Should I sell or ride it out until debt free?

ruthbd

Can anyone help please, I've just accepted that I have mega debts £56,000 in total and am now trying hard to deal with them. I am considering selling my house to one of the property companies that buy them at a reduced price and rent them back to you. Has anyone done this or knows anyone who has done so. Do people think they are a good idea. Any help or comments would be really gratefully received.

Shineyhappy

Hi Ruthbd and welcome to MSE!

I think before anyone can give a lot of advice you should post your statement of affairs (see Southernscoussers sticky thread) so we can see all your outgoings/incomings.

I don't know much about those schemes but anything like that always favours the company and not you. The obvious bit seems to be "buy them at a reduced price" if I were you and I decided to sell I would defiantly not sell to anyone offering a reduced price.

immoral_angeluk

If I were going to sell I'd do it through normal channels instead of risking getting much less than the market value...

southernscouser

I'm not a housing markey expert but I wouldn't have thought it was a great idea!

Is it feasible to sell up as normal and buy somewhere cheaper? :think:

You might get a more knowledgable response if you post a thread on this board.

ruthbd

Thanks for all your advice, especially southernscousers. I've read the advice given to others who had the same idea and have decided it's too risky to sell so I'm going to ride it out. I've now been in touch with Payplan who are going to act for me. Thanks for all your help though.:T