Urgent help required

naitch1980

Hi all

My mum is in a real mess. I've been on here before, got her as much advice as i could and she's either not done it properly or hasn't listened to me.

Anyway, she's established she can't go on as she is doing and wants to sell her house and rent it back.

She's phoned up the companies to try and get the credit card interest frees etc and go on an agreement basis, but because she's behind on her council rates, they can't help her.


Basically, does anyone know of a good sale and rent back company?
A company that either gives a large portion of the valuation or that has a low rent scheme?

I know nothing of this sort of stuff, so i've tried to explore other options, but she's adamant she wants to sell & rent back, so what's a guy to do?

Cheers in advance

SpongeBobSP

Sell & Rent back schemes are not recommended. They should be looked into as the very last resort. There are some big sharks in this market. Tread Carefully.

patchy987

please please please dont do it. i had a friend who did this and 6 months after selling the company evicted her. they promise you the earth saying you can rent back for as long as you like but then they just want to sell the house to make profit.this was also featured on watchdog a few weeks back. there are other options available

RAS

naitch

Please can you get her to ring one of the debt counselling charities before she does anything

See here http://www.moneysavingexpert.com/loans/debt-help-plan#help

If she goes to CAB she needs one of the special financial advisors.

As a rule, she would get paid about 70% of the value of the house and get an AST, which means she can be evicted after 6 months. And if she has more then 16K capital from the house, she will not be eligible for benefits.

There are other ways of sorting this out that will enable her to manage much better then this.