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

Mr_Spangle_Pants

Thanks ToTo, I have asked several times on here today if anyone knows a company that has a good reputation and I have not seen anything positive that should be a warning, but I feel I have exhausted all my avenues. Depressing.

vandanfc

The programme was Tonight with trevor mcd. This is the link to the programme info. It also has links to organisations that can help.


http://www.itv.com/News/tonight/episodes/Ilostmyhouse/default.html

Toto

I know how it feels, honestly. I've been in a similar position, in the end I sold the house through the normal estate agent channels. Desperate times are the worst times to make these kinds of decisions, that's why so many people fall prey to the Ocean finance first plus bull. Let us take away the stress of dealing with all these creditors, we'll lower your monthly payment... then shaft you so hard up the bum for the rest of your life your pelvis will shatter. These companies are first plus in a different wrapper. There will be a way out for you, but take a deep breath and let us help you find it, don't make any knee jerk decisions you might live to regret.

barnaby-bear

Mr_Spangle_Pants wrote: »

Are there any of these firms that are in it for long term growth and not just a quick buck, my house is immaculate and my wife is very house proud, we cannot move it will finish us off.

Why not post a full SoA and see if you can cut expenditure/up income? Immoral_angelUK has paid off enough debt and rent to have covered a £120k mortgage in the last year with two kids and a low income. There maybe interest only (renting off bank) options - take in some foreign language school students / lodger options, ways to stooze/extend mortgage term, tax credits... maybe the whole financial situation isn't that bleak?

barnaby-bear

Mr_Spangle_Pants wrote: »

Thanks ToTo, I have asked several times on here today if anyone knows a company that has a good reputation and I have not seen anything positive that should be a warning, but I feel I have exhausted all my avenues. Depressing.

No you've just explored one dead end cul-de-sac, there may well be other much leafier avenues... the mortgage is just one outgoing and you're asking to reduce via one method, let the clever people look at the whole income/outgoing picture...ok your job is a problem with the injury but there maybe otehr things you haven't thought of because concentrating on this idea.

vandanfc

Mr_Spangle_Pants wrote: »

i tried the insurance angle, PPi is worthless when you are self employed.

Just a thought, do you actually have any ppi in currently place ? If so and it hasn't covered you, can you go down the mis-selling route and get your premiums back ? Martin has an article on it
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

and there are threads about it.

This would at least give you some money for now.

chevalier

Not sure if you saw my earlier post, but there are ways of making your money work harder for you. See post on page 2 I think.

I noticed you mentioned that the PPI was worthless to you as you were self employed. Here is a way to get some money back then. Write and say that the policy was mis sold to you as they knew you were self employed and that the PPI would not cover a self employed person. You should be able to get back all of your contributions, AND it would significantly decrease the monthly figure on the debt too. What have you got to lose by writing to them?

I really feel that you are panicking a lot at the moment. Sorry for being harsh, but you have mentioned a couple of things, and it has been a shrug of the shoulders as if there is nothing to do.

Ie the 'mate' who owes your 5k. Don't phone him, go and see him, with a standing order form so he can set up a regular payment to your account. Explain that you really need this money now because you might lose your home otherwise. Really apply the emotional pressure. This person is relying on your good nature and USING IT AGAINST YOU to get out of paying you back. Well you can't afford to be soft with them now!

You have not said whether your OH can work or not, even if it was just doing mystery shopping and surveys this would bring in some money. Also one of the areas that often get away from one is the food bill. Will she be on board for cutting back there.

You seem very fixated on not moving out of your house. You mention your workshop is there etc. But if you can't work at your current job, and don't get any physio etc (as I mentioned earlier), then how much are you going to need a workshop anyway? Surely it would be far better to drop the asking price, maybe talk to a different estate agent, and get a sale, so you can down size?

One just has to think out of the box at times like this. The first option (sell and rent back) may seem the easiest, but it almost definitely will not be the best option in the long run.

chev

Mr_Spangle_Pants

barnaby-bear wrote: »

ok your job is a problem with the injury but there maybe otehr things you haven't thought of because concentrating on this idea.

Barnaby has summed me up, I do get focused and can be quite stubborn, I have visited many websites of these companies, they have testimonials that look very credible, what does concern me is that they are based all over the country, what if I have a problem with my plumbing? Or anything else in the house? Do I need a local company? HELP.

kizzykizzywizzy

Hello Mr Spangle Pants, so sorry to hear of your situation,
I think the reason, no-one has been able to recomend a reputable company is that most people have had bad experiences or know people that have had bad experiences with these type of companies.
Do you have a spare room you could rent out to a lodger to bring in a bit of extra cash?
You say PPI was useless as self employed, if you have been mis-sold ppi, you may be able to reclaim it, might help a bit ??
I'm sorry I wish I could help you more.
I wish you the very best of luck

Toto

I give up

Please just take the time to re-read this thread before you sign anything.