Serious Debt help! your thoughts please

sarahlasvegas

Theres TWO houses. The soon to be repossessed house between my friend and ex - and the ex has an additional property - but the large secured loan is based on that property.

In honesty - im using "my friend" and very generic terms as i dont want it to be him/her and it apparent on their sex etc - theres lots and lots of other issues between this couple - so unfortunatly my friend wont post a full SOA on a UK forum - as if ex saw it WOULD be used against my friend.

My friend is keen to sort issues - as loans where taken on the basis that ex would settle in 3-6months with money they had being made availbale to them - but they didnt and they split up - hence my daftly trusting friend being in this hole! - shes getting legal advice this week, just thought you guys might have brief advice

Fire_Fox

So the ex has been taking the money from the let of the house that is jointly owned between the ex and your friend, and using it to pay a loan on a property that the ex alone is responsible for? Couldn't that be classed as theft? Was the property let legitimately, with a tenancy agreement signed by both owners? I am not sure your friend will ever see the money again TBH, even if legal proceedings went ahead. Your friend is going to have to plan for the worst - the ex will possibly lose his other property and your friend will have to go bankrupt or be in debt for a long time.

doelani

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

Hi

Just a few things

Mortgage debt/arrears cannot be included in IVA
Secured loan cannot be included in IVA


Is the car loan an HP agreement? If it is it cannot be included in an IVA as it is secured on the car, if it is a unsecured loan needs to be added to unsecured debt. Not sure if student loan can be included in IVA. The ex's property with secured debt is nothing to do with your friends debt if not in their name.

To be honest an IVA is used to protect property or a job, if the house is going to repossessed unless a job is at risk and IVA may not be the best thing.

Your friends best bet if the debt charities and they shoudl stay away form any IVA " factories" who seem to suggest IVA at times even if not suitable.

IVA are not suitable for everyone and all options need to be looked at.

Hope your friend gets sorted.