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Selling up to be debt free

tjak
tjak Posts: 149 Forumite
in Debt-free wannabe
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
Debt free and saving :j

Comments

  • Broken_hearted
    Broken_hearted Posts: 9,553 Forumite
    Can you not negotiate with the bank to have say 6 month on reduced payments to pull yourself back around.
    Barclaycard 3800

    Nothing to do but hibernate till spring
  • tjak
    tjak Posts: 149 Forumite
    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.
    Debt free and saving :j
  • Kazonline
    Kazonline Posts: 1,472 Forumite
    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
    January '06 Grocery Challenge (4th - 31st) £320.
    Week 1 - £73.99 Week 2 £5.10 (so far :p )
    Someone burst my bubble and I lost the plot so no idea what I spent now... :(I will try to work it out.
    Other Jan :- Petrol £20.41, Clothes £8.50, House £3.
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