Five years to retirement - help!!

SadieM_2

Well the light has come on and the OH has agreed that we need to take professional advice and probably go down the DMP route. I'm putting the info together and will contact the CCCS tomorrow to arrange an appointment. I don't know how long it will take to get to speak to them though, I bet they are up to their ears.

pure_dead_dopey

good news Sadie, hope it was very bright and shiny!

ceridwen

How long is it before the (time-limited) debts - eg the loan - are paid off?

Have you got a 2nd/3rd bedroom you could let out?

I guess a combination of taking in a lodger or two (at least until the time-limited debts are paid back) and, if need be, working on past retirement age should see you okay for paying off the debts?

Judging by the price of your house - then another possibility would be to sell the house and move to a one bedroom flat or mobile home - as the difference in cost between the two would enable a lot to be paid off - so a combination of a house move and maybe a bit of working past retirement age would also be a way to pay the debt off.

EDIT: Just noticed theres a heavy mortgage as well - ah! Then its a definite that working past retirement age is on the table then by the look of that..The one blessing is that you are both on decent income.

You could deal with both the mortgage and the debts in one fell swoop and sell the house and move to rented accommodation - that would give you peace of mind on that front anyway (ie not owing a penny of either debt or mortgage) and then you both carry on working for long enough to be able to buy a mobile home or one bedroom flat in a cheaper area.? Worth looking into whether its possible to take in a lodger in a rented home..

Verbatim

ceridwen, This has already been discussed and discounted by sadie! I have cut and pasted a bit of that below.



You need to keep the house because it is the only way you will ever have a property. If you let it go then it is game over on the property front and a retirement wondering if the landlord will ask you to move on. No, you have to keep it above all else.

That's exactly how I feel about the house, my daughter lived in rented property and had to move 3 times in two years because the landlords sold the houses. I will go thru the SOA diligently before I submit it to anyone.

SadieM_2

Just spoken to lovely lady at CCCS and already feel better. list I know the next couple of months are not going to be too nice but judging from the support I've received from all of you so far, it's a journey worth taking. I've obviously got to get a new bank account sorted and make a list of all the direct debits I need to change, sort out our wages to be paid into the new account, get some sleep - soon I hope.......