please advise

dawnjess

My husband and I are in debt. we are £3000 in an overdraft, have £6000 on credit cards and a £10000 loan.
we are also in negative eqiuty by about 9 grand
we have decided to sell up and move into our mums which will be hard after 11 years and 2 kids, i am going to move in with my mum and the kids and my husband into his mums.
just after any help or advice reguards to selling the house ( or any other help people may have on my debts)
we are tied in to mortgage till nov 10 so thats another 1500 and also to sell the house the estate agent wants 2300 which is their fees and that HIPS thingany help please im going mad
we both work full time but its not enough

Tixy

Hi dawn

Sounds like it would be useful for you to write out a statement of affairs to see your full position and debts. Then if you are in negative equity even after the house is sold you obviously will still have as much debt outstanding. It may be that in your case bankruptcy could be considered. You'd need professional advice on this but they to would need to see a statment of affairs.
http://forums.moneysavingexpert.com/showthread.html?t=107280

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tallyhoh

It seems a bit drastic, whats the worse thing that could happen?

a) you miss payments, get took to court & ordered to pay what you can afford.

b) You declare yourselves bankrupt if you truly cannot afford the repayments, you may even get to keep the house.

Unless you have missed a couple of "0"'s you owe less than £20,000, hardly worth splitting the family up for. How long has the loan got to run?

Why dont you fill in the statement of affairs & see if you are just panicing unduly.