Posted: Fri Jan 23, 2009 12:40 pm
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??
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??