I respect you guys opinion so please help on this

neas

http://forums.moneysavingexpert.com/showthread.html?t=1777781

Prob posted it in wrong board, but would welcome help ideas for my wifes friend.

Am aiming to gather more info on their situation as neither have lost a job and am sure wife and husband get paid my wife salary x2 so cant see at all why they'd be in trouble on a 3 bed house in plymouth (circa 130k max cost) with prob 40k pre-tax pay.

They have 2 kids and will prob be getting tax credits or what not etc.

mewbie_2

Spend less.

neas

While normally i'd agree, as these are wifes friend I cant do my usual internet 'neasnes'

If it was on a forum i'd say:

You only got yourself to blame, reserarch money, get money savvy, cut back on things and stop spoiling kids. but as its wife friend I got to give good opinions.

I can see them using this scheme to buy their home and get royally fubared.

pelirocco

neas wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=1777781

Prob posted it in wrong board, but would welcome help ideas for my wifes friend.

Am aiming to gather more info on their situation as neither have lost a job and am sure wife and husband get paid my wife salary x2 so cant see at all why they'd be in trouble on a 3 bed house in plymouth (circa 130k max cost) with prob 40k pre-tax pay.

They have 2 kids and will prob be getting tax credits or what not etc.

I thought you wanted to help them?

kennyboy66_2

My guess is that they have other secured or unsecured loans, or have increased their mortgage to pay off debts.
Frequently one partner does not know the extent of all the loans.

I'd get them to go to CAB first, but the most important thing is that they must each "fess" up, their total debts.

Just going to one of these cowboys probably just delays the inevitable by 12 months. I'd see it as an absolute last option, but really need to know full circumstances.

macaque_2

neas wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=1777781

Prob posted it in wrong board, but would welcome help ideas for my wifes friend.

Am aiming to gather more info on their situation as neither have lost a job and am sure wife and husband get paid my wife salary x2 so cant see at all why they'd be in trouble on a 3 bed house in plymouth (circa 130k max cost) with prob 40k pre-tax pay.

They have 2 kids and will prob be getting tax credits or what not etc.

Frying pan into the fire. Tell him/her not to touch it. Comanies that buy and rent back are scum bags. They are looking to make profits of 30-50% on each deal and they don't care how badly they hurt people. This will probably be a lot more than 30-50% of the free equity.

The only solution is to put it on the market at 80% of the estate agent's valuation and then find rented accomodation.

Pobby

Not heard great news regarding these quick purchase out fits. As they say, get them to pop a soa up on dfw. Perhaps your wife could tell them about it.

I am not very savvy re mortgages but I guess they could be paying about £700 on £130k?

neas

i think they want to stay there you see... with two young kids think they dont want to move ;(.

I am going to talk with them tonight so need to get them to 'face the music' so to speak.

chucky

macaque wrote: »

Frying pan into the fire. Tell him/her not to touch it. Comanies that buy and rent back are scum bags. They are looking to make profits of 30-50% on each deal and they don't care how badly they hurt people. This will probably be a lot more than 30-50% of the free equity.

The only solution is to put it on the market at 80% of the estate agent's valuation and then find rented accomodation.

i'm with the 70% club president on this one.

unknown territory and you're not in charge of your own destiny getting involved with these companies

Max_Headroom_3

neas wrote: »

While normally i'd agree, as these are wifes friend I cant do my usual internet 'neasnes'

If it was on a forum i'd say:

You only got yourself to blame, reserarch money, get money savvy, cut back on things and stop spoiling kids. but as its wife friend I got to give good opinions.

To be honest, those do sound like good opinions to me...

vivatifosi

Hi neas,

I'm wary of companies that aren't limited, though I appreciate that there are reasons why companies use this format. Personally I avoid them because they are far more opaque than limited companies. However it is clear that the guy who runs this also has other interests in the area, such as:

http://www.lathamandco.co.uk/ Estate Agents
and http://www.worldofmortgages.co.uk/

Which appear to be part of a bigger holding:
http://www.ukpropertyandfinancegroup.co.uk/

I have checked the FSA register here:
http://www.fsa.gov.uk/register/indivSearchForm.do

And Gary Latham is registered with them through World of Mortgages.

Updated to add: looks like the "parent company" (I use this loosely because I don't know for sure that it is) is a registered company, but is a recent addition to Co's House and has yet to file any accounts.

Name & Registered Office:
UK PROPERTY & FINANCE GROUP LIMITED
9 ROCHESTER CLOSE
KIBWORTH HARCOURT
LEICESTER
LE8 0JS
Company No. 06553697