Should we sell up and rent

firesidemaid

hi once more! p.s am not an expert

have a go at the sums of what would happen with your 100K left when you sold your house.

currently you have an income of 11,500 net

income from 100,000 at best approx 4.5% net = 4,500 (could go up or down)

rent @ 500/month would be £6,000 per year

i don't know what you will save per month from paying off debts, but

? will need 5,000 per year living costs. plus inflation on all of this, year on year

i don't know whether IB pays when you have savings.

if you could get a mortgage at 5.39% interest only on 30K would be £136/month
repayment over 20years = £205, 25 years = £183 (you are 47)

plus if property prices go up in the years to come you then maybe able to downsize easier + pay off debt

i don't know if any of this helps - hope so x

Kathy220559

I tried to claim DLA for myself because of the depression. Good days are like today when I can get out of bed and function reasonably well although eating and stuff I wouldn't bother with if OH didn't cook. Other days I can't even manage that. Sorry I sound pathetic but thats the way it is. I rely
much more on my hubbie for day to day things than he does me funnily enough even though he has had the heart attacks! It seems that physical ailments count for more than mental ones even though they can be just as debilitating.

My husband does not really need much help. He cannot walk very far as he also has asthma but apart from that he is doing really well although I fear that he may be also getting depressed because of the situation we are in. Anyway, we were both turned down..no reason..just no.

I have already sold things on ebay but not got very much for that...but it did help in the short term.

I will of course post an SOA if you think it will help...but need to get my head around it first. Today I feel up to posting but it varies enormously from day to day...I should add I also suffer from chronic fatigue. I feel very angry sometimes that I have changed so much because of work...well not work...I loved my job...but because of one person. I have a feeling I may be able to pursue a claim in the county court for Breach of Contract regarding Return to Work interviews after each period of absence which were mandatory to the company but NEVER done in my case. I feel if they had been, HR may have been involved sooner and my condition would not have deteriorated to the extent it has. I don't think I will ever be comfortable in the workplace again. With this also though I need legal advice and the strength to go through with it...it is very daunting but why should they get away with it. Sorry if I sound so bitter but I am. I worked for a huge company and I feel I was treated appallingly and am in this mess mostly because of that. I don't say totally because I have to take responsibility for the debt but I envisioned working for a long long time.

I would like to keep my home but still the downsizing to the apartment appeals most as it would not cost so much to run and also be easier upkeep. I would love to release some money on the property but don't know how. Banks won't touch me because of bad credit and also the thought of having to get myself out to do it. I really feel so much better at home. I don't go out very much at all...its safer to stay in.

The debt bothers me enormously because I have never been in this situation before and cannot see a viable way out.

I hope I have answered everything...if not please tell me...I have nothing to hide and even talking like this is helping enormously

Kathy

advent1122

Why not use the £100,000 left to buy another house?
You could easily live on £980/month if you were debt and mortgage free.
It might mean moving to a "cheaper" area but so be it.
Will you lose your benefits if you move to rented and invest the £100k elsewhere?

Kathy220559

advent1122 wrote:

Why not use the £100,000 left to buy another house?
You could easily live on £980/month if you were debt and mortgage free.
It might mean moving to a "cheaper" area but so be it.
Will you lose your benefits if you move to rented and invest the £100k elsewhere?

I have looked in our area and there is nothing really to buy in that price range. I would like to stay near by because of my Mum who has just recently moved here from someone else. Also, my son is near too and will be wanting me to look after the baby when his fiancee goes back to work.

I also thought that with an apartment the bills would be a lot cheaper and we would then be able to live on what we have coming in.

I don't think IC, which is all we get is based on savings...maybe someone can correct me if I am wrong.

Thanks
Kathy

lynzpower

You need to check out fully what benefits would/could be suspended by having that much in savings. I suspect, council tax benefit might be at risk.

You wouldnt get Housing benefit at any stage cos of your savings.

Would you be able to for example, downsize and not pay off your debt in its entirety? Ie leave a few K kicking around to clear over the longer term? And then buy somewhere outright? Is there a middle ground here anywhere?

jyonda

You're obviously articulate, intelligent and can use a computer too so I think you are a capable person. The workplace is full of imcompetent oafs, halfwits and wittering ninnies so you shouldn't have any trouble getting a job. You've explained how restrictive your depression can be but also said you intend to provide day care for your grandchild (congratulations!) so I wonder how much of this is related to your bad experience at work. Your reluctance to re-enter the workplace is understandable but not all workplaces are the same. Someone else has suggested voluntary work as a way of rebuilding your confidence and I think that's a superb idea.

Whether you feel up to it or not is another thing but you need to regain control of your life and start getting things back to where you want them to be before it started going pearshaped. Life has blown you off course somewhat since 2001 but I think it's a really good thing that you have reviewed your situation so succinctly and are able to evaluate and form solutions. You really are very capable. Of course you are, you raised children to adulthood and survived nearly 30 years of marriage! Not a lot of people can say that.
Forget the bitterness, it will not serve you. Focus on getting your life back.

skysky69

Will your son be giving you any kind of contribution as a wage when you look after your grandson. If you are going to be providing childcare for your grandson what about looking into perhaps offering childminding to another child - this would give you an income.

The other thing I was going to suggest was possibly temp work. They tend not to look at sickness record so much and when you start working for an agency they will be able to see what you are capable of. Perhaps then after a while, if you see a job that you would like to apply for, the last employer would be the agency and they would give you great references?