Selling up to be debt free

tjak

After much argument, debate and heartache, we have decided to sell our house to clear our debts. We are planning to rent for a year or so and take stock. Has anyone else done this? We do feel it is a last resort, but don't have any other options as we cannot take out a DMP or IVA due to my employment.

Any advice would be welcome
T

Broken_hearted

Can you not negotiate with the bank to have say 6 month on reduced payments to pull yourself back around.

tjak

We have a monthly shortfall of £1300 expenditure over income, which pretty much equals our debt repayments. I have trawled this site for 18 months and cut back on everything. At least this way we will have no debts and a fresh start, albeit in rented not own property.

Kazonline

Still very new to all this so can't offer any advice, but just wanted to say how much I admire you for facing such a tough decsision. I'm sure you'll get lots of good advice on here - I hope all goes well for you.
Kaz x