Really desperate not to lose our house if I go bankrupt. My husband is in a similar situation but has alot less debt so will possibly be going for a DMP or IVA. However, my biggest worry is losing the house, not least of all because it will be so hard to rent anywhere with the credit rating we are now accumulating, but impossible with pets.
We have very little equity, probably between £6k and £10k, basically the deposit we paid in July when we bought it and what value it might have increased to. Just wondered if anybody else has been in a similar situation and retained their house.
1. If we sell the beneficial interest in my share of the property to someone else, is there any way they could lose their money if the OR instructed us to sell?
2. If we sell the beneficial interest, can we use that money towards the mortgage or only towards my share of the mortgage as it would have been my share of the beneficial interest?
3. If the OR instructs us to sell the property, would we have time to find a new property, if my husband isn't being made bankrupt, just me?
Had a call with the CCCS today but as my new job doesn't start until mid-Jan, they can't really help us until the job starts.
Any advice is appreciated.