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IVA Equity in Property
lesandflynny
Posts: 215 Forumite
Can anybody help? Advice for my colleague:
They owe 18k over 3 credit cards. They have approximately £140 disposable income each month after all is paid from benefits and hubbies income.
The lady had to retire from work last year due to ill health and is now registered disabled.
They are using a 0% purchase card to buy groceries etc whilst paying payments to other cards.
Should they, can they apply for an IVA?
Which are the legitimate government backed agencies to approach regarding an IVA?
Is it always the case that the creditors will want to take a lump sum from any equity in a property? There is equity in their property but they would not find a lender to remortgage as hubby is part time income because he cares for the lady she is now disabled? They do not want to end up with increased mortgage payments as they already pay significant monthly amounts
Many Thanks
They owe 18k over 3 credit cards. They have approximately £140 disposable income each month after all is paid from benefits and hubbies income.
The lady had to retire from work last year due to ill health and is now registered disabled.
They are using a 0% purchase card to buy groceries etc whilst paying payments to other cards.
Should they, can they apply for an IVA?
Which are the legitimate government backed agencies to approach regarding an IVA?
Is it always the case that the creditors will want to take a lump sum from any equity in a property? There is equity in their property but they would not find a lender to remortgage as hubby is part time income because he cares for the lady she is now disabled? They do not want to end up with increased mortgage payments as they already pay significant monthly amounts
Many Thanks
Oh how I dream............
0
Comments
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Bump...... can anybody advise????Oh how I dream............0
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With the level of debt, I doubt they'll have sufficient disposible income for an IVA especially as certain benefits relating to disability can't be counted as income.
However, they're not going to know unless they ask. A call to CCCS might be an idea.0
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