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Releasing equity in 100% owned property
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Not sure of all details but basically a lot of unsecured debt, at least one loan and a couple of credit cards I think - he's recently lost his job and can't cover even basic repayments which I think are in excess of £700 PCM. He doesn't want to do any sort of IVA or bankruptcy as he has a joint mortgage and thinks it will affect his other half's credit rating (and I was assuming he's right). He plans to repay the money when he's back on his feet - personally I think that's optimistic but I don't mind. I'm not well off but have very little debt, wouldn't swap with him for anything.
He made his bed, perhaps he should lie in it and learn a valuable lesson rather than have mummy and daddy bail him out.--
Peter Stones0
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