After separation from her husband my friend has got into financial difficulty with mortgage payment as well as the secured loan on the property. She currently has an IVA with for the unsecured loans which cannot take into account the secured loans. All the loans are in joint names. If the mortgage cannot be paid or the secured loan would going bankrupt be a viable option as the house has been on the market for just over a year & has not sold.
Its a shame there is an IVA for the unsecured loans as it is a legal contract. Unsecured personal loans and credit cards taken out before 1 April 2007 could possibly be cancelled. Your friends solicitor could ask the court to get the IVA put on hold whilst these agreements are checked. Visit the website for help with this. If she is not paying the unsecured loans she would have money for the secured loans. It is obviously more important to pay these.
