my friend is in a total pickle

[alan.o]

I am with my friend who has several unsecured debts (about 45,000) and 2 properties, one his own (190,000 mortgage, worth about 220,000) and one his daughters house (mortgage 125,000 and 2 secured loans of 25,000 and 10,000)he is in a total pickle, defaulted on it all except his mortgage, his daughter as agreed to sell the house to help clear the debts although my feeling is those secured loans will want more than the 35,000 outstandind, can you help? he is here with me now

regards

Alan

[MelanieGiles]

Hi Alan and welcome to the forum

Your friend will need to realise his interest in his properties to deal with his creditors - or enter into a debt management plan.

You don't state how much his daughter's house is worth, so can I suggest that he gets current valuations done of both properties, and obtains redemption figures from the mortgage and secured loan companies, and then we can see exactly what his position is.

What disposable income does he have on a monthly basis after taking account of usual household and living expenses, but excluding repayments to unsecured creditors?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk