Should I sell my house to clear my debts

Bestthingsinlifearefree

But what ever you do the key part of your long term financial situation is your OH income.

Which takes us back to the business question.

As others have indicated maybe give it a 6 month target / time scale to hit levels of sales that can enable the business to pay your OH a salary = to his old jobs salary.

If your OH brought home £1000 - £1500.

I think you could tackle your debts and keep the house.:j

PenniLess_2

Everything you say makes perfect sense.

I am going to ask my OH to workout the turnover for the last year and projected turnover for this next year - hopefully this will give us a realisitic idea of furture income. From this I think we can have a sensible conversation about the "plan".

Thank you for time.

Mizz_Pink

My OH is self employed, luckily he shares the rent of the premises with my dad which keeps the cost down. He has looked at just selling things online but now the business is more service oriented so he needs the shop front. He did work from home at the start.

Maybe if your oh just sold online or ebay he could work in the garage if you had it converted. It might not be possible if he sells big equipment.

I think you should stay in the house as selling it seems the easy option but not necessarily the best long term.

Give everything else a go like cutting down the spends etc and changing tariffs you will know you have tried everything to cut down your spends and to pay off more debt.

Bestthingsinlifearefree

One other thought, Penniless have you investigated IVA's ?

I think with these you come to an agreement with your creditiors and they freeze the interest on the debts in return for you repaying the capital / a certain amount back.

This could be another way forward.

But I am not an expert on this option, but if you chat to the CAB or CCCS.

FREE debt management charities they can advise you of the most appropriate options for you based on your circumstances.

Keep posting.

I wish you well.

Bestthingsinlifearefree

There are a number of completely free, charity-based or publicly-funded bodies offering a fantastic service:



Consumer Credit Counselling Service 0800 138 1111

National Debtline 0808 808 4000

Citizens Advice or visit your local CAB centre

Advice UK (formerly Federation of Independent Advice Centres) 020 7407 4070

P.S NEVER USE ANY COMMERCIAL DEBT MANAGEMENT COMPANY, I.E NEVER PAY FOR DEBT MANAGEMENT ADVICE OR DEBT MANAGEMENT PLANS.

YOU CAN GET ALL THIS ADVICE FOR FREE FROM THE ABOVE CHARITIES / ORGANISATIONS OR FROM MSE.

Bestthingsinlifearefree

PenniLess wrote:

Everything you say makes perfect sense.

I am going to ask my OH to workout the turnover for the last year and projected turnover for this next year - hopefully this will give us a realisitic idea of furture income. From this I think we can have a sensible conversation about the "plan".

Thank you for time.

Good idea, though remember turn over does not pay the bills PROFIT does.

It is important to keep taking action / decisions now.

As at the moment your destiny is in your hands.

Really work on your SOA and see if you can get your financial incomings above your outgoings.