Author Topic: Help with debt and selling house please  (Read 1992 times)

doross

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Help with debt and selling house please
« on: Jun 05, 2013, 11:20:43 AM »
Hi
I have debt of over 50000 which is currently with a debt management company to whom I pay every month. i wish to sell my house which has equity of over 50,000. The house has no charges on it but obvioously i dont want to pay all the money off right now. How do I stand on this? will they find out that Im selling and can or would they quickly apply a charge etc. I want to sell and then make them an offer. thanks for any help.

James Falla

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Re: Help with debt and selling house please
« Reply #1 on: Jun 07, 2013, 12:13:22 PM »
Hi there doross
You have nothing to worry about. If you sell your house you are not obliged to pay any of the money you make into your DMP. A DMP is an informal agreement with your creditors and as such one of the advantages is that you do not have to let your creditors know about your other affairs. There is no way they will find out you are selling your house so my recommendation is simply maintain the status quo. Keep paying your DMP and you should have no problem.
Debt Expert & Author
beatmydebt.com

doross

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Re: Help with debt and selling house please
« Reply #2 on: Jun 07, 2013, 07:38:16 PM »
Hi James


Many thanks for your advice. I needed the reassurance.

James Falla

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Re: Help with debt and selling house please
« Reply #3 on: Jun 10, 2013, 06:30:07 PM »
No problem at all doross
Debt Expert & Author
beatmydebt.com