so much dept can get out

suelongman

brainfreeze wrote: »

Is it a company that is offering to buy it from you and rent it back? If it is then please post the company details in order that other MSErs with experience of the company can give you advice and guidance. There's bound to be someone around who's been through the same sort of thing.

If it's a family member or friend it is probably a better deal, but however you are achieving this make sure you aren't being done over so to speak.

Thank you for your reply .i got the information from someone on this thread called ehs. they have been very helpfull they passed me over to someone they new who did this sort off thing. thanks sue

brainfreeze

albertross wrote: »

Are things that bad that you need to do that, the figures you posted don't look impossible to workaround, unless I'm missing something.

I have to agree. I think selling your home and renting it back is a drastic step which, with a rethink of lifestyle and some serious resorting of your finances, could be avoided.

Scottishmummy

Hi Sue
My DH is a Taxi Driver and probably spends about £100 a WEEK on fuel so I presume you don't do it full time - correct me if I am wrong. Can you work more hours? You are paying a lot out on the insurance and computer to end up with only about £300 a month. My DH had his own car on the road and it cost him over £3000 in one year through servicing and repairs etc so upgraded to a newer model. When he did his tax return that year it had still cost him nearly £3000 so upgrading didn't improve things at all and only cost more money in the long run with having to finance it in the first place. He now franchises through a taxi company and okay he has to find £350 a week to pay the franchise before any money he earns is his but he no longer has the worry of not being able to work if the car goes in for repairs etc. The £350 is for having it 24/7 so that he can work when he wants to and doesn't have to share it with anyone.

£300 a month to feed 3 people can definately be cut back quite a bit. We feed 4 on that amount and hope to cut back even more. That includes nappies but thankfully only needed for night-time now.

suelongman

nelly wrote: »

Sort that 'caps lock' out for a start

thanks for your input

brainfreeze

suelongman wrote: »

Thank you for your reply .i got the information from someone on this thread called ehs. they have been very helpfull they passed me over to someone they new who did this sort off thing. thanks sue

looking up their userID....ehs is http://www.expresshousesales.co.uk/ - therefore expresshousesales = ehs

so it may be that they have a vested interest in steering you in this direction. I don't think they passed you over to someone they knew as much as sent you to their own site

Please, please wait for advice from some who has been through this, rather than someone who appears to be referring and may gain financially from your plight (apologies to ehs if I am wrong - but on their user id section the link above is set as their hompage)

Edited: just found your thread on house buying, renting, selling section of MSE and realise that you had raised the question of selling and renting back and ehs responded. However, I still think that you could get through this without such drastic measures and if you have to go down this route take more advice than just this one referral.

suelongman

Scottishmummy wrote: »

Hi Sue
My DH is a Taxi Driver and probably spends about £100 a WEEK on fuel so I presume you don't do it full time - correct me if I am wrong. Can you work more hours? You are paying a lot out on the insurance and computer to end up with only about £300 a month. My DH had his own car on the road and it cost him over £3000 in one year through servicing and repairs etc so upgraded to a newer model. When he did his tax return that year it had still cost him nearly £3000 so upgrading didn't improve things at all and only cost more money in the long run with having to finance it in the first place. He now franchises through a taxi company and okay he has to find £350 a week to pay the franchise before any money he earns is his but he no longer has the worry of not being able to work if the car goes in for repairs etc. The £350 is for having it 24/7 so that he can work when he wants to and doesn't have to share it with anyone.

£300 a month to feed 3 people can definately be cut back quite a bit. We feed 4 on that amount and hope to cut back even more. That includes nappies but thankfully only needed for night-time now.

I bet your DH LOVES HIS JOB AS MUCH AS I DO I HAVE BEEN DOING IT 13 YEARS AND AT FIRST IT WAS BECAUSE I HAD A BABY AND THE HOURS WHERE CONVENEANT TO ME. iWORKED nights the money was good then. but as the years have gone by i have changed my hours and work 6 days and 1 night because of the pickel i have got myself in. i payout most of what i earn.some days are beter then oyhers.Ikeep saying that i am going to give the job up, then a noyh thing crops up and i go out to work to pay it. It is easy going out and erning it and hard to give it up. The trouble is i have so much dept that i am trying like most to keep it all together

suelongman

brainfreeze wrote: »

looking up their userID....ehs is http://www.expresshousesales.co.uk/ - therefore expresshousesales = ehs

so it may be that they have a vested interest in steering you in this direction. I don't think they passed you over to someone they knew as much as sent you to their own site

Please, please wait for advice from some who has been through this, rather than someone who appears to referring and may gain financially from your plight (apologies to ehs if I am wrong - but on their user id section the link above is set as their hompage)

Edited: just found your thread on house buying, renting, selling section of MSE and realise that you had raised the question of selling and renting back and ehs responded. However, I still think that you could get through this without such drastic measures and if you have to go down this route take more advice than just this one referral.

Ihave looked at other sits doing the same thing. i had one persone that i called in the morning and they had some one round in the afternoon trying to get me to sign acontract to let them buy my home straight away. i thought this was a bit to fast and said no. i have loked into this with somethought. And i know that i will be loosing some money but the possition i am in with my morgage is not good. and they seem very nice and ehs are very helpfull and concernd
thanks sue

brainfreeze

Hi Sue

Looking at the whois for the website, it has only been set up since 6th June 2006 - so that's just a year in business. I know everyone has to start somewhere, but are they the right people for you? (I'm not saying they're not, just asking you to check, double check and triple check before signing your home away).

What guarantees are they going to give you that you can keep renting your home, ie, if the business doesn't work out (and many businesses fold in the first year or two of trading) then will they want to sell your house and evict you to cover any losses or costs they have incurred. Not a nice thought, but one you need to consider.

I apologise if I sound like I am anti selling your home and renting it back - I'm not if it is the right, informed decision.

milkydrink

suelongman wrote: »

hi there fellow taxi driver you know what the deal is with us we have ups and downs .the car is my owen i have just bought it about 3 months ago.the other one was coting me to much in repairs. so despite the cost i got a 53 reg mondo
insurance -£90 a month
fuel about £100 a month
rent on computor £130 a week

The "rent on computor £130 a week" is confusing some people, is this your cab office radio? £130 is a lot my hubby pays £100 in London!

Your fuel doesn't seem much, for a month? My husband does that in a week.

Are you saying you earn £1500 in 1 month of cabbing? Thats £346 per week.

You insurance quote is good, my husband pays just over £400 every 3 months:eek:

As you fuel is so low & your earnings are quite low, I'm wondering are you working full time? Is it possible to increase your hours?

suelongman

brainfreeze wrote: »

Hi Sue

Looking at the whois for the website, it has only been set up since 6th June 2006 - so that's just a year in business. I know everyone has to start somewhere, but are they the right people for you? (I'm not saying they're not, just asking you to check, double check and triple check before signing your home away).

What guarantees are they going to give you that you can keep renting your home, ie, if the business doesn't work out (and many businesses fold in the first year or two of trading) then will they want to sell your house and evict you to cover any losses or costs they have incurred. Not a nice thought, but one you need to consider.

I apologise if I sound like I am anti selling your home and renting it back - I'm not if it is the right, informed decision.

I will once again thank you for your advice , I wish i had your knowlege of the computor. Ican only go on what i have been told by this person he passed my detaaaaaaaails on to the people that are interested in buying my home. they have been round to see me and we have discussed my possition. they have been in this buisness for 10 years and have assured me that they will not sell it a year down the line. they said that is not benifishel to them to do that.they would like me to stay in my home for as long as i would like and as long as i pay the rent. Ican only take there word for that, but on meetin them i can only say that i thought (gut instinct)that they where nice. they are not a company they are a husband and wife team.they have about 20 propertys that they have bought in the same situation as me.i know what you are saying and i think you are right about being carefull but i can see no other option and they do seem genuene

sue:eek: