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Debt advice please
veloplus
Posts: 2 Newbie
I've been on the mailing list for some time, but this is my first forum post.
A friend of mine has a big dilemma. I've suggested she speak to the National Debt Line, however, I'd like to be able to give my own opinion if this is requested.
Briefly, the marriage is ending and her husband has been told to find somewhere else to live, leaving her to cope with three children and a joint names mortgage. She has discovered he has run up £13k worth of debt on her credit cards (he's a secondary cardholder).
They have a house, but it is 100% mortgaged with little if no equity since they purchased last year.
She is expecting little if any financial support from her soon to be ex-husband.
Ideally, I've said she should aim to keep the house by continuing to pay the mortgage, but try to freeze the c/card interest by entering into an IVA. She cannot afford to service both the mortgage/council tax etc AND the credit card monthly minimum payments.
She has considered bankruptcy, however, I think this too drastic. I also can see no benefit in selling the house as it's 100% mortgaged.
What sensible advise can other members offer? Do anyone has experience of a similiar scenario? All advise would be greatly appreciated.
A friend of mine has a big dilemma. I've suggested she speak to the National Debt Line, however, I'd like to be able to give my own opinion if this is requested.
Briefly, the marriage is ending and her husband has been told to find somewhere else to live, leaving her to cope with three children and a joint names mortgage. She has discovered he has run up £13k worth of debt on her credit cards (he's a secondary cardholder).
They have a house, but it is 100% mortgaged with little if no equity since they purchased last year.
She is expecting little if any financial support from her soon to be ex-husband.
Ideally, I've said she should aim to keep the house by continuing to pay the mortgage, but try to freeze the c/card interest by entering into an IVA. She cannot afford to service both the mortgage/council tax etc AND the credit card monthly minimum payments.
She has considered bankruptcy, however, I think this too drastic. I also can see no benefit in selling the house as it's 100% mortgaged.
What sensible advise can other members offer? Do anyone has experience of a similiar scenario? All advise would be greatly appreciated.
0
Comments
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can't give advice without full financial details, income, spending, debt, personal situation..kids etc
she needs to post an SOA, see here for details
http://forums.moneysavingexpert.com/showthread.html?t=1072800 -
I would place the 13k debt into a DMP with CCCS.:j :j :j
Keep the house, and get a budget going!:T :T :T
But please tell her to ring CCCS and get a plan sorted.:A :A :A :A
bankruptcy is a 'last' resort.:eek: :eek: :eek: :eek:
k.If you want to see a rainbow, you have to get used to the rain.0 -
Thanks for your advice guys. I'll try to get her to complete an SOA.0
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