Should I sell my house to pay off my debts?

getmore4less

I agree something does not add up if they have that income and have not been able to make repayments to either the debt or the mortgage.

this is getting into judgemental territory and needs to stop, you are not the only one.

It is very easy to see how someone with this income can get into problems, seen lot higher incomes and a lot worse.

Some clues are there if you read the posts but that is not really important other than for the OP to understand where they went wrong so they can try to avoid falling into the same traps, unless they want to share.

What is needed is constructive solutions to see if there is a way to get back on track without selling the house.

Not easy without a SOA and/or the debt details.

enthusiasticsaver

getmore4less wrote: »

this is getting into judgemental territory and needs to stop, you are not the only one.

[/QUOTE

Saying something does not add up is not judgement. It may just mean there is some information missing which the OP did say right at the start. It is difficult to give advice though when you are only getting half the picture.

BabyStepper

There is no judgement here, asking where the cash goes every month is a basic starting point of paying off debt. I may be a newbie but enthusiasticsaver is a well respected poster who has given loads of time and excellent advice to lots of people.

OP has the answers, it likely just needs a bit of thought. Then we can start finding 'constructive solutions'.

getmore4less

No problem asking where it goes now

Judging is referring to where it has gone before and saying you can't see how it happened or it doesn't add up which is what is being said in posts.

Even worse as it is referring to a big income

Red-Squirrel_2

Don't sell your house!

As others have said, your options for buying again will be pretty limited, and this sounds completely sortable without your family having to give up their home.


Step 1: Full and honest SOA. Be brave and post it here, the posters will help you whip it into better shape to create more money to throw at the debts.

Step 2: Get those credit cards paid off asap. On your salaries I fully expect you can do it much quicker than 5 years, but step 1 is the key to getting that done!

Step 3: When the cards are paid off, throw the money at the secured loan, get rid of that.

Step 4. When you are down to just mortgage debt, start throwing any extra money at that and come up with a plan to get the capital paid off so you aren't entering retirement with a big (or ideally any!) mortgage.

Get Step 1 done today, you have a lot of support on here and you have the resources to do this and to be in a much better position in the not too distant future.

BabyStepper

A quick note to say I have reported this situation to admin so I will make no further comments about judgement. Maybe we can all ignore if anything further is said? Thanks to everyone who came to my defence, that's important and I appreciate it.

Back on topic, we definitely need more info to give better advice but in the words of Dave Ramsey, OP has a good shovel to hole ratio (for those who don't know him, the debt is the hole and the shovel is your income) so there are hopefylly lots of options.

EssexHebridean

Also done some reporting BabyStepper - well done!

OP - cut back to Red Squirrel's step-by-steps in the post at 27th Jan 19, 12:01 PM - tackle things like that. It really is a "one step at a time" process. Your situation as you have written is is definitely redeemable, and most certainly without selling the house! take a deep breath, get the SOA done, and let's turn attention to getting you feeling a lot more confident about things!