Selling the house or DMP

P_W_2

Hi I have an interview with cccs next Wednesday
Option 1
now I don’t want to sell the house or try to sell it but me and the wife could pay off the mortgage and most of the debt then rent
Option 2
Has anyone had any dealings with the people that buy your house then you can rent it back
Option 3
Take the dmp and try to increase the payments

Any advise please
Regards
P W

Conor_3

Option 1)..is the best bet in my opinion. You get out of the trouble you're in and get some breathing space as you can always take a break from work and claim Housing Benefit to cover the rent.

Option 2) Not a good one. They offer nowhere near market value and you end up paying rent plus any mortgage shortfall.

Option 3) As good as Option 1 depending on how long you'd be looking at repaying. If the DMP is going to last more than 5 years, do you think you could face living virtually hand to mouth for that long?

Verbatim

Option 3 sounds good. You keeo your home and after your debt is paid still have this valuable asset. There have been a lot of terrifying stories about people who sell and rent back being conned. A typical problem is that they're told they can rent indefinitely but are only given a short lease and have to go when the 6 months are up, or that the owner sells the house on and the new owner (often just another company connected to the first) says they won't give a new lease or need the property for other things.

trying-very-trying

I suppose it depends on your personal circumstances, but I think I would go for option 3.

misspoppy

I think you should wait and see what CCCS suggest, they are the experts and will know your circumstances and what options are avliable to people in your situation.

Don't sell your home to the people that will rent it back to you, I heard on the radio how they will rent it back but after the inital period the rent goes up to a stupid unaffordable figure.

Lucy1982_2

I would go with option 3, at the end of the day you will still have your home and the security that it provides.

hazzie123

I went for option 1,best thing I did!

P_W_2

hazzie123
so do you rent and have you got money to spend