|
Post by irishmason on Mar 13, 2010 10:40:01 GMT
A sister of a brother has debt of around € 140,000 and may loose her house to the bank/sell her house to cover the debts.
She is IMO a bit naive and innocent and the typical debt maker by not watching the money and having covered up at the beginning she is now confronted or is confronting the brother with the debts and expect that he sells something to help her. I advised him against it.
Is there any trick , means, possibility to get her out of the trouble? thanks for some advice
|
|
|
Post by billmcelligott on Mar 13, 2010 12:17:06 GMT
She could look at IVA an Individual Voluntary Arrangement. Maybe others here that know more than me, I have been out of the loop for some years now.
But the problem is if the Bank have a PG or a lean against her house there is no incentive for them to help in any way.
I have found that Banks have no sympathy in those circumstances.
I have done a lot of Business recovery and you can do deals with the 'Tax man' and the 'VAT man' and suppliers, but Banks very rarely do deals when they have charge over assets.
|
|