Martin Lewis puts head in his hands and says 'you shouldn't do that' after This Morning viewer query

manchestereveningnews.co.uk:

Martin Lewis warned one This Morning viewer today (October 17) to avoid making a financially disastrous mistake. The viewer asked the money-saving expert for advice after stating that they were considering entering an Individual Voluntary Arrangement (IVA) due to a mountain of debt.

However, they added that he also planned on adding an extension to his house. An IVA is a legally binding agreement between an individual and creditors that they will pay back their debt over a period of time and must be approved by a court.

While an IVA can help someone settle their debts, it can have major ramifications on any future income or assets. Read more: Martin Lewis says one million people may be able to claim thousands of pounds back Read more: Martin Lewis fans 'haven't used the heating' since buying £49 product that's now on sale Mr Lewis said: "Okay I need to be blunt, you've just presented me with a financial nightmare...you need to understand exactly what you're asking me.

You're saying to me you have debts and your debts are so severe you're looking at an individual voluntary arrangement which is a cut-down version of bankruptcy but at the same time you're looking at planning an extension for your house." He added: "You should not be doing the extension on your house unless it is for safety or disability-type adaptions - this is not the time to be doing extensions on your house, this is the time to sort out your debts.