Sale and rent-back firm says it can solve Christmas debts

It is not often EAT’s jaw hits the deck, but gob-smacked is the only word to describe our reaction to this press release.

And no, we don’t often give you press releases verbatim, but stick with it and give us your reactions.

It’s headed: ‘Clear away those Christmas debts with Rentmyhouseback.com’

“The festive fun of opening presents and eating Christmas dinner with loved ones is over for another year, but for many of us we’re only just starting to feel the pinch in our pockets.
 
“Shopping for gifts and spending huge amounts of cash can rake up huge debts leaving you starting off the New Year under financial pressure, with some even struggling to maintain mortgage payments.
 
“Fear not, however, as selling your home and renting it back can release the equity in your home wiping off those credit card charges and arrears.
 
“Rentmyhouseback.com are the simple, no obligation specialists in the sell to rent back market.
 
“With no hidden fees or charges, they strongly believe in treating customers fairly and consider all types of property within England & Wales, making offers on properties that are in poor condition.
 
“The scheme is so popular because it is the perfect solution. It allows you to sell and rent back your house and remain living in the same place that your kids have grown up in and called home for years; resolving your financial problems with one transaction.
 
“The whole procedure can be completed within a short 3-4 weeks and you can rent it back at an affordable rent back rate; a win-win situation.”

So, there you are: fork out too much over Christmas and the answer is staring you in the face – just sell up! And never mind that you’d be selling your main asset at a 30%-plus discount.

Leaving you free, presumably, to get into debt all over again next Christmas. Provided, of course, you can keep up with the rent.

The Financial Services Authority recently clamped down on the whole wretched sale-and-rent-back sector, and not before time.

So, let’s hope anyone tempted by the offer reads what looks like the mandatory health warning on Rentmyhouseback’s website.

It doesn’t sound quite as cheery as flogging your most important asset after overspending at Christmas, but at least it’s clear: “If you enter into a sale and rent back agreement you are unlikely to get the market value of your home and, as a tenant, may only be able to remain there for a limited period. There may be other options available.”

Quite so. How about the rather more simple option of an economy Christmas?