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Help and Advice Please :(
Hi All
New here and looking help and advice.
I have a good credit history and never missed a payment with anything.
6 years ago i bought a second property with a friend as an investment, and like all things today we are in negative equity of 100k. We are a mortgage deficit of 60k approx.
My friend is already in a DMP for his own finances and he is struggling to help with the financial cost of the house we own. The rent is not covering the mortgage and it is costing us money every month. We are not in arrears yet.
We have got some advice to sell the house and for me also to go into a DMP or IVA This is the only debt i have a problem with. My other debts i am still managing to pay.
Sooner or later my friend is not going to be able to pay anything and i will be left with all the debt. We currently have no tenant in the house so it is costing us more.
I am not sure what to do, my own house has a little positive equity about 20k. I own this house with my partner. She has nothing to do with the rented house.
My friend is self employed and i am a salaried worker.
What are my options or any thoughts please.
Thanks
A
New here and looking help and advice.
I have a good credit history and never missed a payment with anything.
6 years ago i bought a second property with a friend as an investment, and like all things today we are in negative equity of 100k. We are a mortgage deficit of 60k approx.
My friend is already in a DMP for his own finances and he is struggling to help with the financial cost of the house we own. The rent is not covering the mortgage and it is costing us money every month. We are not in arrears yet.
We have got some advice to sell the house and for me also to go into a DMP or IVA This is the only debt i have a problem with. My other debts i am still managing to pay.
Sooner or later my friend is not going to be able to pay anything and i will be left with all the debt. We currently have no tenant in the house so it is costing us more.
I am not sure what to do, my own house has a little positive equity about 20k. I own this house with my partner. She has nothing to do with the rented house.
My friend is self employed and i am a salaried worker.
What are my options or any thoughts please.
Thanks
A
0
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