Hi again everyone,
There are some really helpful comments here and I really appreciate everyone's time, effort and input.
We have had some slightly more positive news this morning in that we have had an interest in our property from a prospective buyer, they have been round for a second viewing and we get the feeling they may be ready to put in an offer, we have only recently put our house on the market, so we are not holding my breath, but anyway, lets think positive!!
Assuming that an offer is made, it will almost certainly be far less than the asking price due to the current buyers market, if this were the case and it was enough to at least pay off the NR debt, but NOT enough to settle the secured loan debt, what would happen? can the sale still proceed on this basis, or CAN the secured loan company block the sale if there is a shortfall?
We would just like to be sure about this as we would obviously like to accept, if a sensible offer was made, this would be far better for everyone to offload the house in this way as opposed to forced sale/repossession, as we would be able to crystalize our situation far more quickly and get on with an IVA knowing exactly what our debt would be.
Your advice would be appreciated as always...
M