My father is married and 73 years old. He has a mortgage in his own name which is interest only. This needs to be repaid by May 2020. He currently rents out the property with a mortgage and lives elsewhere in sheltered accommodation but because he is named on the mortgage, he doesn't qualify for financial support so is paying rent where he is living. If he could sell the mortgaged property, he would be able to receive govt help to live and pay the rent but it would be in negative equity and is difficult to sell due to poor management of the building it is in. He has a VERY small private pension, state pension and a part time job but is building up debt on a single credit card and bank overdraft in order to live. So my question is, is he better to tell the mortgage company he can't pay it and stop paying the mortgage and then seek help to deal with the shortfall and other debt once and for all? He is worried about it, won't have any further funds to live and will only get worse. I am unable to help him financially but want to find an answer. Any help is appreciated.
My advice would be to get your dad to contact a couple of experts and seek their opinion. There are several options but depending on his income, outgoings and other circumstances we cannot say an iva is the most suitable. A Debt Management Plan, or Debt Relief Order or even bankruptcy maybe an option.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
