A rock and a hard place

nana2four

Thanks everyone for advice we have a lot to think about

Mollycat13

Another thing which would be worth taking into account,
If you were to sell, release £50k and use it to pay off debts, you would most likely fall foul of the 'deprivation of capital' rules if you made any claims for means tested benefits.

It may not seem relevant at this time but, you never know what is around the corner.

DandelionPatrol

Mollycat13 wrote: »

Another thing which would be worth taking into account,
If you were to sell, release £50k and use it to pay off debts, you would most likely fall foul of the 'deprivation of capital' rules if you made any claims for means tested benefits.

It may not seem relevant at this time but, you never know what is around the corner.

Sorry, that is mistaken. Deprivation of capital is when you give it away.

Mrtight

Have you seen how much rent is, it prob be more then your mortgage. How much a month should or are paying towards your debt?

Try your very best to keep your home, as once your off the ladder you prob never be able to get back on.

northerner999

nana2four wrote: »

Hi Pixie and thank you for your reply ,we look after our grandchildren we get paid for this but it not a massive wage so we were looking at renting a shop or something where we could still look after them and give us a living if you see what i mean if we dont do something like this we will only be existing if you see what i mean ,

I always advocate a little bit of leeway for treats etc. To look after your mental health and likewise, but launching your own business seems to me as an extreme way to go about this when.

- I assume as grandparents you are towards the end of your working lives and would perhaps like something less stressful than launching your own business

- given you are on a dmp are you sure taking on new debt, as a business likely would, is a good idea. Give a serious look at other ways of increasing income - part-time work, things like Avon etc. even raiding old books/CDs to sell. I'm on a massive decluttered at the moment and it's amazing how many books I've kept hold off for 20 years and not opened once in that time.

- you clearly aspire to more from life than an endless cycle of just paying back debt, which is great, but for a small period you perhaps need to just baton down the hatches and accept that doing free things with your grandchildren will be your main escape in life.

Without greater specifics it is hard to offer much more advice. But as has been said above, make sure you know how much renting costs compared to mortgage too. My mortgage is £200 PCM less than the five other identical flats in my building are rented out for thanks to buy to let landlords snapping them up before other local people could.

nana2four

Thank you everyone for advice house is sold and we have a place to rent in the new year hopefully we can now have some peace of mind .