Hi, you've all been so helpful to me andI'm hoping you might be able to help my friend.
She's someone I know through school and talking about my situation she asked me how it was all done. Whilst I was talking about the IVA rules etc., she said that her debt is secured on the house.
Her hubby had cancer some years back and I believe he's either 7 years clear or it was 7 years ago it started, and she says they still haven't caught up since then.
Her loan is secured on the mortgage, but they are struggling.
Is there anything they might be able to do, a way of making it easier.
Can they restructure the debt? It's not a great solution as it would cost more in the long run but I can't think of anything else except selling the house. Glad to hear your friend is in the clear.
I think the redemption certificate is so they know how much equity is in your house.
You will always have a secured loan taken into account when proposing an IVA, but if this is the only debt then an IVA isn't a solution.
Get her to try speaking to the company and explaining the position to see if they can alter the payments even if it means extending the term.
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
