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Should I sell my home!!
Lea74
Posts: 170 Forumite
So I am writing this post with some tears in my eyes as I am now at the point where I am considering selling my home in order to make ends meets.
I have done my budget over and over again and have made all the cuts I can but it just seems impossible. I am a single mom, work part time with two youngs boys. I get no child support and that is probably not going to change.
I have about £20000.00 equity in my home.
My thoughts are this, that I sell my home and move into rented accomodation. I realise I wont get any housing benefit for a while but will be able to live off the proceeds from the sale of my home. Then once I reach the appropriate threshold I can then apply for housing benefit and can continue from there.
I have looked at increasing my hours, however what I earn in additionaly salary I seem to lose in tax credits so it makes no sense to work extra for no gain. (I am more than happy to work all the hours the good Lord gave us, but not when it doesnt make financial sense.)
Anybody else every been faced with this dilemna before? Has anyone got any suggestions?
I have done my budget over and over again and have made all the cuts I can but it just seems impossible. I am a single mom, work part time with two youngs boys. I get no child support and that is probably not going to change.
I have about £20000.00 equity in my home.
My thoughts are this, that I sell my home and move into rented accomodation. I realise I wont get any housing benefit for a while but will be able to live off the proceeds from the sale of my home. Then once I reach the appropriate threshold I can then apply for housing benefit and can continue from there.
I have looked at increasing my hours, however what I earn in additionaly salary I seem to lose in tax credits so it makes no sense to work extra for no gain. (I am more than happy to work all the hours the good Lord gave us, but not when it doesnt make financial sense.)
Anybody else every been faced with this dilemna before? Has anyone got any suggestions?
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Comments
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Have you looked at having a lodger if you have room?
Other ways of repaying your debt~DMP or whatever?
Have you contacted one of the debt charities to see what advice they can offer?I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0
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