Hi guys, I really don't know where to start, I'll try to keep it short....
My Fiance is a self employed roofer who has been extremely sucessful for 30 years - up until now, what with the recession there has been very little work for the past 5 months, so we were forced to use savings and credit cards to get by as there was no regular income. This has all now been maxed, we have nothing until jobs come in - which of course is not guaranteed. Bills and the mortagage & loan payments are due the end of this month and I am so frightened as he has NEVER defaulted on ANY of his payments before.
During his separation two and a half years ago he had to give up a second property which meant that his loan was put as a second charge to the house we live in now (He has been here for 28 years). He has a mortgage on this property for £121,000 and the loan is for £30,000, both with the same bank. Plus credit cards in excess of £43,000. We were absolutely fine until work dried up, now I am looking into solutions - borrowing to consolidate is no longer an option. IVA keeps coming up and I would like some advice if there is a way to keep his beloved house. The Bankrupcy route is a sure way of having to move out, please can somebody help? Please??
Does your fiancee have any income at all? He will need some to be able to pay into an IVA.
As regards bankruptcy, if there is no equity in the house, there is a possibility that he would not lose it.
I would recommend that he takes professional advice soon. Visit www.iva.com for a list of IP's and reviews, or click on the expert link on the left hand side of the page here.
All professional experts on there come highly recommended. He will get sound advice from them and told of all the options open to him.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
How much equity is there in your home, after taking account of the mortgage and secured charge? And does your partner have any income at all at the moment or in the pipeline? Could he afford to make any monthly contribution to creditors?
