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House sale completion date and going into rented with poor credit

2

Comments

  • Angela_D_3
    Angela_D_3 Posts: 1,071 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Why are you selling ? 
  • choccy1972
    choccy1972 Posts: 29 Forumite
    Sixth Anniversary 10 Posts Combo Breaker
    Angela_D_3 said:
    Why are you selling ? 
    Long term unemployed due to mental health, mortgage arrears and debts. 
  • Angela_D_3
    Angela_D_3 Posts: 1,071 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Is there honestly no way you can stay?  Everything you have listed has the potential to be resolved and a secure roof over your head would surely help massively ?  
  • choccy1972
    choccy1972 Posts: 29 Forumite
    Sixth Anniversary 10 Posts Combo Breaker
    Angela_D_3 said:
    Is there honestly no way you can stay?  Everything you have listed has the potential to be resolved and a secure roof over your head would surely help massively ?  
    I understand where you're coming from, but no I can't.
  • macman
    macman Posts: 53,129 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Can you not take in a lodger or lodgers? That would transform your cashflow.
    No free lunch, and no free laptop ;)
  • Angela_D_3
    Angela_D_3 Posts: 1,071 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Well if you’re forced to sell personally I would stay until the bailiffs arrive then get them to call the council for you and make them house you. 
    Obviously I don’t know the ins and outs but it sounds like your credit is shot and can’t get any worse.  Use the time it takes to get you evicted to save.  Don’t pay anyone anything.  Then the council will have to find you something more secure.  If you go into rented even with 12 months rent in your pocket you are in a precarious position of not being able to afford the rent in 12 months time and not able to afford to move either.  It’s a downward  spiral 
  • choccy1972
    choccy1972 Posts: 29 Forumite
    Sixth Anniversary 10 Posts Combo Breaker
    Angela_D_3 said:
    Well if you’re forced to sell personally I would stay until the bailiffs arrive then get them to call the council for you and make them house you. 
    Obviously I don’t know the ins and outs but it sounds like your credit is shot and can’t get any worse.  Use the time it takes to get you evicted to save.  Don’t pay anyone anything.  Then the council will have to find you something more secure.  If you go into rented even with 12 months rent in your pocket you are in a precarious position of not being able to afford the rent in 12 months time and not able to afford to move either.  It’s a downward  spiral 
    The upside is I'm aiming to be back at work by then 🤞
  • Angela_D_3
    Angela_D_3 Posts: 1,071 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    choccy1972 said:
    Angela_D_3 said:
    Well if you’re forced to sell personally I would stay until the bailiffs arrive then get them to call the council for you and make them house you. 
    Obviously I don’t know the ins and outs but it sounds like your credit is shot and can’t get any worse.  Use the time it takes to get you evicted to save.  Don’t pay anyone anything.  Then the council will have to find you something more secure.  If you go into rented even with 12 months rent in your pocket you are in a precarious position of not being able to afford the rent in 12 months time and not able to afford to move either.  It’s a downward  spiral 
    The upside is I'm aiming to be back at work by then 🤞
    Have a play around with the turn2us calculator.... for my personal circumstances I have to earn £50,000 a year to be better off working,  it’s madness but at least see what you’re getting into 
  • AskAsk
    AskAsk Posts: 3,048 Forumite
    1,000 Posts Fourth Anniversary Name Dropper Photogenic
    Angela_D_3 said:
    Well if you’re forced to sell personally I would stay until the bailiffs arrive then get them to call the council for you and make them house you. 
    Obviously I don’t know the ins and outs but it sounds like your credit is shot and can’t get any worse.  Use the time it takes to get you evicted to save.  Don’t pay anyone anything.  Then the council will have to find you something more secure.  If you go into rented even with 12 months rent in your pocket you are in a precarious position of not being able to afford the rent in 12 months time and not able to afford to move either.  It’s a downward  spiral 
    the problem with this approach is that when the OP is repossessed by the bank, they will sell the property for a song, just to get their money back.  whereas the OP can get some equity out of the house sale if he sells it through the normal process.
  • Angela_D_3
    Angela_D_3 Posts: 1,071 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    AskAsk said:
    Angela_D_3 said:
    Well if you’re forced to sell personally I would stay until the bailiffs arrive then get them to call the council for you and make them house you. 
    Obviously I don’t know the ins and outs but it sounds like your credit is shot and can’t get any worse.  Use the time it takes to get you evicted to save.  Don’t pay anyone anything.  Then the council will have to find you something more secure.  If you go into rented even with 12 months rent in your pocket you are in a precarious position of not being able to afford the rent in 12 months time and not able to afford to move either.  It’s a downward  spiral 
    the problem with this approach is that when the OP is repossessed by the bank, they will sell the property for a song, just to get their money back.  whereas the OP can get some equity out of the house sale if he sells it through the normal process.
    Assuming there is any equity and it clears the debts yes of course that is the better approach 
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