Selling to pay debts

Webbigail

Afternoon,


I would be interested to hear from anyone that has sold their property to pay debts, and are now renting.


We have just sold, the sale should take around 8-10 weeks to complete as there is no chain, We will be walking away not debt free but able to clear the remaining debt in 2 years.


Typing this sounds drastic. But we have no cash to live off at the minute and are scared that if interest rates rise the decision to sell will be taken out of our hands.


Thanks!

ognum

Webbigail wrote: »

Afternoon,


I would be interested to hear from anyone that has sold their property to pay debts, and are now renting.


We have just sold, the sale should take around 8-10 weeks to complete as there is no chain, We will be walking away not debt free but able to clear the remaining debt in 2 years.


Typing this sounds drastic. But we have no cash to live off at the minute and are scared that if interest rates rise the decision to sell will be taken out of our hands.


Thanks!

Are you sure you will pass credit checking to rent?

Thrugelmir

Sounds like you've made the right decision. Starting again won't be easy. Though far less stressful than being burdened with debt . Which is priceless and should make for a better and happier family life.

freeisgood

Number one priority, get rid of the debt...which you are on your way to doing When it is all gone = bliss and peace of mind. Well done!

Webbigail

Thanks! We don't have a bad credit history. Always paid our debts (minimum payments) But our NRAM Mortgage has been a noose round our neck since day one. That added to 6 years of negative equity...I feel like we are jumping ship but if we stay we will sink!!!