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Selling house to pay off debt - am I doing the right thing?
Donna100_2
Posts: 4 Newbie
My husband and I owe over £100K in unsecured debt. We have this much equity in our house and so have put it on the market.
We are planning to sell, use the money we get to pay off the debt and rent for a while whilst building our credit rating back up. We hope to be in a position to buy again within 2-3 years time. We both earn good wages and so the future does look much brighter if we do this. I can't think of an alternative solution - we've looked into going bankrupt and IVA's neither of which would work for us, especially as we both work for a large bank and so would surely lose our jobs.
I'm sure there are lots of people on this website who have done a similar thing - any advise/pitfalls we should be aware of?
We are planning to sell, use the money we get to pay off the debt and rent for a while whilst building our credit rating back up. We hope to be in a position to buy again within 2-3 years time. We both earn good wages and so the future does look much brighter if we do this. I can't think of an alternative solution - we've looked into going bankrupt and IVA's neither of which would work for us, especially as we both work for a large bank and so would surely lose our jobs.
I'm sure there are lots of people on this website who have done a similar thing - any advise/pitfalls we should be aware of?
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Comments
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You might be better posting in the debt free wannabe forum, but sounds like you have a sensible plan.
Good luck."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0
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