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Anything he can do?
nickswift
Posts: 108 Forumite
My friend is in trouble with his debts.... he has missed payments on his secured loan on his house and he has got a court letter for the 18th of August. They want to repossess his house and kick him out - the only problem is that if they can sell the house, its not going to be enough to pay back the loans / mortgage...
His loan repayments are about £2k a month! he earns maybe £1500 after tax so its a massive problem... do you guys recon his best bet is to go for an IVA? he is self employed, so they can't take away his business I dont think... he needs his car to carry his equipment, but could they make him downgrade? the car is worth about £4k.
I am going to go along to court with him on the 18th... are the courts taking a more lenient view on people like this now to try and stop the repossessions, or is he basically going to loose his house for sure and have to get an IVA/Bankrupt?
Would like to know what his best bet would be... I have advised him to go to the CAB, but he just buries his head in the sand and says.... 'i will just see what happens'.
any tips?!
His loan repayments are about £2k a month! he earns maybe £1500 after tax so its a massive problem... do you guys recon his best bet is to go for an IVA? he is self employed, so they can't take away his business I dont think... he needs his car to carry his equipment, but could they make him downgrade? the car is worth about £4k.
I am going to go along to court with him on the 18th... are the courts taking a more lenient view on people like this now to try and stop the repossessions, or is he basically going to loose his house for sure and have to get an IVA/Bankrupt?
Would like to know what his best bet would be... I have advised him to go to the CAB, but he just buries his head in the sand and says.... 'i will just see what happens'.
any tips?!
0
Comments
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please tell ur mate down bury his head, is there anyway he can get a lodger or even rent the whole house out, than maybe rent a room,.......
tell him defintely get some free advice from the cab,, what about posting his soa on here maybe some of us can help him a bit more......i will be debt free, i will0 -
his is adamant he is just going to loose it all and thinks he will never be able to get a house again... very sad since he has lived there for 15 years or so.
I will try and get him to the CAB again with all his paper work and post it on here as well if I can.0 -
Also, get him to call CCCS and National Debtline. They are free and will good give advice.
There is a light at the end of the tunnel, no matter how dark it seems at the moment.
He is lucky to have friend like you to help him. How about getting him to post on here and we'll all try and help?Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free
Mortgage free since 20140 -
what lender would set repayments at MORE than your income (unless that has dropped since taking the loan out?)
get to CAB ASAP, and sort out a budget to approach lenders with.Long time away from MSE, been dealing real life stuff..
Sometimes seen lurking on the compers forum :-)0
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