We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
mortgage second mortgage and IVA
missquackers
Posts: 7 Forumite
My son and daughter in law have all of the above.
Because of a drop in earnings through, no fault of their own, they are now finding it increasingly difficult to meet their monthly payments.
My daughter and I have helped as much as we could but we can no longer help financially.
I would appreciate any advice.
I have suggested that they call the National Dept helpline, go to CAB etc.
They have considered selling their home, but I fear they have no equity!
What can they do now?
Thanks in advance.
Because of a drop in earnings through, no fault of their own, they are now finding it increasingly difficult to meet their monthly payments.
My daughter and I have helped as much as we could but we can no longer help financially.
I would appreciate any advice.
I have suggested that they call the National Dept helpline, go to CAB etc.
They have considered selling their home, but I fear they have no equity!
What can they do now?
Thanks in advance.
0
Comments
-
Hi
Do you know who the IVA is with? How long have they been on the IVA? If they have an IVA and cannot keep up with the repayments then they really need to contact their IP to talk through their options - it could be that the IP could try to re-negotiate the IVA so that they pay less in a month.
If their IP is not much help / cannot suggest a solution then they might want to contact one of the charities to discuss whether bankruptcy might be an option for them should the IVA fail.
IMPORTANT - Where to seek professional impartial advice about your debts.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards