BMV & DMP (Debt Management Plan)

Here is another solution you could offer your vendor when doing the deal.

When you look at the vendor’s situation, maybe they are in a terrible mess. Wolves at the door, eviction looming and constant call from creditors.

By buying the property and renting it back to the vendor, you are doing a “Home Rescue”, but there are still other problems in the background that could affect you as a landlord. They still have massive outgoings to unsecured creditors; sometimes they would rather pay a creditor that is constantly harassing them than the rent. (Maybe that is why they were unable to keep up the mortgage payments).

So as part of the deal, why not offer to put them into a DMP. This way they will still be paying creditors, but at a reduced rate – therefore leaving them more disposable income to cover important stuff such as rent!!

Besides you wouldn’t want them to go bankrupt??

If you think a DMP may be the right solution, please feel free to contact me.