www.iva.co.uk

Hi all

My husband and I completed an F&F back in 2011 and have a friend that wants some advise so I thought I would turn to the good people on this forum as you always give the most honest and best advice on the subject!

Basically my friend owes about £65k in debts. She owed about £40k to her parents and so she sold her house and used the profit to re-pay them (moved in with parents and still resides there to try and reduce outgoings) Since then she has married (to someone who has an IVA for debt from a previous marriage and is currently having his payments reviewed) and she has been reduced right down to part-time at work and her husband is barely covering his bills with his income. They are really struggling and she is missing payments left right and centre after keeping up to them for so long. They have 2 children and are really at rock bottom.

I've suggested that she looks in to doing an IVA for her own personal debt (pre-marriage) but she is wondering if there will be any question of what happened to the profit from her house? She genuinely re-paid her parents (who were also struggling after their business went under) and can prove that. Is it a case of it's gone now and so they won't have, or aren't entitled to have, a view on it? Any advice appreciated. She is worried to contact any IVA co's, just working herself up to it I think.

Thanks all [:D]

hi, try and reassure her that a good company will not judge and will give the best possible case specific advice on all debt solutions. Guide her to www.iva.com to give her an idea of some of the companies are out there and all debt solutions can be discussed. She would be more than welcome to join the forum too if she wishes.

Hi. How long ago was the house sold ?

I would approach an IP and, if they question it, simply state that, at the time, I was managing the payments and did not consider myself insolvent. The reduction in hours at work has changed all that.

It is important she finds a firm she is comfortable with, and to that end, might I suggest she have a look at www.iva.com and chat to a few firms there ( after the first it becomes easier!) The advice is free and without obligation.

As a personal observation, I would tend to go for the smaller companies liek McCambridge Duffy and Melanie Giles, as the larger companies at the moment seem to be losing their customer focus.

Thanks guys

I have told her pretty much the same and will forward the advice. Our interlocking IVA was through Melanie Giles who were excellent, so of course I have recommended them but have also sent her links to this forum and iva.com

She is coming to see me tomorrow to sit and trawl over everything. I've reassured her the sooner it is sorted the better she will feel.

Thanks again