BR adverts to cease!

[J-DOUBLEYA]

Hi LadyC... it is a long shot but frankly i dont see what you have to lose. There are age limits on this type of scheme, forgot to mention this. I am not going to ask your age on here but you need to be around the retirement age ! Anyway, I rang a contact who works with a large charity and he suggested a company called NHFA - 0800 99 88 33

Good Luck

[Skippy]

My mum did this so she could stay in her house when my dad died. She had the choice of having a lump sum or a monthly payment and chose the lump sum. She took the equivalent of 50% of the value of the property, but received nowhere near 50% in reality! When anything happens to her I'll have 3 months to sell the house and the company have half the proceeds and the other half is mine.

It wasn't something she wanted to do, but it meant that she could stay in her home and have a reasonable standard of living.

A word of warning - some companies lend you the money and charge interest, meaning that by the time the worst happens and the house has to be sold there might be more money owed than raised by the sale of the house.

[lily]

My mom wanted to release equity to help me when I fessed up about my mess and her and my Brother looked into it. I told her that under no circumstances did I want her money as I felt it was my debt and my problem, all I wanted was her understanding. She could see the state I was and really wanted to help. Anyhow, it didnt seem like a very good deal to my brother, there are quite a few strings attached. That was her house though and not mine so it might be different if youre settling your own debts with equity release from your own property.

Good luck Lady C, I hope you can find a way.

[ladyc]

Thanks J-Doubleya and Skippy. I will certainly give it all a lot of thought.
I have written the number down but I think I'll probably use it as a last resort.
I may need to move to warden controlled property at some time in the future. It may be possible to pay off my debt at the same time.
I'm not in a rush for this as I don't relish the thought of living in close proximity to possible complaining old people. I'm not that old yet but it's the care part that I'll need at some point.
In the mean time my sister is hoping to help me in the next year or so to offer F & F to my creditors.
Another problem is that I'm on a fixed rate mortgage until 2011 so I'll have to do something by then.
Still, no rush for the minute. The DMP is ok for now.
Thank you so much for caring. I am truly touched.

[ladyc]

Thanks Lily.
I'm fortunate too with my sister and obviously I will repay her out of the proceeds of my house when I sell it. That is if she can raise the money.
I'm a little worried with equity release that I will have no options left and be stuck.
At present I'm fine in my bungalow , but things won't stay as they are forever and I have to have plan B ready.
So much to think about isn't there.

[J-DOUBLEYA]

Hi all, I feel like a let night stalker but this is the only time that I have free at the moment.. looking forward to easter and some time off.
Lady C. Equity release is possibly an option but you do need to go into things with your eyes wide open. As Skippy says, these companies dont offer this service for the good of their health they make money out of this when the property is sold. I offerred this as an option to consider not as THE solution. Whatevr you decide I hope that you find an answer.. best wishes JD

[barbara.worthington]

ladyc i have just read about you on about selling your engagement ring and it brought a tear to my eye

like melanie and ian said you should not sell that to pay creditors that is yours and was given to you in love and forever

i no we get desperate at times - but please dont sell your ring

have you contacted payplan regarding an iva?

love barb x

[ladyc]

I must tell you I did go to an auction house with my ring. They said you can only expect to attain around 1% of the rings value and suggested an estimate of around £500 - £700. I decided that this would not make any dent in my debt so it's still on my finger.

I put in a few other bits and pieces that I had and will await the result. You have to pay the auction house around 17.5% + VAT so I don't expect any fortunes but every little helps (except my engagement ring).

Thank you all for caring xxxxxx