2 of my best friends bought a house together about 2/3 years ago, they split up and she moved out, he stayed there and lived on his own. We have now found out that he’s been having problems keeping up repayments, he’s £3000 in arrears and can’t clear them now. The courts sent him a repossession order, which got adjourned under the condition that he paid off £600 by a certain date, for some reason he could only afford to pay off £500 and has received a letter saying the repossession is being carried out. Is there ANYTHING he can do to stop this? I am very worried about him and his parents are too if this goes through. Thanks
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2010-11-22 19:03:41
Get him to talk to the Citizens Advice Bureau as soon as possible. They have an excellent history on financial issues and can negotiate with creditors as well if need be.
He more than likely has had his head in the sand over this one and because of this it has escalated out of control for such a small amount.
Can your friend not help as that person also has equity in the house and in the long term it is a good investment (will be) and if the house is repossessed and sold at a loss then if your friend is co named on the paperwork the debt will affect them as well.