Sell Up and start fresh???

anon1982

ReadingTim wrote: »

It doesn't make sense because as well as no debt, you will also have no house. For how many months are you going to have to put away £1k to replace the house you sold? - considerably more than had you simply concentrated on repaying the debt I suspect...

Yeah i appreciate what you're saying.

Like i say this is just something we are looking at so appreciate all feedback.

January2015

Unless you have clearly addressed why you built up the debt and absolutely know that you will not get into debt again, selling the house and moving the renting is a short term fix - because you are likely to be in debt with no equity in a few years time.

I would never sell my home to solve my debt problems. It's easy to think it solves the problem but it's short term and quick - and that's all. Long term, you are building equity and eventually will have a free place to live (might seem a long way off, but it comes round sooner than you think)

There are options to clear debts and remain in your home - you just need to post the SOA and explore all options.

anon1982

January2015 wrote: »

Unless you have clearly addressed why you built up the debt and absolutely know that you will not get into debt again, selling the house and moving the renting is a short term fix - because you are likely to be in debt with no equity in a few years time.

I would never sell my home to solve my debt problems. It's easy to think it solves the problem but it's short term and quick - and that's all. Long term, you are building equity and eventually will have a free place to live (might seem a long way off, but it comes round sooner than you think)

There are options to clear debts and remain in your home - you just need to post the SOA and explore all options.

I'll do the SOA tonight after work and go from there. Selling is our last resort.

We do pay our debt off as we are so in theory we don't need to sell the house.

dirtycredit

Hiya,

Speaking from experience if you are as you say in a fair amount of debt, 4 years isn’t that long to spend getting out of it.

I’ve just done a 3 stretch getting out of a loads of debt on my own and without selling my property. It was hard but doable and along the way the process rehabilitated my spending habits.

Now I’ll be debt free at the end of this month and still own my home with its big equity and tiny repayments. I was very close to selling because the debt mountain I had acquired seemed insurmountable but my goodness I’m so glad that I didn’t. If I had sold I would have never been able to get back onto the housing ladder on my own because I don’t earn enough and the lending criteria is much more strict than when I was a first time buyer. If I were you I just wouldn’t risk it.

D.C. x

anon1982

dirtycredit wrote: »

Hiya,

Speaking from experience if you are as you say in a fair amount of debt, 4 years isn’t that long to spend getting out of it.

I’ve just done a 3 stretch getting out of a loads of debt on my own and without selling my property. It was hard but doable and along the way the process rehabilitated my spending habits.

Now I’ll be debt free at the end of this month and still own my home with its big equity and tiny repayments. I was very close to selling because the debt mountain I had acquired seemed insurmountable but my goodness I’m so glad that I didn’t. If I had sold I would have never been able to get back onto the housing ladder on my own because I don’t earn enough and the lending criteria is much more strict than when I was a first time buyer. If I were you I just wouldn’t risk it.

D.C. x

Thats amazing well done.

Yeah we are reluctant to sell our home. and the more we think about it the more we don't want to.

Thanks x

dirtycredit

I’m so glad that’s its a last resort for you. Once you do an SOA and make a plan (I love a snowball plan I do!) you feel so much calmer and in control. If you can go for every bit of casual work or overtime you can get or a little part time job in the evenings or weekends. This makes you feel much better and it shaves a bit off of the time you have to spend repaying it all.

D.C. x

anon1982

dirtycredit wrote: »

I’m so glad that’s its a last resort for you. Once you do an SOA and make a plan (I love a snowball plan I do!) you feel so much calmer and in control. If you can go for every bit of casual work or overtime you can get or a little part time job in the evenings or weekends. This makes you feel much better and it shaves a bit off of the time you have to spend repaying it all.

D.C. x

Definitrley agree with making a plan. Before coming on here and finding out about the SOA I put together a spreadsheet with income and outgoings on. Just putting it down and seeing it all in front of me calmed me down and put things in perspective.

The SOA is a lot more in depth than my spreadsheet so will be good to see what it turns out once i fill it all in.

Cheers