How to pay £400k debt? Besides working?

Watch
SparkleFace
Badges: 17
Rep:
?
#1
Report Thread starter 1 month ago
#1
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.
0
reply
nexttime
Badges: 22
Rep:
?
#2
Report 1 month ago
#2
Well hopefully the thing you invested the £400k in will have some nice yields and you can pay it all back. Simple.
0
reply
RedGiant
Badges: 22
Rep:
?
#3
Report 1 month ago
#3
Bankruptcy might be a better option?
0
reply
SparkleFace
Badges: 17
Rep:
?
#4
Report Thread starter 1 month ago
#4
(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

it’s actually for family in another country. I was thinking about a gofundme but 10p from 40,000 people.... but am not sure...
0
reply
nexttime
Badges: 22
Rep:
?
#5
Report 1 month ago
#5
(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?
0
reply
SparkleFace
Badges: 17
Rep:
?
#6
Report Thread starter 1 month ago
#6
(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
0
reply
GabiAbi84
Badges: 21
Rep:
?
#7
Report 1 month ago
#7
(Original post by SparkleFace)
I wish

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?
2
reply
RedGiant
Badges: 22
Rep:
?
#8
Report 1 month ago
#8
(Original post by SparkleFace)
No unfortunately. It’s Iran so definitely not.
You go to jail for god knows when
Who are the creditors?
0
reply
SparkleFace
Badges: 17
Rep:
?
#9
Report Thread starter 1 month ago
#9
(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.
Last edited by SparkleFace; 1 month ago
0
reply
tjames988
Badges: 12
Rep:
?
#10
Report 1 month ago
#10
(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..
0
reply
SparkleFace
Badges: 17
Rep:
?
#11
Report Thread starter 1 month ago
#11
(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.
Last edited by SparkleFace; 1 month ago
0
reply
SparkleFace
Badges: 17
Rep:
?
#12
Report Thread starter 1 month ago
#12
(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.
0
reply
GabiAbi84
Badges: 21
Rep:
?
#13
Report 1 month ago
#13
(Original post by SparkleFace)
Family members and the government.
How were they supposed to be paying back the debt?
Last edited by GabiAbi84; 1 month ago
0
reply
SparkleFace
Badges: 17
Rep:
?
#14
Report Thread starter 1 month ago
#14
(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.
0
reply
SparkleFace
Badges: 17
Rep:
?
#15
Report Thread starter 1 month ago
#15
Also it was actually around £2mil but at the current currency rates it’s now around £350k-400k
0
reply
GabiAbi84
Badges: 21
Rep:
?
#16
Report 1 month ago
#16
(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?
0
reply
SparkleFace
Badges: 17
Rep:
?
#17
Report Thread starter 1 month ago
#17
(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.
0
reply
Student100020
Badges: 16
Rep:
?
#18
Report 1 month ago
#18
Defo a troll, owes 400k to Iran government, give me a break 😂😂
0
reply
Emma:-)
Badges: 19
Rep:
?
#19
Report 1 month ago
#19
(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?
0
reply
SparkleFace
Badges: 17
Rep:
?
#20
Report Thread starter 1 month ago
#20
(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.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Following the government's announcement, do you think you will be awarded a fair grade this year?

Yes (598)
49.18%
No (618)
50.82%

Watched Threads

View All
Latest
My Feed