- Tuesday, 13 October 2009A Yorkshire-based couple have opted to offset their debts by raising advertising revenue through a competition to give away their luxury home.
Michelle and Paul Wood are to offer their £425,000, 120-year-old home as the first prize in a competition set up to generate funds to pay off their unmanageable debts.
While the couple could have considered entering into an
individual voluntary agreement (IVA), their adopted method could prove successful - they could raise up to £1 million in advertising revenue from the competition website.
Mrs Wood said: "The last few years have been like walking uphill, backwards, in concrete boots. But we have never stopped, not had a day off and have worked through the night some nights on this project and we think it will work.
"I am sure we will reach the target of £850,000."
The couple found themselves in financial difficulty when their luxury chocolate company Theobroma began to struggle.
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