cash for my house?
I am having money problems and own my own house. I have mounting debts but have recieved a flyer from a company offering to buy my house within 14-28 days and the option of renting this back off them. is this a good idea? I am scared that I sell them the house and they sell it from under me or keep incresing the rent so I have to move. Has anyone done this? and was it a good idea? and can you recommend any good companies offering this service?
Hi there
I had a similar problem a few months back. These companies generally give you around 40% LESS than the market value of your house so I would strongly advise against it.
Here is my advice:
If your credit rating is ok, remortgage your house. This should free up some cash for you to pay off some or all of your debts.
If your credit rating is poor or your debts are out of control and you live in the UK, call Debt Free Direct. They will give you free financial advice and possibly even be able to help with the solution.
I battled with out of control debts for a year or 2 until I called DFD 2 months ago and everything is now sorted. I didn’t even have to sell my house, remortgage or take out a loan. (although my house sold anyway!)
Good luck!
Debt free direct: 08009775985
Are your debt secured debts? If they are and the lenders are threatening to repossess your property, then it might be a good alternative to having to move.
If they are unsecured debt, then i wouldn’t bother – id declare myself bankrupt as soon as i get a letter threatening to take me to court.
Try speaking to the CAB, they would give you better information.
Sell the house.
Have you thought about remortgaging? That way the property will stay yours plus you’ll get some cash to pay off your debts.
HOWEVER!! Before you make any move, see an independent financial consultant to make absolutely sure about any decision you make.
Don’t sell to these people, seek legal advice. Go to the Citizens Advice, they will point you in the right direction, and help you sort your debts.
Only follow this route as a last resort.
Don’t go near these type of companies with a barge pole! I think what you are best to do is sell your house properly or re-mortgage to get a bit of cash. However, the latter option will only put you in more debt. I suggest getting in touch with the Government debt help scheme and seeing what they can do to help. It’s all about managing your debt well so try going down that road first. Good luck!
don’t sell your house to those people. It was in the press just recently a couple were forced to move as the house they sold (which they rented back) was resold for a bigger profit by the company!
How about remortgage or even downsizing? You can consider that. That way you are more in control of your own finances and property.
Don’t go with these companies – they’re sharks! You need to re-mortgage http://www.moneysupermarket.com/mortgages/ your property if you can or get a secured loan http://www.moneysupermarket.com/loans/ on your property. There are so many more options available to you!!! Let us know how you get on!!!!
DO not DO not fall into this trap, it may seem a way out at the moment ,but you must understand that these companies exist to make money,they are predators just waiting for just such a situation.
My advice to you at this regrettable time is to consult with either a solicitor or REPUTABLE debt counciller,under no cicumstance should you sign away your house to these sharks.
believe me ,there is always an answer ,hang on there arbitration is the key, discuss with your debtors your problems ,any reputable company will want to assist you and help u through this,a word of encouragement ,you will will look back on this in a years time ,and thank me. good luck chin up ,fight ok…………..