Need to help elderly parents - Secrets out!!

seven-day-weekend

nellienellie wrote: »

Would it not be possible to sell the house to one of these company's that buy( albeit at a reduced price ) but then let you continue to stay in the house and rent it from them? This would hopefully free enough to clear the debt and let your parents stay in their home. I know these companies are frowned upon, but in this situation I wonder if it would be so bad.

But then they would not have security of tenure. They could be served notice to quit any time after the first six months. It's no different to living in any other rented house.

TBH, I don't see any way out of it than to repay the loans they have taken out (and hope they have learned their lesson!).

Bella54

Thanks everyone.

Yes we need to repay the loans and its just figuring out how to do that as a family.

I don't understand what they spent all the money on either and I hope this is a massive wake up call to them.

Hopefully when we get all the paperwork back we will discover something, possibly PPI. Mis sold would be even better but doubtful:T

dancingfairy

Can you or your family buy the house and have them rent it from you or treat it as an investment? Would that work?
Have you spoken to any of the debt charities in case they have any suggestions? Also maybe one of the age charities might help as no doubt they have had people that have run out of time to repay the mortgage etc?
df

patanne

I think if they were getting a pension when the PPI was taken out it would have been inappropriate (mis-sold). After all nothing like ill health or job loss would have stopped them paying their bills & I don't think overextending themselves counts!

dancingfairy

Have your parents tried speaking to the lenders to agree a repayment over a longer term? I'm not sure the publicity would be great for the lenders to repossess a couple in their 70s when they lent to them at 62, especially if they are able to repay the majority of the mortgage each month.
I presume that the loan company would get their money back anyway when the house is sold?
df

ILW

Why are they so against renting? If they sold up they could clear everything and have a bit of security cash left over.

Bella54

I think they would feel ashamed to sell and rent as their friends would find out about their difficulties. They would not be eligible for HB as they are just over the threshold and would have to pay almost the same in rent as they do to the loan payments. They would free money up though to allow for holidays etc so agree its an idea but they wont go for it.

Might not have a choice though!!

ILW

Bella54 wrote: »

I think they would feel ashamed to sell and rent as their friends would find out about their difficulties. They would not be eligible for HB as they are just over the threshold and would have to pay almost the same in rent as they do to the loan payments. They would free money up though to allow for holidays etc so agree its an idea but they wont go for it.

Might not have a choice though!!

Sounds like trying to impress their friends may have got them into this mess.

Bella54

ILW what was the point in that comment? was it helpful? No.

ILW

Bella54 wrote: »

ILW what was the point in that comment? was it helpful? No.

Just in the sense that someone needs to get them to face up to reality.