Advice re Sell and Rent back your home.....

Jacks_xxx

Hiya Willing2learn, Mama & Papa Willing2learn, :wave:

I'm just wondering how things are going?

Love Jacks xxx

willing2learn_3

Hi Jacks xxx

the lastest is that my parents have been told that they will not be reposessed f they can pay off their arrears (well this is what they were told verbally over the telephone). Thanks to family they can.....and now they are looking to see if they could get a smaller loan to cover the costs of the loan against their house. This would keep the interest down.....and give them time to think...

thanks for your help, i will be back on here soon

mum2one

Thats brilliant, ask them to get the info in writing, keep fingers crossed for you xx

peb

Missed this first time round. As usually Silvercar has given good advice. I would suggest you look at Prudential and Norwich Union for there Equity Release - not something I always like to recommend but may assist in this instance. I have done about 4 this year (2/3 last year none prior to then!) and they are not always right for the individual. PM me if you wish for more info.

Good luck - it's hard when they don't want to listen!

willing2learn_3

Ok

the latest is they are not being reposessed because they've been able to pay off the arrears thanks to family.

however they are not able to renegotiate the loan that they have with the company (basically they have a loan for £80,000......which was taken out against the house, and the remaining mortgage for their house of £49,000).

They are saying they will cope with things as they are now! :rolleyes:

I've advised mum to think about ways in which they could bring in more money. She seems to think it's all about organising my father, but i've told her my fear is that he's not bringing in the AMOUNTS of money that are needed.....and he seems so tired with all this.

I've suggested she look at maybe cleaning for a couple of hours a week, neighbours homes....or ironing services, or something...stuffing envelopes, anything other than sit back expecting the money to be there.

Any ideas i'd be really grateful. My dad is likely to just keep phoning up loan companies to see if he can get a loan with a longer term....the problem is every time he does that he's damaging his credit rating further.

thanks for listening!

(just a quick note about equity release, my father says that wouldn't work for them as they would not get much equity, due to how much they owe.....sorry i haven't looked into this any deeper than that right now)

mum2one

thats brilliant news, at least its one major hurdle crossed. Re mum, what about her mystery shopping, pm me if you want a few of the better companies.

Gd idea re ironing etc, what about somewhere like Tesco or Asda, there always looking for staff.

x

willing2learn_3

The lastest is that my parents were going to get a re-mortgage.....they said it was all going through and it would save thm £800 per month.

Now however the loan company have said they cannot help because the previous loan company are charging about 13,000 for admin fees for having to take my parents to court. They have not told my parents about this, or written to them, but they have told the new remortgage company this - and the extra amount means that the remortgage company cannot help my parents.

They have said they will wait to see if we can sort this situation out.

It just seems to me that the original loan company is just biding it's time, waiting for the house....which is worth £210,000......when my parents only owe them £66,000. My parents have tried to renogtiate a remortgage with this company but they are refusing. They know that the repayments are too high each month.

It just seems a lot of money charged when my parents were only in court for 15 minutes.....

not sure what to do right now

willing2learn_3

they are going to citizen's advice tomorrow afternoon......they called a solicitor today to discuss it but he said he'd be taking more money off them for something that the loan company may have a right to do, even if he didn't agree with it.

I'd appreciate any thoughts.... :-)

mum2one

A long shot, but have ur parents got legal cover with their house or buildings insurance, if they have they may be able to get legal help off them.

Otherwise try another couple of solicitors, but aim for bigger firms, avoid 1 man bands (excuse the expression), as I always think they dabble in everything, ask for a free 30 min session and c whether they !!! out with any new ideas. Sounds like the original company are deliberately digginjg their heels in as to get the house, it may be time to play them at their own game.

willing2learn_3

Thanks mum2one! I've passed on your thoughts. My mother will recheck their home insurance cover, they have cover but not sure if it helps with this.

I expect they will try some more solicitors as well.

I kept asking them if everything was ok a few weeks back and they said everything was ok, i think this loan company must have given them a false sense of security.

I know i must sound quite naive about all of this but i am met with resistance whenever i try to talk about it and this has been the case most of my life. I don't get a chance to talk about financial matters with anyone really.....but glad i've found this site and aim to absorb all the wisdom here. :-)