Posted: Mon Jan 31, 2011 4:25 pm
Hi,
I have been talking to my friend today to try and offer her some advice. She is £50.000 in debt, but has £150.000 equity in her house. She is living on credit cards for her shopping and petrol. I suggested an IVA but bit unsure about the equity. I rent so I do not know this side of things. As far as I am aware you have to re-mortgage in year four or five. But she only has seven years left on her mortgage, at which time her husband will be 66 years old and retired.If she was to re-mortgage then she will not be able to afford payments on only her salary. Any help suggestions please.
I have been talking to my friend today to try and offer her some advice. She is £50.000 in debt, but has £150.000 equity in her house. She is living on credit cards for her shopping and petrol. I suggested an IVA but bit unsure about the equity. I rent so I do not know this side of things. As far as I am aware you have to re-mortgage in year four or five. But she only has seven years left on her mortgage, at which time her husband will be 66 years old and retired.If she was to re-mortgage then she will not be able to afford payments on only her salary. Any help suggestions please.