newbies to forum thinking of selling home to pay off debts!

Andy_one_day

Hi and welcome to the forum.:)

I am a new here myself and have only posted a few times but from the feedback i receieved i can say you have come to the right place but by no means let it stop you from signing up to other useful forums also.

When i took my head out of the sand i was around £87,000 in debt:o with unsecured debts. I say this as i have found it better to be open about it with people than trying to hide it away fearful of what others may think. You are not alone and you are taking the right steps forward in admitting it.

I would like to be able to comment directly to your question however there are people here far better than me to give you some sound advice.

So over to them

Keep posting and let us know how it is all going. And i know its hard but try not to let it get you down too much there are thousands of us out there and you are not alone.

Millie321

To explain our story further. My partner will soon begin earning commission on a project he has worked on, and we do hope and pray that this comes out good and helps us cover things a little further. I too will get a parttime job come October when i no longer have ties to my old job.

So i hope you see our dilemma is that this immediate few months we are troubled but it could all get a lot better by the end of the year.

Thank you for all of your comments i do appreciate them and it really helps to talk the options through.

Can someone explain the dmp payments to me. Can we choose to increase them flexibly? Do they view your bank accounts and insist on taking extra if they see we have it?

WASHER

The above thread isn't of much use really, although it does explain "porting" better than my Santander paperwork, so i have learnt something tonight.

Have you thought about selling up and renting a property. It would be far easier for you mortgage wise, but remember letting agency will run a credit check/search on you too, so its worth trying to keep up with the min repayments until you have sold.

Millie321

It is so frustrating as our hands are tied to increase income immediately. But by the end of the year its likely to be much improved, as my partner will then be earning commission on a project he has just begun, and i will have worked 3mths, and then leave that job and get a parttime job for an extra income.

If i could work in the evenings i would, but i need to cash in hand, as currently receiving smp.

thank you all for your help, all your comments are very helpful and it certainly comforts me to talk to others about this.

Tixy

Regarding your DMP payments. Usually they will be set at the agreed level and the reviewed 6m or yearly. At this point you would be asked if there have been any changes and if so may need to up or decrease your payment.

If you have a goo commission month or windfall you can pay extra that month. If it happened too often your creditors may start trying to get you to agree to higher payments all the time. Ususally people like to save up any spare/extra cash with the idea that it can be an emergency fund if required or if not that you may be able to use it for a full & final settlment on a debt in the future.

No they won't look at your bank statements.

Don't suppose you have anything else you could sell (rather than a car) that you no longer need/use?

Millie321

woops have repeated myself there as the first post went missing for a while!

Andy thanks for the supportive comments!

Washer that link is very useful - and worrying! but glad to find out now before we default on payments. I think i may seriously consider the extra credit card.
although nationwide won't look to highly upon us when they see all our debt will they? Oh !!!!, i so don't know what to do.......................

I don't think i can bring myself to risk going into rented.

WASHER

Millie, I know its frustrating, I been where you are at, but if I am honest, there is no point in looking at the end of the year, you struggling financially now and you need to take action before you cannot meet the repayments.

Working whilst on SMP isn't something I would personally advise, you may get caught out, it simply isn't worth it, can you not return early to work, I returned after 14 weeks cause I needed the money and didn't take 29 weeks. (I'm talking 13 years ago here, so things may have changed).

WASHER

Renting is a short term solution for you, it would enable you to sell your home chain free and therefore you may sell it quicker and you need a very quick sale. Once you have done 6 months in rented, you may be able to buy again, its not the end of the world, its something to think about.

Millie321

if i go back to work early i won't get such a large lump sum. I earn 1k each mth i'm on leave. so potentially i could take the full 9mths off - but bare to twiddle my thumbs for that long. - but wait.

Lightbulb moment.

if i tell my employers i plan to go back, they in theory should be able to start paying me that mat pay - ( i turned it down so that i didn't have to be committed ot going back).
omg omg omg if that works, i can meet the min payments and try and sell the house!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Have i found the solution?

WASHER

Millie, I don't know the answer to maternity pay etc, but you could post on the benefits board and they will help you answer that question. You do not need to go into debt detail with that board, simply reask them your last post.