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The Way Forward...Advice Sought!!
kwackerman
Posts: 48 Forumite
Hi everyone,
Not sure if this is the correct forum to post this in but here goes!
My wife and I (43 & 38) have over the last 10 years managed to get ourselves into a stupid position with huge debts.
We both have good jobs and our current joint income is about £58k.
We are currently in a payment arrangement with Payplan for our unsecured debts ( approx £60k at £621 per month ) on top of our £28k Mortgage (£300 per month, 13 years remaining) and a secured loan with First Plus (groan!!) at £900 per month, 8 years still remaining.
This leaves us around £800 per month after household bills.
We are struggling to put it mildly! There is no money left for even the simplest luxuries. I travel to work (60 mile round trip on shift work so no public transport for me, I finish work at 3am) Both my motorcycle and our car are coming to the end of their working life and we have no spare money to replace them.
Our two children are growing fast ( 9 & 7) and even buying the cheapest clothes it is difficult to keep up.
When we moved to the area we live in the high school was very good; it is now very poor and it is difficult to get school places elsewhere unless you live in the catchment area.
SO...
We are considering the following and would like your opinions!
Our property is worth at todays prices £145K. Priced for a hopefully quick sale we expect to get between 135 and 138K.
Pay off Mortgage £28k
Pay off First Plus £60k
Hope to come to an arrangement using Payplan to pay off the rest of our creditors with the rest of money from the sale.
We would then rent a property in our desired area for a couple of years to enable us to build up a reasonable deposit to start again. We have a 10k endownment policy due in a few months which we would use to replace our cars and bike. This would get swallowed up by our creditors otherwise.
With no debts and rental of about £700 per month we expect to save about £800- £1000 per month towards a deposit.
We are fully aware property prices could rise beyond our reach but the thought of working the amount of hours I do for the next 6 years just to barely survive is pretty depressing.
Please share us your thoughts
Kind regards
Andy
Not sure if this is the correct forum to post this in but here goes!
My wife and I (43 & 38) have over the last 10 years managed to get ourselves into a stupid position with huge debts.
We both have good jobs and our current joint income is about £58k.
We are currently in a payment arrangement with Payplan for our unsecured debts ( approx £60k at £621 per month ) on top of our £28k Mortgage (£300 per month, 13 years remaining) and a secured loan with First Plus (groan!!) at £900 per month, 8 years still remaining.
This leaves us around £800 per month after household bills.
We are struggling to put it mildly! There is no money left for even the simplest luxuries. I travel to work (60 mile round trip on shift work so no public transport for me, I finish work at 3am) Both my motorcycle and our car are coming to the end of their working life and we have no spare money to replace them.
Our two children are growing fast ( 9 & 7) and even buying the cheapest clothes it is difficult to keep up.
When we moved to the area we live in the high school was very good; it is now very poor and it is difficult to get school places elsewhere unless you live in the catchment area.
SO...
We are considering the following and would like your opinions!
Our property is worth at todays prices £145K. Priced for a hopefully quick sale we expect to get between 135 and 138K.
Pay off Mortgage £28k
Pay off First Plus £60k
Hope to come to an arrangement using Payplan to pay off the rest of our creditors with the rest of money from the sale.
We would then rent a property in our desired area for a couple of years to enable us to build up a reasonable deposit to start again. We have a 10k endownment policy due in a few months which we would use to replace our cars and bike. This would get swallowed up by our creditors otherwise.
With no debts and rental of about £700 per month we expect to save about £800- £1000 per month towards a deposit.
We are fully aware property prices could rise beyond our reach but the thought of working the amount of hours I do for the next 6 years just to barely survive is pretty depressing.
Please share us your thoughts
Kind regards
Andy
0
Comments
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I'm not the best person to advise on your situation but I will bump up your post for you. Good luck!0
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Hi Andy
If you can post a SOA we will see if we can see where you can save money for now.
Someone will be along shortly to advise more.BSC No: 186 There is always light at the end of the tunnel. Unless someone's nicked the candle !
0
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