£100,000 Debt "club"

Debtomaniak

lynzpower wrote:

Is it the right idea to sell? Well it all depends on a) how much its costing you to live there b) how much you would SAVE by paying off debt with that *equity*

Ive worked out that when I sell this flat, we will be saving about 400 per motnh, breaking down as a) rent cheaper than the mortgage, no service charges, no life cover, no buildings insurance etc. and also that as we will not be paying off debt with the equity ( as almost all my debt is now 0%) then there will be about 100-150 per month interest on it rolling in.

Good thought, I shall try and work it all out. The trouble is, where we are we looking at £600-850 just rent in some not fantastic flat, plus we have two cats, so will probably have trouble in that area.
If only we knew for sure that the prices on property are going to keep raising in the same manner they did for the last few years... No one knows though.

mystic_trev

Debtomaniak wrote:

If only we knew for sure that the prices on property are going to keep raising in the same manner they did for the last few years... No one knows though.

No one KNOWS what'll happen to House prices but many are now saying the peak has now been reached - and that they'll be some sort of correction. Bearing in mind your debt problems you'd probably be doing the best thing by selling / downsizing and paying your debts off. You'll end up further down the "ladder" but still on it!

All IMVHO

Debtomaniak

mystic_trev wrote:

No one KNOWS what'll happen to House prices but many are now saying the peak has now been reached - and that they'll be some sort of correction. Bearing in mind your debt problems you'd probably be doing the best thing by selling / downsizing and paying your debts off. You'll end up further down the "ladder" but still on it!

All IMVHO

Thank you Mystic_trev,

that is my gready inner self, talking inside me, telling me porkies. I know we have to sell, but now and then kidding myself with some excuses. Thank you for all your sensible talks, sometimes you just need to hear it from others.:o

Debtomaniak

Hi everyone,

for those who read my thread in the past and maybe wondered what happened to me, our house is going on the market next week.

I hope it won't take us long to sell, as our cottage is lovely. We might be debt free in 3-4 month!

Looking forward to our new life, debt free

Debtomaniak

xxx

h4nym

Why? Things still tight?

H

Debtomaniak

Hi H4Nym,

nice to hear from you. Can you beleive it, hubby went for his second interview with Sunguard, been told that he has got the job and a week later, they changed their mind. Same story happenned to us exactly a year ago with Mysis. Must be my hubby's luck!!!
How are you?

livinginhope

Hi debtomaniak,
Good luck with the house sale,hope things go smoothly for you.
I haven't read the whole thread but I think you are doing the right thing
Just one question,if you are going to pay out that much in rent /month,would it not be better to buy a smaller house rather than rent? or if prices are too high and hubby is job hunting,what about moving to another area that is cheaper? just my thoughts
LIH

Debtomaniak

Hi Livinginhope,

thank you for your kind words. Moving house is always a stress, moving because of debt is even more emotional, but hey, onwards and upwards.

We were thinking about renting, but later decided against it. We are looking for a house in a cheaper area, as we can't downsize, hoping to have a child ones we are debt free.

Debtfreesoon.

Debtomaniak

This is the final note (hopefully) in this thread from me.

My hubby and I have accepted offer on our house and our offer has been accepted on the house we are going to buy.

Hate the thought of having to leave home we love and a nice neighbourhood, but am looking forward to our new debt free life.

It is not all over just yet, but I feel we are at the end of our stragle with the situation. In case someone is at the beginning of their journey and are reading this, just would like to say 'Believe and you will get there'.

Thank you to everyone, for kind words and support. Some great people are on this website.

Good luck to you all.

May 07 DebtFree-Debtomaniak

livinginhope

Hi debtomaniak

Well done on the house sale,I hope everything goes smoothly for you.
What are you planning with the debts? are you paying them in full,or are you going for a full and final?
Another question is,are you having a mortgage on your new house? the reason I'm asking is we are thinking of selling up and downsizing in a cheaper area,but we are not sure about how our mortgage lender will look upon our credit file,we have never been late with any mortgage payments,but the unsecured debt is a whole other story
Sorry for all the questions,but this has been on my mind for a while.
:beer: to your new debt free future

LIH