loans help please

[Deleted User]

Hi,

My neighbour is on the verge of a nervous breakdown.I've been downstairs all day trying to sort this mess out.

Basically her outgoings are about £1200 and shes got about £1000 in-goings.Her debts are about £14000.

I've put a plan together for her to sell her car and get a runabout(car is worth about£3000) and off to the bank first thing Monday morning and CAB.

Now the major problem is that she has been cold called by 'moneyplus' and been put into a voluntary IVA.

She signed all the forms about a month ago.

They told her to close her account with lloyds and cancel all direct debits and open a new one with nat west.This she has done but hasn't put her direct debits back in place.She can't get any loans etc as she's just changed banks.
Now I know there is a 14 day cooling off period for loans etc but not sure about this IVA business.She needs out of this as her problems are manageable.

My plan is to get her old account back into place with lloyds on Monday and try and consolidate all her debts into one loan.She has £35000 in equity so could also re-mortgage.

Probably sell her car and swap for a runabout for quick cash.

Now I want rid of these 'Moneyplus' people and this IVA.

Any help much appreciated as she is at breaking point.

Gaz83

If she's got debts of £14,000 and income of £1,000 a month there's no way she's going to get a loan to consolidate her debts. Not enough income.

A remortgage or secured loan could be an idea, but unless she addresses the cause of why she spends more money than she brings in she'll find herself in the same position sooner rather than later, and this time at real risk of losing her house.

DCFC79

You say she can't get any loans as she's just changed accounts but you mention about a loan to consolidate.

I can't see how she can afford a loan.

andyfromotley

Hi skidder,

she needs to call Stepchange or CAP as a matter of urgency.

Dont do anything until she has spoken to them, the new account may have been sound advice, either of these charities will advise he, do nothing until she has had free and independent advice.

DCFC79

She needs to contact one of the free debt charities and not one you pay for.

ConsumerWizkid

Lol I may just set up an autoresponder to every thread that just says call StepChange.

Foxy-Stoat_3

David147 wrote: »

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