Energy Price Cap announcement: Watch Martin Lewis explain what it means for your electricity and gas bills this winter

Advice needed regarding 'Sell and Rent Back'

in Debt-free wannabe
47 replies 4.6K views


  • SmashingSmashing Forumite
    1.8K Posts
    janakajan wrote: »
    Hi Davethecardboardbox and Shineyhappy. I have just read your replies after posting mine. Firstly, how do I post a statement of affairs please?

    SOA link
  • Beware of advice from people who only offer their own products, definite no go.
    Competition wins. 2 festival camping tickets worth 310, case of grants whisky 74. :beer: :p
  • ShineyhappyShineyhappy Forumite
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    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Ok, once you have posted up your SOA we will try our best to help.

    I think there is a website called Please someone correct me if I am wrong! But that tells you what benefits you are entitled to. I dont know if that would help.

    One of the best pieces of advice I can give you without knowing anything more specific is take your time and nose through all the information this site has to offer. I have joined Quidco and Pigsback and have chased up money owed to me beacuse I have seen the success of people on here. I have Ebayed and Amazoned and sold my old mobile to a mate. I have reduced my shopping bills and have generally become more inspired and more pro active about paying off my debts quicker.

    Post your SOA and then keep posting!

    Also look at the Olympic challenge 2007 thread (specifially post one) to see some ideas for raising cash. Look at some of the other challenges to pay off debts. Lynzpower is giving some fab Quidco tips on the paying off 1000 pounds challenge.

    This is a great place for help, advice and support!
    Debt Free - done
    Mortgage Free - done
    Building up the pension pot
  • VerbatimVerbatim Forumite
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    Part of the Furniture 1,000 Posts
    Hi janakajan,

    Sorry to hear about your situation. It certainly sounds dire. Have you been to the CAB? It sounds as if you should be entitled to some benefits or more tax credit.

    Have you got a spare room you could rent to a lodger?
    CCs @0% £24k Dec 05 £19,621.41 Au £13400 S 12600 Oct £11,981 £9481 £7500 Nov £7250 D £7100 Jan 6950 F £5800 Mar£5400 May £4830 June £4660 July £4460 Aug £3200, S £900, £0 18/9/07 DFW Nerd 042
  • janakajan wrote: »
    Hi Clapton. Yes, I have tried to remortgage, but my age and my income go against me.

    It'll be your income, not your age. My FIL remortgaged at 66 years old for £85k even though he only lives on benefits.

    I know that with fostering, there's an allowance of approx £100 a week available and my friend took over custody of his wifes sister (long story but she's a minor) when her parents died and he got £100 a week benefit for her.

    Check that you're getting every benefit you're entitled to.
  • janakajanjanakajan Forumite
    17 Posts
    Thanks again for all your replies - I am overwhelmed by your concern with my problem. I will mull over these properly when I have more time to concentrate, as I have to get ready for work now. I work nights (3 long shifts) over the weekend and don't have much time in between sleeping and working for much else.
    Thank you all again. Jan
  • milkydrinkmilkydrink Forumite
    2.4K Posts

    I don't have any answers, but try not to let go of your house if there is ANY way of avoiding it at all.
    The reason these schemes are about is because they make money, for them not you.
    What about the CAB for advice on benefits, ect.
    It won't take long to pay of your electric arrears at £7 per week, then it can be re-set to normal.
    Post ALL you financial affairs on one of those SOA & I bet someone will have good ideas.

    Chin up
  • beanieloubeanielou Forumite, Ambassador
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    Do you currently pay a fee for your IVA Jan?
    if so please contact Paylan or CCCS for advice.
    Could someone post the links for me?Thanks.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected] All views are my own & not the official line of Money Saving Expert.Lou~ Debt free Wanabe No 55 DF 03/03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free February 2021**** "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.***Fall down seven times,stand up eight*** ~~Japanese proverb.It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***Weight loss. ** 2 stone 2 lbs.
  • Eager_ElephantEager_Elephant Forumite
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    Hi Jan,

    Can we just clarify you are in an IVA and not a DMP?

    From your original post I thought you were in an IVA but after you said about missing a payment and getting loads of letters this reminds me of a DMP.

    An IVA is a legally binding contract in law, your Insolvency Practitioner would have held a creditors meeting and they would all have voted for or against, if less than 75% said yes then you would not have had an IVA.

    A DMP is a debt management programme, whereby you pay a set amount each month to a company who then send it pro rata to your creditors each month. This is not legally binding and they can take further action if they so wish.

    Beanielou, for info all IVA's have fees built in, it is a DMP that some companies charge for. (This is all terribly confusing)

    If Jan, you could also confirm the company name I would probably know straight away.

    If you are struggling that much with your payments and your situation is not going to improve bankruptcy may be a better option but of course we need to see the SOA. I know you may loose the house but at least you can rent so you will still have a roof over your head.

  • Another thought - you said your mother just lives a few steps away. Does she own her house, could you all live together and maybe rent one/sell one? Could rent/mortgage be saved by living together?

    If not, and I know it's difficult, but if your mother actually knew about your situation would she not want to help in any way possible. Perhaps you could give her the chance to help you?

    Don't give up - where there's a will there's a way.
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