Serious Debt help! your thoughts please

sarahlasvegas

Hi - im posting on behalf of my friend to see if anyone can help. They have spoken to someone about an IVA, and will be speaking to the debt charities too - but id really appreciate your thoughts/advice if you have any.

Debts
Mortgage -190k (has arrears, sale fallen through and will be repossessed soon - lender starting procedings, joint with ex)
Secured loan - 10k (on above property, joint with ex)
Unsecured loan - 30k (joint with ex, not bene paid 6months at least)
cc - 2k
Car loan - 6k
unsecured loan - 3k
Student loan - 6k (been delayed for a few years, they are saying it must be paid now)

There is also a 40k loan - secured on thier ex's property, the ex has continued to pay this, and the ex is solely the owner of this property - they dont have their name on it

They are basically totally stuffed - have about £200 max to put towards all above debts...

My questions are - is the above too much for an IVA does anyone know?

If they go bankrupt, will that write off all the unsecured debt or will the ex be chased for the full amount?

If they do go bankrupt - can the ex persure them for the debt once they are discharged?

Any input welcome

tealady

Hi I have no idea sorry, just bumping for the morning peeps.

sarahlasvegas

thanks for the bump! x

CLAPTON

It's rather confusing


are there three people involved here or only your friend and his/her ex?

sarahlasvegas

Just 2. The debts with joint beside them are theirs and the ex's.

The ones with nothing are just theirs. The ex has large debts in their name alone too, but im not concerned with that

CLAPTON

An IVA is only really any use if he has assets to protect from bankruptcy... once the house goes presumably he has no assets.

As the debts are joint then if one stops paying then the other person will be pursued for the full debts... so there is no point in just him doing a IVA or a debt management plan... either both or neither really.

How much is the house worth?

sarahlasvegas

The house was valued at £225k and sold for that (6months ago - which feel through), it went back on the market, was reduced last month to £190k and had 2 seperate buyers within a week. The person they agreed with has now pulled out as cannot get the funds. So i guess it will *hopefully* fetch the £190k now its back on the market. So def no quity, nothings been paid on mortgage for 6months - her ex let it out and still didnt pay the mortgage provider. My friend moved into rented accomodation the day the 1st sale was supposed to go through, and is tied into a 1 year deal. So cannot afford to pay mortgage - the ex walked out and just stopped paying

Apologies the original thread wasnt too clear. Essentially if my friend was accepted on an IVA - they wouldnt really care if ex was chased for the debt.

Bankrupcy poses a problem due to my friends occupantion.

All in all a big fat mess!!

Fire_Fox

sarahlasvegas wrote: »

Hi - im posting on behalf of my friend to see if anyone can help. They have spoken to someone about an IVA, and will be speaking to the debt charities too - but id really appreciate your thoughts/advice if you have any.

Debts
Mortgage - 190k (has arrears, sale fallen through and will be repossessed soon - lender starting procedings, joint with ex)
Secured loan - 10k (on above property, joint with ex)
Unsecured loan - 30k (joint with ex, not bene paid 6months at least)
cc - 2k
Car loan - 6k
unsecured loan - 3k
Student loan - 6k (been delayed for a few years, they are saying it must be paid now)

There is also a 40k loan - secured on thier ex's property, the ex has continued to pay this, and the ex is solely the owner of this property - they dont have their name on it

They are basically totally stuffed - have about £200 max to put towards all above debts...

My questions are - is the above too much for an IVA does anyone know?

If they go bankrupt, will that write off all the unsecured debt or will the ex be chased for the full amount?

If they do go bankrupt - can the ex persure them for the debt once they are discharged?

Any input welcome

I still don't understand. Your friend has a joint mortgage with her ex, but your friend is not the owner of the property?? I would not be worrying about whether going bankrupt will affect the ex - he did not pay the mortgage when the property was let so tough.

sarahlasvegas

Sorry 0 i really havent explained it clearly. My friend and the ex have a property together, and the ex has an additional property which the other large loan is secured on. The property her and the ex have together is in the beginnings of repo, the property the ex has on thier own i believe is still being paid for

Merlinexcalibur

My friend and the ex have a property together, and the ex has an additional property which the other large loan is secured on.

You know what? I don't know what the situation is here, cos it's all pretty much confusing TBH. But, isn't it your friends responsibility to be sorting this out? Only you mention an ex being involved, living with your friend. Do you honestly want to be getting embroiled in what may become a very difficult situation given those variables? Unless there is a very good reason your friend isn't tackling the situation, of course.

Forris

Perhaps the best way forward is to introduce your friend to this forum. Get her over, get a big cup of coffee and some choccie biccies and let her tell her own story. Make sure she has all her figures so that she can post her SoA. This will make things clearer for everybody and will get her some help more quickly.