I am going to sell my house and rent it back.

Mr_Spangle_Pants

I am convinced we have exhausted all options on this, I amgoing to sleep on it tonight and have a big drains up with Mrs Spanglepants.

Thank you all for your help, please keep the ideas coming.

supersavershal

You didnt imagine it , I think it was either dispatches, panarama or tonight with trevor macdonald ( i sky plus all three when im at work) it was definitly one of these three.

tsstss7

Mr_Spangle_Pants wrote: »

I am convinced we have exhausted all options on this, I amgoing to sleep on it tonight and have a big drains up with Mrs Spanglepants.

Thank you all for your help, please keep the ideas coming.

Hi I imagine you cannot do IVA etc (as all your debts are to one agent) but would bankrupcy be an option - I think they can make a charge on your home but you are still allowed to live there. Sorry seems I am wrong ..as this is a secured debt...hope you manage to fix this some othder way though - are you old enough to do equity release?

Also go and see a benefits adviser - they will be able to help with other options/additional benefits esp. if you can't work through ill health. If you are over 55 age concer4n have a service - otherwise look for a community resource centre as they often do services also.

BizzyBek

Yes there was a programme on this only a few days ago. It is leading to people losing their rented homes as the investors have the properties repossessed themselves. I'm not a financial brain but a lot of the investment money is linked to the US and they are having a property crash etc etc.

I would seriously consider looking at other options. Which housing charities have you spoken to? They may be able to give advice too. Some recent articles (not endorsing any but thought they may make thought provoking reads)

http://www.bbc.co.uk/consumer/tv_and_radio/watchdog/reports/consumer_goods/consumer_200710102.shtml

http://news.bbc.co.uk/1/hi/business/6972967.stm


http://www.nihe.gov.uk/news/news.asp?Id=1310

Mr_Spangle_Pants

I have looked into an IVA and to be quite honest with you the IVA salesmen are just con men. Bankruptcy is not for me, we hhave too much equity, I relly do not want to move, we have all our friends and family near by, waht is the difference between owning and renting if I live in my house?

itsarichmansworld

Mr Spangle please think very carefully at this I think one person said drop your house price 15% set it at a fixed price.

Can I ask where you live as someone in these boards may be looking for a house and if they can help you then you never know.

ixwood

thieving scumbags!

How much is the secured loan? Is there any way to unsecure it? I.e pay or from credit card(s) or an unsecured loan?

Mr_Spangle_Pants

I do not want to move, I have my workshop, it is all I have, it is my home, I will take my chances when I begin my search for a suitable company.

redpoison

mr spangle please dont do it!! you say aslong as you live in your home BUT 6 mnths from now you may now because they kicked you out where will you be then?

my nan nearly did it so glad she never because the same company bought her neighbours house and ended up bankrupt she lost her home thankfully she managed to get another one in time before she ended up living in a box somewhere..

listen, there are other ways around this...

first.... did you take out insurances for when your sick/unemployed?
if so or if not ring the companys up of your debts to try and come to some kind of a temporary arrangment...

secondly... try your local council/housing association to see if they would buy your property of you, they are the only ones who can be trusted... if they cant ask them for forms so you can go onto their list for a property as you feel your home will be re possessed so you will be homeless (try anything)

thirdly... GO IN TO estate agents and tell them your problem, see what they can do for you, see if they can sell your house quick, so you can bye a smaller house.. tell them how desperate you are..

and forthly... could you rent cheaper and then rent your house out for more? dont mention pets maybe? lol worth a try!!

redpoison

oh one more thing... i would defo ring them up and come to an arrangment because you are entitled to do this, my friend became sick and she just pays the interest... allthough she also said her and her hubby had split....