Friend just divorced.... help please!

fonzy8

I have a friend who has just got divorced. Basically his wife took him for his main home and the equity in it and has also managed to land him with all their joint debts - much of which was to do with doing their homes up and moving three years ago to be closer to her family! Now he's left on his own up there.

Now all he has been left with is a house in France. It is uninhabitable and out in the middle of nowhere at the moment. If he's lucky enough to sell it, it will clear most of his debts, but what should he do now to tide himself over? He owes about £40000 total and will soon be starting to get those late payment marks - his credit rating has been good until now and of course he's worried.

He has PPI insurance on some of his loans and I've told him, as he's been off work with depression, to ring around them to try to get them to pay. Are these backdated to when he was originally signed off or is it from when he rings?

He has a son and so still wants to live locally to him so he can see him. Now he has to private rent to do that, his income is going to soon be less than outgoings - not including paying back the loans - so things will just get worse unless he does something now. Unfortunately, in his field of work it is particularly badly paid in the area.

He was going to write to his creditors to ask for a payment break or a hold on the accounts - is this worth doing? If he does this will he have any access to any money? How will it affect him getting credit to live or accessing his overdraft?

He has been to CAB but they basically told him to go bankrupt. Is an IVA better and if so how do you get one? Also, what places could he go to to get free - or cheap -professional advice. I've noticed the national debtline after reading this forum and he'll give that a go tomorrow.

Hes in a mind at the moment to rack up the debts and bury his head in the sand but I really want him to do something positive to start to edge out of the situation.

Any advice/ideas on how he can cope in the short term would be appreciated.

Thanks in advance

fiveyearplan

National Debtline are open until 9pm so he could give them a call now. If he did go bankrupt he would lose the house in France. I think I would sit tight and explore all options before jumping in to BR as there may be a better solution for him.

fonzy8

Another thing that I meant to ask - from what he said it sounded like an unfair hearing for the divorce. He wasnt entitled to legal aid and couldnt afford a solicitor so he represented himself. He was advised to get a litigation friend - which he didnt have. The judge was emailed to see if they could appoint one. There was no reply but when he turned up at court, the judge said you're here now so we may aswell continue.

As I said he was off work with depression so wouldnt this imply that he wasnt of fit mind to represent himself either?

Has he got anywhere he can complain to or will that cost loads of money too?

Sergio_Baptista

he should try and divert his mind into some kind of business and think about his house in france..he should firstly try and come out of his depression to fight against the wrongs that have taken place in his life..best option is to start earning money..