedGiant
Bankruptcy might be a better option?

I wish :redface:

it’s actually for family in another country. I was thinking about a gofundme but 10p from 40,000 people.... but am not sure...
Original post by SparkleFace
it’s actually for family in another country. I was thinking about a gofundme but 10p from 40,000 people.... but am not sure...

Small chance of working if you're an attractive female. Otherwise that's ridiculous.

Are there no bankruptcy protections in this country? What happens if someone can't pay a debt?
Original post by nexttime
Might work if you're an attractive female. Otherwise that's ridiculous.

Are there no bankruptcy protections in this country? What happens if someone can't pay a debt?

No unfortunately. It’s Iran so definitely not.
You go to jail for god knows when
Original post by SparkleFace
I wish :redface:

it’s actually for family in another country. I was thinking about a gofundme but 10p from 40,000 people.... but am not sure...


That would be £4000 not £400000...

What was the money loaned for?
Original post by SparkleFace
No unfortunately. It’s Iran so definitely not.
You go to jail for god knows when


Who are the creditors?
Original post by GabiAbi84
That would be £4000 not £400000...

What was the money loaned for?

Ah whoops sorry, I got ahead of myself. More like £10 from 40000 but I don’t like that since it’s too much.
It was for a successful electronics store but unfortunately stuff happened and every just built up on itself. They were doing really well too.

Original post by RedGiant
Who are the creditors?

Family members and the government.
(edited 3 years ago)
Original post by SparkleFace
Hi!
How would a person pay that much debt. Ideas is what I need!
I was thinking of something like 1p per person in the U.K. will get me more than enough.

Why would others want to pay for your debt though
Especially given if this investment worked out, I doubt you would be splitting the gains with the population of the UK..
Original post by tjames988
Why would others want to pay for your debt though

Out of kindness perhaps? I’m not going to force them so if they don’t want to then they don’t want to because I understand them, I’d be uncertain too. I won’t lie about it. I’m unsure myself but I want to find a way. So it doesn’t have to be a gofundme.
(edited 3 years ago)
Original post by tjames988
Why would others want to pay for your debt though
Especially given if this investment worked out, I doubt you would be splitting the gains with the population of the UK..

Extra money will go to charity. And no perhaps not. But it will fix a family. My uncles who’ve gone bankrupt always lent a hand to the poor etc. So it would have some good effect.
Original post by SparkleFace
Family members and the government.


How were they supposed to be paying back the debt?
(edited 3 years ago)
Original post by GabiAbi84
How were they supposed to be paying back the debt?

Just through the business but at the beginning the debt was small. They expanded their business which needed more money so more debt. But what happened was some family members and the council took advantage and stole money, no evidence unfortunately. And it was somewhat my uncles fault as well since they should’ve kept organised with their debt so many took more from them.
Also it was actually around £2mil but at the current currency rates it’s now around £350k-400k
Original post by SparkleFace
Just through the business but at the beginning the debt was small. They expanded their business which needed more money so more debt. But what happened was some family members and the council took advantage and stole money, no evidence unfortunately. And it was somewhat my uncles fault as well since they should’ve kept organised with their debt so many took more from them.


So can they not sell the business then?
Original post by GabiAbi84
So can they not sell the business then?

They did. It was the £200000 business that they sold and land and their houses and my family here sent plenty back too but it wasn’t enough since the currency in Iran is going up and down uncontrollably.
Defo a troll, owes 400k to Iran government, give me a break 😂😂
Original post by SparkleFace
Hi!
How would a person pay that much debt. Ideas is what I need!
I was thinking of something like 1p per person in the U.K. will get me more than enough.


How did that much get owed in the first place?
Original post by Student100020
Defo a troll, owes 400k to Iran government, give me a break 😂😂

Not me. Extended family do.

Original post by Emma:-)
How did that much get owed in the first place?

They had money in debt from starting there business and people gave them money as my uncles also worked in currency exchange. It’s a risky job which nobody should do now as the currency of Iran can get so low and high and has caused many to become in debt. That’s all I know in detail. I don’t really want to do a gofundme although it sounds ideal. Mainly ill patients that need to go abroad or need to save money for a surgery use it so I don’t want to.
I need alternative ideas that can at least get me half of the debt. I don’t really have to do anything since I’m not working coz of college but I want to help them. I just need ideas.

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