Negative Equity or near to it

[Max]

Please stop thanking me- it is nothing to do with me. This is our parish led by a real priest - we just follow his lead no more and no less. The hard thing is that suicide or attempted suicide is a no go for a catholic but fortunately our PP understands the mind and what breaks it. He will sort it and Melanie and David M can advise on the financial side when we know what it is. People on this forum are doing more than me - you for one! David

[Zeb]

I wish our bank were more helpful
My partner is a sub contractor and used to earn fantastic money but lately the work has dried up, he has quite a large amount of debt but has always been able to manage it- i on the other hand am in an iva.... We needed a payment break or reduction to be able to get the overdraft back under control and ensure that we did not fall behind on other payments.
The bank refused a payment break point blank ..... apparantly we have the wrong type of mortgage. they did offer to reduce the payment by £75 pm if we extended by 10 years!!
We tried for equity release to pay of partners debt and tie in with my 4th year clause and this was also declined!!
If only our bank was one of the more helpful!![V]

[MelanieGiles]

Perhaps your partner needs to take professional advice about his debts Zeb, as borrowing more money rarely provides a solution in these circumstances.

[Zeb]

Thought about this Melanie but with me being so close to the end of my IVA we did not want to start the 6 year process again with him.....
Was also unsure where that would leave me as his income is taken into account with my IVA
Could he do an IVA witout a guaranteed income?

[MelanieGiles]

That makes sense - and presumably when you finish your IVA the money you will be saving can help him out a bit with his debt repayments.

He could do an IVA with an irregular income - most self-employed people would fall into this category - but without a guaranteed income I fear would be a little dangerous. Try and muddle on as you are, but keep an eye on him to make sure no further unaffordable credit is taken out.

[Zeb]

Thanks for your support Melanie its much appreciated sometimes we use this forum as a way of letting off steam as well as finding answers....

I have removed all cards from him and taken control of the finances!

[David Mond]

That is the first step Zeb - hope you nanage to muddle through - if not you know where to come to. Good luck from me too.