unsure what to do

troubledcouple

I've just found out that we have 8 CC between us and that the debt is just short of 50K, we have our house on the market now and have just received an offer this morning which is 5k less than asking price of £125k. If we accept the offer we can clear off all of our debt but it would only leave us with approx 10k in the bank. My OH is SE and I recently finished work through ill health. I hope to look for some sort of job after xmas but I'm not sure how much I would be able to earn, hopefully within the 12-14k a year range. Our income at the moment is roughly £1000 per month, credit card payments are at £890 and mortgage at £486 per month, it doesn't add up so my overdraft is picking up the gap right now and it's already at 4K. We haven't missed any payments as yet but I'm seriously worried, I'm 55 and my OH is 63. Any suggestions would be useful as I don't want us to end up living in a caravan in a field

sistafromanothermista

Hi if you post this on the debt free wannabe forum along with an SOA there will be someone along to help and advise....

DebsSpends

I am so sorry to see you find yourself in this terrifying situation troubled. May I ask - what is SE?

sistafromanothermista

Self employed

rising_from_the_ashes

Personally - and not everyone will agree with this - I'd take the offer on the house and clear the debts.

From what you've said above you're around £400 / month short - before adding in other household expenses and this can't go on very long without things mounting up pretty drastically.

There are worse things than renting (believe me) ...... and you'd have money in the bank.

Other option would be to look at a DMP or similar but do you really want to be paying this for years and years and, sorry for bringing it up, but your OH will be reaching retirement age pretty soon and I know that I personally would want to enjoy that - not be worrying about having to pay debts back.