Decided to sell, house going on market on wed, could we soon be debt free!!!????

chantilly_bex

hi all
well as you know our recent house valuations really surprised us!!
after thinking long and hard we decided to put our house on the market.
we are then goin to rent and have decided to move to a bigger town, to be closer to work for hubby and nearer to family.

we are hoping to have in excess of £18k from selling up, this is after fees, interest and a months deposit on our rented place.

we are renting because we want to see what the new area is like before we buy and also to give ourselves a good 6 months to a year to clear up or debts and make sure all of our accounts are closed and settled before we bu again.

houses are selling fast in our area and i can't believe that there is a high possibility we will soon be debt free!!!
just hopin and praying that our creditors will all take reduced settlement figures, we've done the sums and can offer them 85-90% of the balance.

Poppy9

I notice from a previous thread you have animals. This might limit you in the rental market. Also if you have debt problems now you might have future problems getting a mortgage.

Have you considered remortgaging your home to help clear debts.

PinkLipstickBabe

I wouldn't sell your home hon, if prices remain high you may not be able to afford to buy another house (as many cannot now) and also, if you have defaulted on payments, it would take 6 years for your credit history to enable you to obtain a mortgage again. That would mean many thousands of pounds down the drain in rent money. You are paying the Landlords mortgage for him! I'd stay put and try to find another way. Selling your house shouldn't be an option.
Good Luck xx

Debt_Free_Chick

Having followed your story Chantilly Bex, I happen to think you are doing the right thing. IIRC correctly, you have little chance of paying off your debts any other way.

If you can offer 85% as F&F, I think you'll be fine. But do make sure you get the wording right and please, do everything in writing. Details on the National Debtline website here

http://www.nationaldebtline.co.uk/england_factsheets/factsheet_24.php3