Hi there, i have just stumbled upon your forums as i am looking for help and advice for one of my close friend whoses debts are really mounting up.
So the facts are:
1. He owes around £50k in credit cards, consolidation loans and car loans, this debt is old and goes back up to 10 years.
2. He holds a joint mortgage with his friend which they are repaying interest only mortgage. His friend who lives in the house has just told him that he intends to move for good to Canada at the end of the month. My friend cannot afford the repayments on the house by himself due to all his credit repayments.
3. His auntie lent him £15k a few months ago, but so far this is still sitting in his current account.
4. He earns around £30k pa.
Advice would be greatly appreciated, specifically:
Would he lose the house and car in an IVA agreement?
What should he do with the £15k from his auntie? Should he transfer this back to her asap (which I think would be advisable)
I am not a technical expert but will make an offering.
First and foremost he needs to speak with an insolvency practioner, they wiil give all the info and advise on the best solutions for your friend.
I would think it best not to spend any of aunties money. Speaking to an Ip who he can give all the info necessary to offer the right solution is the best thing to do.
There are details of companies on iva.com or some great Ip's are on the expert page to the left.
I wish im all the best and let us know how things go.
hi and welcome.
I too am no tech expert, but have found this forum to offer a wealth of knowledge for people at all stages of debt / Iva. I agree with aguise in that your friend really needs to speak with a professional, and you will probably find that a forum expert will post soon and offer you some advice for your friend. Keep us informed and good luck to him
The advice to your friend to discuss matters with an insolvency practitioner is good advice, and I would recommend that he does this as soon as possible so that he can undertand what options are available to him.
What did his aunt lend him the money for? And is there any equity in the property? What are the intentions of the co-owner in terms of the property - would they require to see it sold in order to release their share of the beneficial interest? And how much on a monthly basis would your friend be able to offer to creditors in terms of repayment?
The above questions are all areas where an insolvency practitioner would be able to advise your friend - so I would encourage him to seek advice (which will be provided on a free of charge basis) as soon as possible.
