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equity release
hazel3603
Posts: 32 Forumite
Hello everyone. I'm not certain I have posted this in the correct place- so please re-direct, if that's the case.
My friends has finished paying her mortgage(in hubbys name). They have debts of around 15000, they have been paying creditors for months and still struggling with council tax demands and everyday living expenses. Her bank won't re-mortgage because of the debts and she's asking me about equity release schemes of which I know nothing! She wants a fast way to clear all the debts and start again. Rather than sell....no-one is selling their homes here because of the market situation and she feels it's time wasted as she wants to get rid of the problem asap.
She's already on anti depressants, her hubby had a heart attack 2 yrs ago so the stress is mounting up. She is now talking about beachy head alot, so I'm very worried.Has anyone got any advice or information regarding this...before I take her back down to CAB???? Many thanks!:)
Hazel
My friends has finished paying her mortgage(in hubbys name). They have debts of around 15000, they have been paying creditors for months and still struggling with council tax demands and everyday living expenses. Her bank won't re-mortgage because of the debts and she's asking me about equity release schemes of which I know nothing! She wants a fast way to clear all the debts and start again. Rather than sell....no-one is selling their homes here because of the market situation and she feels it's time wasted as she wants to get rid of the problem asap.
She's already on anti depressants, her hubby had a heart attack 2 yrs ago so the stress is mounting up. She is now talking about beachy head alot, so I'm very worried.Has anyone got any advice or information regarding this...before I take her back down to CAB???? Many thanks!:)
Hazel
:wall:
0
Comments
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Firstly pay the council tax before other debts, that is a serious one because they take you to court. Secondly is she not considering a free debt management plan with CCCS or Payplan? They can write to all her creditors with an offer to pay what they can afford, the creditors generally freeze interest and stop hassling at least for a while. It would be a single monthly payment, much like a mortgage, but can be adjusted if circumstances change. Also has she written to let the creditors know about both their health problems? They are not supposed to harrass vulnerable people IIRC. Are they claiming ALL the benefits they are entitled to?
http://forums.moneysavingexpert.com/forumdisplay.php?f=76
http://forums.moneysavingexpert.com/forumdisplay.php?f=139Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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