Can someone help please,

I'm in debt by about £20k, If I enter into a debt plan, how long can I stay in one for?  Should I try and sell my house and raise the money that way?  Should I sell to one of these companies who give you below the market value? but they sometimes let you stay and rent it back, don't they?

Any advice, thanks

Mark1

Hi Mark1,

thanks for logging onto the site, its always difficult to ask for help, but you've been brave enough to ask those questions you need answers to.

With regard to the property, how much is it worth? is there any equity in it to repay your debts? trouble is nowadays its really difficult to get a re- mortgage, so this may not be applicable if you have missed payments or defaulted against other debts. 

A debt plan may well be the way forward if you are unable to repay the minimum monthly payments to your creditors.  You can stay in the debt plan until your circumstances change, however, most lenders like a review every six months, but of course if your circumstances haven't changed, then you can't increase your payments!

Dependant on the amount of equity available in your property, there are selective investors that are reputable on this site that may well be able to purchase your property and you can rent it back.  This may well be another opportunity to help clear any oustanding debt that you may have and reduce your monthly rent/outgoings.  The good thing is no-one need know what is happening ie no For Sale sign outside your home. 

Best thing to do is complete the help request form along the main tool bar and we can speak in confidence to you, if you so wish.

Email if you need any more advice.

Hi

Thanks for your advice.  I had my house valued and even tho I wouldn't be in negative equity, I would only come out with about £9,000 which isn't nearly enough to pay my debts.  I think I would like to go into a debt plan and try and sell my house and see what happens.  I am also seriously thinking about  selling to someone who could then rent it back to me.  If I just pay a small amount to my creditors each month, does that keep them off my back?  Also if I did manage to sell my house, would I pay the biggest debt off first? how does that work?

Hi Mouse,

I would speak to the legendary Johnny Debt as he and his associated companies deal with looking after the client - I know from first hand experience that they can potentially protect assets such as properties and cars from creditors/lenders.

Sometimes a lender may be aggressive and place a charge against a property to safeguard the borrowing - I know, as I had sound advice from TIP Consultancy - I managed to stop one going through on my own property!

Hi,

I'll get straight to the point - I am in arrears with my council tax and have had the baliffs turn up and make a list of my possessions - I really can not afford to pay them all at once - is there anything I can do?

Oh, I have a £6k loan with Abbey and an HSBC credit card that are in arrears too. My rent is all paid though.

Any suggestions would be helpful as I am feeling desperate.

Here is a link to the form N245

wnsgdfskgn how about writing something of value?

This is the best post that I have seen yet

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Panama foundation