Sell house to clear debt & start a clean slate

AdrianC

Doozergirl wrote: »

The OP clearly didn't like what was said at a much earlier point in this thread, and I see no evidence of them on DFW.

Yes, it seems their "lightbulb moment" is a way ahead of them...

googler

Lucielace wrote: »

I’m 26 my husband 31

Our debts total around 65-70k

If we assume you married at 18, and you had no debts then, then in broad terms this suggests that you've been overspending by approximately £8750, on average, every single year of your married life.

Your income is approx £36,400, and you're spending approx 25% more than your income. You're spending £45,150 when you only have £36,400.

I hope this helps with the lightbulb.

neneromanova

Would it be worth going to see a Mortgage broker? That way you can show them all your numbers and they can see what the best option would be for you. Whether that be Remortgage to clear some debt, or sell the house and buy a new one (you mention your income has gone up)

Doozergirl

neneromanova wrote: »

Would it be worth going to see a Mortgage broker? That way you can show them all your numbers and they can see what the best option would be for you. Whether that be Remortgage to clear some debt, or sell the house and buy a new one (you mention your income has gone up)

What would Martin Lewis say?

hazyjo

I]What's the point. Deleted.[/I

markin

When the time comes could you do a house swap with the parents or in-laws to get that 3rd bed.

sillyhilly

Lucielace wrote: »

We bring in a month roughly £3200
Our rent would be around £1000
And our bills etc would come to around £1000
Leaving us with around £1200 disposable income including food.
So we plan to save half into savings we can’t touch I.e where the 45k will be and the other half into saving so we can enjoy holidays and birthdays etc.

This is the crux of the argument here, I think. What on earth are these bills, which doesn't include food?!

If you have any type of vehicle finance, mobile phone contract, Sky/Virgin etc, then start making cutbacks on those immediately. I cannot see how gas, electric, water, telephone and council tax will come to anywhere near £1000 per month.

Cut back on your holidays and birthdays. Start living within your means!

googler

Looks like the OP doesn't want our help; see edited original post mid-afternoon today, removing all pertinent info.

getmore4less

They just wanted someone to say their mum was wrong,

ACG

To be fair, when you read a lot of these posts (mine included), it could look like everyone has just jumped on them to have a dig.

When I posted mine, there were not really any posts about them having spending issues but by lunchtime today there were maybe 10-20 people all making a few assumptions (which again, mine is included).

It may be that we were all completely wrong, they are not ready to accept there is an issue or they do not want people making opinions on them with half a story regardless of whether we are right or wrong.

It is one thing having a conversation/debate but when so many people are all saying the same thing, it could come across like a pack of wolves.