Order of Sale Threat
edited 30 November -1 at 1:00AM in Debt-free Wannabe Challenges
2 replies 319 views
I would appreciate any help please....My husband has a historic debt with a high street bank on a business overdraft he was forced to personal guarantee by his business account manager (I question his conduct as he knew the business was in difficulty and my husband was vulnerable at the time trying to make ends meet!) The business was forced into liquidation but the debt with the bank has to stand due to the personal guarantee. Long story short, we can't afford to pay it off in full or raise finance against our property with adverse credit and they will not accept monthly payments so a charging order was issued and now the threat of an order of sale. The debt is in his name only and we both have school age children. We can't afford to live in the area in a different home either buying or renting and our mortgage is relatively cheap and I feel very strongly about remaining in the area and not changing the childrens' school. Our house also has a short lease so borrowing money against a home that potentially has less equity than Zoopla suggests is a problem for lenders. Can I stop the potential order of sale - can anyone offer any suggestions or recommendations moving forward please? Thank you.