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Old Northern rock repossession mortgage debt advice
Comments
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Brought back the memory of having put £12k into Northern Rock 2 days before it all went wrong... Not my finest hour....0
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Thank you all for your advice, I spoke to him today and he is now in contact with a debt management company going down the IVA route.
Again, thank you for your help3 -
Hold on Why an IVA when he is renting, get him to hold fire and contact one of the free debt charities.holly079782 said:Thank you all for your advice, I spoke to him today and he is now in contact with a debt management company going down the IVA route.
Again, thank you for your help
Edit. He should start here.
IMPORTANT - Where to seek professional impartial advice about your debts. — MoneySavingExpert Forum
If you go down to the woods today you better not go alone.3 -
@holly079782holly079782 said:Thank you all for your advice, I spoke to him today and he is now in contact with a debt management company going down the IVA route.
Again, thank you for your help
Oh no.
Please tell him to ring one of the debt charities who we listed earlier.
If he doesn't have a house or any other expenses asset (yacht) to protect an IVA is a bad idea.
The only people who make money out of IVAs are the companies who sell them.
Who has he contacted?If you've have not made a mistake, you've made nothing3 -
I'll 'third' this - I'm also very doubtful about an IVA.
With a bankruptcy, he'll be rid of the debts and get a discharge in a year. Then he can start building his finances again. An IVA is likely to take far longer, and cost him a large chunk of his income.
No reliance should be placed on the above! Absolutely none, do you hear?2 -
Hi,
Anything that involves a "debt management company" is almost certainly a bad idea (except in the limited number of cases where one of the debt charities identifies it as the best solution).holly079782 said:Thank you all for your advice, I spoke to him today and he is now in contact with a debt management company going down the IVA route.
Again, thank you for your help
Your friend needs advice from one of the debt charities, not a company. As others have said, an IVA doesn't sound like the right solution here (but it will almost certainly be highly profitable for the debt management company - guess where that profit comes from...).
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