Huge debts and mortgage increase...

MFWannabe

I think you need to redo your soa and see how it looks then before making any big decisions such as selling house / dmp 
You could make enough cutbacks to be able to pay your debts 

Hoenir

There's an old Chinese proverb. "He who wishes to move a mountain starts by moving the smallest rocks first". 

Grumpelstiltskin

Why not tell the children you are doing a Frugal February.

You can always say it was something your work colleagues were talking about and get them interested in helping, see what they can come up with perhaps just gently pushing them in the right direction.

EssexHebridean

Let’s not worry about mortgage interest rates in 3 years time at this stage - one step at a time! 

If you would potentially be making the originally planned move as soon as 2026, then I would suggest moving now to downsize may not be a good plan as reselling a property so soon after buying can have complications. 

How’s things feeling now then? A bit less scary/more manageable? 

libertybelle70

I honestly can't thank you all enough - it really does feel more manageable. I am SO glad I came here for help! I cut and pasted all your invaluable thoughts and strategies into a document which I sent to my husband and we'll spend proper time going through it htis weekend. Priority is sorting out those phones! At least two are out of contract. I'm actually looking forward to seeing if we can make this work, here in this house, without a DMP. I am sure I'll need further advice, if it's ok to come back. Love the idea of enlisting kids into a frugal february too; as you say, it will be good for them, to understand the situation and how we have to budget. I htink I might actually get a good nights sleep tonight rather than waking up in panic too, which is brilliant. Thanks again

enthusiasticsaver

That’s great you are feeling more on top of things. If you want I can arrange for this thread to be moved to the diaries section and you could use it as a journal for sorting the debt out. You can then update or ask questions while you get a plan sorted. 

libertybelle70

Hi @enthusiasticsaver - thankyou. I suspect I will still need help and have questions after this weekend's sifting through - should I stay on this thread until then?

EssexHebridean

Just keep posting on the thread as you have been - but if you look at the top right hand corner you will see a little "ribbon" icon which if you hover over it says "bookmark" - click that so it fills in solid coloured, then you will be able to easily navigate back to the thread via the "bookmarked threads" link on the right on a PC, or by clicking "quick links" above, then the bookmarked threads option of you are on phone or tablet. 

Your good night's sleep comment is the "why" for many of us on these forums - it's amazing what an effect just knowing that other people are helping and believe you can sort things has! 

sparks_2023

Have you adjusted your income for the imminent drop in national insurance ? It may make a welcome bit of a difference.

enthusiasticsaver

libertybelle70 said:

Hi @enthusiasticsaver - thankyou. I suspect I will still need help and have questions after this weekend's sifting through - should I stay on this thread until then?

Yes you can keep posting on here regarding questions. When you have a plan of sorts then maybe move to diaries?