Advice....is this a good plan? worth it?

papermoney

I have been up all night thinking, there is a way we could clear all debts in 18months.

It would mean selling the house using the 11k equity to clear one loan.
Moving in with my parents (although this has its downsides, although they wouldnt expect money they woud ask for help around the guest house at the weekends and in the summer) I'd have to pay storage costs and my daughter would end up sharing our room and have no room for toys etc.

So is it worth it? Im not sure how happy we would be but it would clear the debts. On the otherhand do i just hand on in there and pay them off in 4 years and at the end still have my house and family? (not sure me and Husband could take the strain of my parents hehe)

I know i'm the only one who can really answer but not sure if ive thought of everything.

:xmastree:

J_P_S

from the info given i would ride it out and keep the house.

carolbee

would it be an option to rent out the house for a short time and see how it works out with parents?

skintchick

I wondered about this option when I read your other post, and I think you should keep the house.

Why? You will be debt-free in 18 months if you sell it, then you need a deposit, a mortgage, an affordable property - you might be living wiht the parents for years.

I might think about putting more money on the mortgage for a while, while things are hard, then overpaying like mad later on.

But sell the house? No. In your circumstances I think you need one thing in your life that's stable and reliable, and that is your home.

papermoney

:beer: thanks

I think it would be a good idea to keep ongoing, I have had some good news one of the loans isn't as much as i thought and i've just managed to pay a lump sum off another. So i'm going to plough at it.

How do i do a signinture thingy?

skintchick

At the top of the page is a bit called quick links, then edit signature and there you go!

I find my sig keeps me on the straight and narrow - my mortgage overpayment is going on there soon.

papermoney

Thanks - I think i've done it now- will have to see if it works. Am hoping seeing it in black and white will keep in on track.

cattie

I'm just wondering if you have a spare room you could rent to a student or similar? Perhaps if you were to find someone you were really comfortable with you could later offer a reduced rent in return for looking after your daughter while you work in the evening?

papermoney

It is a good idea but we don't have a spare room unfortuantely otherwise a good option.

dell_2

papermoney wrote:

It is a good idea but we don't have a spare room unfortuantely otherwise a good option.

PM - fantastic payment in December re you DFD!!!

:j :j :j