Money Worries

2009 has been one of the toughest financial years we have ever seen. Many people have been left with money worries, bills and in some cases debts that are threatening their homes. Facing repossession, mounting bills and job insecurity can make you want to hide under the duvet and never come out. However, this has rarely improved situations. There are several options that may be available to you. First of all take a real, honest look at your finances; what comes in each month, what goes out, can anything be lived without? (ie, SkyTV, extra phone line) Next, look at your debts; ring each company, calmly explain your situation and ask what the minimum monthly payments could be on a payment plan? (This is not a plan you will want to stay in for too long as the longer you take to pay off your debt, the more interest you will pay.) If after all this you find that your out goings still exceed your income, you need to take some prompt action. Is there anywhere you can turn for a loan? Rich family members who don't charge interest are great, loan sharks are not. If you have defaulted payments with the bank and mortgage lenders they will be reluctant to lend you any more money unless you can prove how you will repay it. There are other alternatives available to you. For Example, There are companies that have FSA interim authorisation to continue trading in the sell and rent back sector or you may just want to consider a quick property sale. Take a look at the two solutions. Sell and Rent Back: One is a scheme commonly referred to as Sell and Rent Back. It basically means that the company would buy your house and rent it back to you. Many different companies are providing this service, but you must look carefully at what they are offering you. Generally companies offer between 65%-70% of the Market Value and a monthly rental agreement in line with the prices in your area. Generally the companies pay all of the legal fees. Some of the better companies give you the opportunity to re-buy your house once you're back on your feet (Some companies offer you a 5% deposit towards your mortgage.) Quick Property Sale: The Quick Property Sale option is perfect for people who want to sell their homes, but don't want to risk the uncertain and often disappointing option of an auction house or wait for an estate agent to sell their property. Some companies can complete within 4 weeks and if you're in a rush can exchange contracts within 48 hours and complete as quickly as 7 days.