Some advice for a friend please

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Hammie1

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Post by Hammie1 » Mon Jul 26, 2010 4:22 pm
Hi

I don't want to make this email to long, but as you know I am going through the IVA process at the moment and have only told two people, my mum and my friend so that she stops asking me to lend her money. This friend is as below.

As she knows I am applying for and IVA she has asked if she can come and see me tonight - perhaps I should be and IP, LOL!!!

Anyway I know a little of her circumstances, she does not pay her full mortgage every month as she has an arrangement with them at a certain amount every month. I think she may have a loan with a "shark", that calls at her door weekly. I don't know amounts or anything, she has a car, but not sure about finance. The value of her property will be about £160k. She has a court order telling her that they are going for repossession on the 2nd August. She is upset saying that she will have to go Bankrupt. I know there is not much infor, but because of the Court Order, would she be wasting her time trying for an IVA. She has been stuggling for months, is married and has two young children.

Any help or advice I could give her tonight would be appreciated.

Regards
Sam
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
Thanks to everyone for your support. Could'nt have done it without you.
 
 

size5

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Post by size5 » Mon Jul 26, 2010 4:27 pm
It would be helpful to know whether it is a repossession order or an eviction notice, your post is not entirely clear on that. The action re the mortgage/house itself would not on its own block an IVA proposal, if it were a suitable course of action.

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Hammie1

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Post by Hammie1 » Mon Jul 26, 2010 5:50 pm
thanks size 5. I am not sure if it is an eviction notice or repossession order myself at the moment. She is due to come round at 7pm, so I will find out more. It's good to know that the IVA will not be ruled out though.

Thanks
Sam
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
Thanks to everyone for your support. Could'nt have done it without you.
 
 

MelanieGiles

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Post by MelanieGiles » Mon Jul 26, 2010 9:31 pm
Can you find out more about her debts, the value of any equity she has in her property and the amount that she feels she can afford to pay back to creditors on a monthly basis. Armed with this information we can be more specific about our guidance.
Regards, Melanie Giles, Insolvency Practitioner
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