Inlaws owe £50k on credit cards only. Only income state pension no assets. On my workings out they could afford £100 a month towards an Iva......
1)is this viable
2) any recommendations for companies( I used Melanie’s but she seems to have disappeared )
3) I think bankruptcy would be better option but inlaws who are in their 70’s obviously worried about house. House value is 100k mortgage balance £80k and no way of further lending on it now or in the future...
Any help appreciated
You need a full appraisal by an insolvency firm or two before you can plan a way forward.
chestercity wrote:The equity element is what I need to get my head around! After fees etc they would probably be looking at £18000 equity but obviously would struggle to find a new house/rent on income levels. Is Any level of equity protected in bankruptcy?
Yes £1,000 or less so won't apply here.
Obviously they may not have the option if circa £100 would not be acceptable to an Iva proposal.
Do they have any other assets or third parties to get a lump sum offer from?
If not might be best to try and get interest frozen and carry on as they are.
No assets and no one to help them with a lump sum offer. I’ve googled equity release schemes and only suitable for people with little or no outstanding mortgage balance and capped at 50% LTV......
Looking like bankruptcy but advising them to talk through figures with Iva company first
As nothing to lose
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