Does this sound viable?

sara84

Hi, my partner and i need to go BR. We have 50k+ unsecured debt that we will never be able to pay. We also have a mortgage the house is worth about £180k and we owe £172k on it. It is is joint names and we were thinking of letting my partner go BR first, he has had a Stat Demand issued today for £920 and has been threatened with another for £9000, getting a relative to buy his half of the BI as long as it is not to much and then once he is clear i will go BR and then getting the relative to buy my half of BI. I dont work, im a stay at home mum to a 1 year old and due again in march.

Does this seem like a viable option or is there restrictions etc that i am not aware off? Would the OR just take our house and not let us buy the BI?

We really want to try and keep our home if we can, we have looked into renting but because of our credit history we can't find anywhere that will allow us and there is little private rentals in our area.

fiveyearplan

I'm sure you would get to keep your house if someone bought the beneficial interest.

debt_doctor

Yes, that is viable. The or has no interest in making you homeless. If someone can come up with the money equal to the equity then that should be fine.

Have to
say I dont think they will go through with the SD as they would be spending around £ 1200 TO GET NOTHING ( after IP fees etc )

Best

DD