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Pay off debts before moving or not? |
Submitted on: 18th Jan 2011 by Non-Member | Total Answers: 3
My partner has unsecured debts and has fallen behind with payments. We both own our flats but are selling them both to move in together. Due to her credit score, she will not be applying jointly for the mortgage; this will be in my sole name. We want to keep her equity, rather than using it to clear her debts, because we need a good deposit. (There is very little equity in my property). Will it be possible for her to use her equity as a deposit, and not pay off the debts at this time? She would then look to pay them off whilst I took care of the new mortgage at our new house. I'm concerned that her creditors would think that this is in some way fraudulent because she will, once she has sold her property, have the money to pay them off, but she will instead, effectively, be giving me the money and avoiding payment.
Re: Pay off debts before moving or not?
It is best to take advice from a debt advisor. It is difficult to answer your query without knowing further information on the level of debt and number of missed payments.
Please see our homepage for Top Debt Advisors such as the Debt Advice Foundation . Click here to find out more or CAP UK at www.capuk.org.
You will receive free impartial advice on your situation to be able to help you resolve your issue as quickly as possible.
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