Sell and rent back schemes advice please

Need_To_Sort_It

South Wales

clutton_2

there are a few ethical "quick sale" companies who will never kick you out - as long as you pay the rent - they are not all lying thieves. Yes they will offer you less than you could sell it for on the open market - but if you have already missed 2 mortgage payments your clock is ticking.

Folks here seem to forget that to be repossessed scars you for 7 years, and makes life almost impossible - you end up with a CCJ, cannot even get a mobile phone contract, cannot get private housing if landlords do credit checks, cannot get a proper bank account etc etc Repossession is the stuff of nightmares.

For some families, to stay where they are, sell their homes to a reputable company, knowing that they have security is a far better option than being repoed.

The best company is A Quick Sale - they are decent folks, who will never kick you out unless you stop paying your rent. You having nothing to lose by talking to them.

Need_To_Sort_It

Thank you clutton, I am currently frantically posting on the debt free wannabee section and people are giving me some really useful tips. I will look into A Quick Sale for plan B if plan A cant work

Many thanks

bmpaddy

Hi There

At risk of being associated with the 'sharks' that are out there - I have just started helping a company (as a consultant) that specialises in these cases and they may well be able to help. They are different because they give you 100% of the value of your home - in 2 separate lumps, 70% now and the remainder plus interest at the end of a 10 year tenancy agreement. This means you are secure for the next 10 years - plus you have the option to buy your house back if you get ahead of the game (say an inheritance or similar).

Anyway I don't want to overdo it here - I do however understand where you're coming from as my wife suffered from a similar illness and I was made redundant countless times which resulted in us losing our house and anything I can do to help anyone else avoid this will be worthwhile.

If this sounds like it may help reply to this message and I will give you their details to allow you time to check them out. It would be nice to start 2008 with a positive slant!

All the best

bmpaddy

Sorry forgot to mention - I came across this as I have alerts set up to monitor the general sell and rent back market - I am based in South Wales although the company that buys the properties is in Birmingham.

Regards and have a great 2008.

Need_To_Sort_It

Thank you, well having some more info on that would certainly not go amiss, thank you

dolce_vita

Need_To_Sort_It wrote: »

Thank you, well having some more info on that would certainly not go amiss, thank you

NTSI - Don't forget what I told you about lying thieves. Be very careful with what the above poster tells you and don't get carried away with what appears to be too good a deal.

I have been following your posts on the DFW forum and am pleased to see you have recieved the advice and support you need and are making good progres with dealing with your problems.

Keep up the good work that you've started and you won't need to get to the position of having to sell your house.

happy new year to you.

Need_To_Sort_It

Thank you dolce, yes I have made good progress, I am actually feeling a lot more positive about it all now.

Yesterday I submitted my details to A Quick Sale, they rang today and I told them that I (think) I had it all in hand but have theor details if it all goes per shaped.

10 year tenancy though, now that sounds a little too good to be true, and there's a slogan on the site here somewhere that does warn of things like that.

Still, if the poster is genuine then I will have a company name to research via you kind people.

Happy New Year to you too, many many thanks for all your help, words can not convey ....

dolce_vita

I cannot stress enough how dodgy these companies can be. They should be the very last, last, last, last, last, resort. The way you are making progress at the moment, you should not even think about it.

They are generally out to rip you off with what appears to be a good deal. for example you might have a 10 year tenancy, but if you miss just 1 months rent within that time, the contract is broken and you will find yourself in a very vulnerable situation which they will seek to exploit further (eviction, rent rises, offers of loans etc)

Just be careful about what these people are offering.



As an aside, bmpaddy has used a classic psychological trickk in his post by saying he empathises with your illness. This is a "hook" used by many salesmen and is sometimes an indication of a scam and should set alarm bells ringing.

Why would he need to mention it if the product he is selling is so good?

teabelly

Have you tried the Citizen's advice bureau to see if there is anything legal you can do to put pressure on the father that isn't paying? If you know the name of the employer have you tried contacting them directly and asking why they aren't taking the money? I'd also try and inform the mortgage co that due to him not paying you are struggling and could you have some sort of reduced payment for a while or change of mortgage to a better rate that you can afford? A good mortgage broker may be able to help you. If you on a DMP then mortgage payments are top priority so they should be paid first. Then the rest of the creditors get what's left. Go back to either payplan or CCCS (assuming you are with one of those) and say you are struggling still and see what they advise.

There are decent sell and rent back people out there but you need to find out what security of residence you had in your property. Also rent might be more than you are currently paying out in mortgage payments so it is worth checking this out before committing to anything. I'd also make sure the CAB saw any contract you were going to sign. If the company doesn't like it then they are not reputable!

I'd also consider getting a lodger if you can squeeze one in before you go down the sell and rent back route. Interest rates are coming down so when you remortgage it might not be at a rate any higher than you are paying now (what rate is it?)