Mum and dad owe £50k, pension combined income of £1,400, outgoing includes payments to 7 creditors of £1,650, if their creditors were incorporated into one affordable IVA would they qualify? They have two years left to pay on a mortgage but then still owe the mortgage lender an additional £21k shortfall (included in the £50k)
Mum has just survived a necrotising facilities infection which she had to have a leg amputated. I'm concerned for their financial future, can/ should they keep their house?
Hi Ross. This will all depend on so many factors and I would suggest that your parents have a chat to a few Insolvency firms to discuss their full circumstances and options for going forward. An IVA is a possibility.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
