Sell house to pay off debts

lotty41

Finally called CCCS about my debts and had it confirmed to me just what I thought I should do which is to sell my house and pay off my debts. I have posted my situation on here before and dont want to bore everyone again but if you need more info please ask.
I guess I'm looking for reassurance. If anyone has sold to pay off debts, please could you tell me if you have any regrets or if you felt you had done the right thing.

Thanks
confused Lotty

lotty41

Forgot to mention that I would be selling my house and then renting.

HairyHandofDartmoor

I know some people have sold to pay their debts, Lynzpower for one. I'm sure some of them will be on soon to advice you.

Why not post your soa in the meantime so that we can help you to cut down your outgoings?

lotty41

When I spoke to CCCS we went through my income and outgoings and there is nothing at all I can cut back on. I have far less coming in then I have going out.
One thing I haven't mentioned is that I still have a credit card. Although my name is on the card I do not make any payments on it, my sister pays it, I use it when I'm desperate. I'm afraid I'm going to get into more trouble then I already am if my creditors find out, which I'm sure they will but I honestly cannot survive without it at the moment. :eek:
Currently being sued by DCA, just waiting for a date for the hearing. 30,000 debt with 9 creditors. If I sell my house, after paying off my debts will have around 40,000.
Just concerned about not having a secured home for my children if I rent. Some people say renting will be ok, others say dont do it!!!
CCCS suggest that selling is my best option as it will take around 38yrs for my debts to be paid off on my DMP (Im 45), could also be made bankrupt. I just dont how long I can live with these debts for. I am desperate to be debt free, I really dont know if I have any other choice, I feel sick in the pit of my stomache, cant eat or sleep. What shall I do, I have never been able to make decisions for myself, its like I want someone to PLEASE tell me what to do. If I could only not think about it for 1 day, 1 hour even but I cant for 1 damn second but I cant!!!!

In_Search_Of_Me

I am desperate to be debt free

....and there it is! From what you have said you need to balance up the need for a mortgage with security and I'm sure that your children will benefit more from a relaxed mummy and happy, albeit rented, home than they would living for donkeys years on a DMP. I think if its making you feel this bad (which I can appreciate) then you know deep down that you will feel SOO much better if you sell! I have also considered this but really would not be much better off if I did (rent costs as much as mort & als wouldnt have enough equity) so havent but would have done if it would have got me out of debt - in a heartbeat! Go on, liberate yourself and start afresh, relaxed & happy! You know you want to! We focus much too much on owning our own property and I really (now) dont see why! Other countries dont as much - just imagine having no responsibity for leaky roof, broken boiler etc! Makes me want to sell as I type!!
Hope you resolve this for yourself. Huge hugs & keep us updated!

lotty41

Apologises if I dont respond to replies promptly but my children keep asking to use the pc (they aren't use to me being on it) so I can only grab a few mins here and there to catch up. Have to wait for bedtime so I can have some privacy!!

lotty41

Thankyou so much for your kind reply. I just want to go to bed and cry my eyeballs out. The stress, panic and anxiety of all this has just worn me down. I just want to do the right thing by my children, they have been through enough and yes your soooo right, I would be happy therefore, a happy mummy makes happy children. And I sure needed that hug you sent...xxx:rotfl:

Seaxwyn

Hi lotty

There definitely are several posters on here - or more than several - who have sold their houses, gone back to renting and have no regrets. I just wish I could remember some names.

If CCCS advised you to sell your house I'm sure that is good advice. Why not pop into an estate agents tomorrow and set the ball rolling.

Good luck with it

In_Search_Of_Me

aww heres another hug for you & a tissue. I'm sure just making the decision (whatever yu decide) will be a relief for you. At the end of the day its just a mortgage and at least with renting you wont have to worry about interest rates all the time. Unlike me who has a major panic every time rates go up!! Remember that you are doing your best & you cannot ask for more than that in a mummy. Have a good cry, hot bath & eary night - al three always do me the world of good. Sleep on it & see how you feel in the morning ...ooo I've turned into a long list of cliches!! Hang in there girl & keep posting!