unique situation of owning/buying/selling?

arbrighton

BitterAndTwisted wrote: »

No, I think it's an absolute outrage that you've got £8k in savings when you're on a debt-management plan with £17k of debts. And now, you've got yet another kid to raise. This doesn't necessarily indicate that you're the smartest money-manager in the world, or you wouldn't be on a DMP in the first place.

I agree with this, sorry. Those savings could have reduced your debts to under 10k.
Children can and do share rooms. 4 month old surely still in with you anyway?
You cannot afford to move, end of.

krazyhorse

BitterAndTwisted wrote: »

No, I think it's an absolute outrage that you've got £8k in savings when you're on a debt-management plan with £17k of debts. And now, you've got yet another kid to raise. This doesn't necessarily indicate that you're the smartest money-manager in the world, or you wouldn't be on a DMP in the first place.

sorry, I should have been clear - i inherited the £8k, just havent spent it or done anything with it yet, as looking at what to do first... getting people's opinions, thanks.

arbrighton

krazyhorse wrote: »

sorry, I should have been clear - i inherited the £8k, just havent spent it or done anything with it yet, as looking at what to do first... getting people's opinions, thanks.

Put them towards your debts. No brainer. You're still in net debt, just smaller debt

krazyhorse

thanks for feedback guys

krazyhorse

Though I'd update this post as I'm now debt free...

well kind of.

sold the flat and now living in a house, paid off my debts and only now have a mortgage as my debt.

Used a "specialist broker" to find me a lender as my credit score is shot to pieces.

Unfortunately, I found no help/advice to get me where I am now, but if anyone is in a similar situation, I'm happy to help, feel free to PM me.

Bottom line is, I did research myself, spoke to a lot of positive people, negotiated heavily with my creditors to reduce debt payments, some agreed, some didnt and now I'm debt free and living in London.

Thinking about moving to the north where houses are bigger and cheaper, not for a while though, but it's nice to be in that position.

samba

well done :beer:

rosie383

Well done Krazyhorse. I hope all goes even better for your future.

Hoploz

Well done, you've got just where you wanted to be. Lots of people cannot say that

trailingspouse

Well done you.

Re moving north - unless there is some over arching reason why you need to stay in London, I would whole heartedly agree with this idea. You really do get more for your money (or you can pay less for the same thing, if you see what I mean).

Example - I bought a 4 (double) bed, 4-storey house with a garden, a double garage, a utility and 2 bathrooms, 2 minutes from the station and 20 minutes by train into Leeds for £225,000 18 months ago.

Before we bought this house, we were renting - again, a 4 bed house, 'executive style' in a nice residential area, double garage, large garden, all the bells and whistles. £825 pcm. At the same time, my daughter was paying £500 pcm for a room in London.