Dilemma: to stay or to sell up and go?

walletmoths

I have quite a dilemma on my hands. We've sold our house and the sale is taking ages to go through and has been an absolute nightmare. We're having serious second thoughts however, and I really need some true opinions on whether we should back-out or carry on with the sale?

We decided to sell as a route to clearing £20k of credit card debts and to pay our moving costs, and then to rent to be closer to work and family. We'd be debt-free and be 100% starting again, but month-on-month we'd be in the same situation of only just making ends meet, and not gaining any real savings for things that go wrong. Also, we wouldn't have a home in a place we love anymore, and all the other uncertainties of a lifetime of renting.

Work: I work part-time and hubby is looking for work around my part-time hours and also around our 15hrs of free nursery for our twins. Very tricky indeed and it's not going well. We have no family nearby and no chance of any free childcare or even babysitting - so tiredness features quite heavily for us both.

We can't claim any more benefits than the child tax credits that we get, and I've asked for more hours at work but the answer was 'no' as I was diagnosed with 'extreme over-tiredness' at a recent medical. (A combination of young twins, 2 1/2hrs of driving per day, intense computer-work, illness, and living next door to a noisy pub.)

Any opinions on whether we should stay or go would be greatly appreciated. Thanks in advance, everyone.

Our bills at the moment (per month):

Income
Wages 1354
Child benefit 136
Tax credits 332
Total income 1822

Outgoings from our "4-weekly benefits bank account":

Fuel 150.00 (just driving to work and back, only)
All Haircuts 35.00
Work dinners (£3pw) 12.00

Outgoings from our "monthly bills bank account":

Credit card debts - special payments 45.00
NPower debt - special payment 1.00
Mortgage - interest only 550.00
House insurance 21.09
Car insurance 29.27
Life assurance 116.34
Council tax 129.00
Gas & electric 95.00
Water 19.00
Mobile phone PAYG credits 20.00
Phone, internet & TV 39.00
Car finance 120.33

Regular savings needed :
Shared driveway fee 15.00
TV License 10.00

Anything left over once the bills have gone out = our food budget. On paper, that's about £400, but in reality we're lucky to have £200 left for food as there's always something that creeps up on us.

Living so far away from work, our car, travel costs and maintenance are a real problem. Our car has done 60k miles so far, and we have 5 years left to pay if we decide to keep it.

I've switched our gas and electric recently (hence, a surprise £200 bill from NPower - our old supplier), and downgraded our broadband package.

Opinions greatly appreciated - on both our moving house dilemma, and on how we can claw ourselves out of this rut and become debt free.

LittleMissGiggles123

walletmoths wrote: »

Work: I work part-time and hubby is looking for work around my part-time hours and also around our 15hrs of free nursery for our twins. Very tricky indeed and it's not going well. We have no family nearby and no chance of any free childcare or even babysitting - so tiredness features quite heavily for us both.

We can't claim any more benefits than the child tax credits that we get, and I've asked for more hours at work but the answer was 'no' as I was diagnosed with 'extreme over-tiredness' at a recent medical. (A combination of young twins, 2 1/2hrs of driving per day, intense computer-work, illness, and living next door to a noisy pub.)

Based on this I would say sell & move. If I was in that position of extreme tiredness because of the factors you described, I would be miserable & would have to change it. It's not doing your health any good!

I would sell up & rent somewhere closer to work & family, so there goes your long commute & you hopefully gain a few hours babysitting every now & then. But I would rent something cheaper to be able to save some money, so things are not so tight.

Maybe when you're not tired all the time because of the travelling etc you might be able to increase your hours & you'll have more money then that way.

Good luck!

dancingfairy

Have you exchanged yet? If so then you pretty much have to complete. If you have merely accepted an offer then you need to make a decision as soon as possible because it is not fair for people to shell out on solicitors, surveys etc if you are going to pull out.
df

phoenixx

LittleMissGiggles123 wrote: »

Based on this I would say sell & move. If I was in that position of extreme tiredness because of the factors you described, I would be miserable & would have to change it. It's not doing your health any good!

I would sell up & rent somewhere closer to work & family, so there goes your long commute & you hopefully gain a few hours babysitting every now & then. But I would rent something cheaper to be able to save some money, so things are not so tight.

Maybe when you're not tired all the time because of the travelling etc you might be able to increase your hours & you'll have more money then that way.

Good luck!

I would agree wholeheartedly. Sell and go. There seem to be many more advantages to selling up. You need to give yourself a break and regroup. I have been where you are and started over. I wish I'd done it sooner too. You will be able to plan properly without this millstone of exhaustion, worry and money struggles dragging you down. I hope things pick up for you.

dancingfairy

Moving sounds like a good option from what you've said. Are you able to move nearer to work to cut down on all that travelling? Not living next to a pub would surely help as well. Also I imagine that the relief from paying off 20k's worth of debt would be great as well.
What's the job situation like where you work? Is there more chance your husband can pick up work in that area?
With regards to childcare, it won't be forever. In a few years they will be at school and hopefully by then your husband will have found a job.
df

walletmoths

Thanks for all of your replies. Everything you're saying is really helpful.

We haven't exchanged contracts yet as our buyer has been delaying for some reason since October last year. Not one bit of paperwork has been passed to our solicitor so far - but if we do back out, then yes, we need to make a decision ASAP.

Does anyone have any experiences of renting? We've been treated really badly by rental agents so far, and any houses we see that look right are normally let before we've even had chance to view them. I think it's the struggle to find a rented place alongside all the stress and tiredness that makes me want to give in and stay put.

Being nearer to work and closer to chances of work for hubby would be a bonus though.

MallyGirl

you have nothing in your budget for a repayment method for the interest only mortgage - is that right? I think that renting to give yourself a clean start sounds like a good plan. Extreme tiredness with the amount of driving you do sounds dangerous

LittleMissGiggles123

MallyGirl wrote: »

Extreme tiredness with the amount of driving you do sounds dangerous

I agree! The health of you & your family should always be number one priority.


In regards to renting, can you contact some rental agencies & ask them to contact you as soon as they get any new properties come up. That way you have a chance of being one of the first to view. Contact as many as you can. You might not like all the properties they bring to you, but at least you're getting a look in before somebody else snaps them up.

ReadingTim

Having 2 people looking for part time work around childcare hours seems madness - it's hard enough for one person, let alone 2! I suggest you revert to a more traditional family set up where one person (the one with the higher skill level/earning potential) works full time to support the family. The other looks after the kids until they're of school age, at which time they can look for part time work around school hours.

Ronaldo_Mconaldo

Why is your life assurance so high? Mine is £5 a month for £90k if I die.

cte1111

Are you in a position to put down a deposit and arrange a moving in date for a rental property? I wonder whether one of the reasons that the letting agents aren't being particularly helpful is that they don't see you as a hot prospect, as you don't yet have a moving date.

I'd agree with other people's general advice though: paying off debt, moving closer to work and away from noise sounds like a good move towards a less stressful life. I was also surprised at the high life assurance costs. We pay £11 a month for joint life cover of £100,000. Perhaps you could look at shopping around for this to bring down the bill?