Help needed, Do I sell my house, clear the debt and start again??

freshstart40

Deleted post thank you for your answers

Brie

First things first....house with big equity and debts.

The only way I could get my head around those is to actually know what the true situation is.  (true as in accurate/real)  And the best way to do that is to go on to the debt free board and look for the statement of accounts (SOA) on one of the top stickies.  Fill it out using your bills, bank statements and letters from any creditors.  His annual pay averaged out per month.  And once you've done that you could see what the situation actually is .  

You can then post it on the board and wait for helpful advice on where things might be trimmed or tweaked and whether someone thinks that selling will solve the problem.

Next.....job

Do you have any job clubs near you?  Somewhere that you could go to so someone can prep you for interviews, help with your cv, suggest lateral moves that might work for you?  Even going to an agency where they can get you temping or on to a short term contract sounds like it would be a good help for you both financially and mentally.  

Then give it a couple of months so you can get into a routine.  Check here on the money saving boards for how to stretch those ££ a bit further so maybe the debts will retreat and keeping the house seems easier.  Or so that you can make a level headed decision about selling and moving to something more affordable and with less debts hanging over you.

Sounds like there's a lot to get sorted.  Hopefully it will all start going your way again.  

freshstart40

@Brie

Thank you for the most recent post above and advice, I will check theae out soon on the board you suggested.

Great advice about agencies and clubs etc, I'm onboard with all those and have signed up to various agencies which have proven successful at getting an interview, the feedback has all been positive after the initial interview stages and it seems that competition is overly saturated at the moment and talent is high.

I don't think I'm interviewing the best I can due to lack of confidence but this hasn't been mentioned so far, it's things like not having a masters or being over qualified or under qualified it's actually a minefield out there at the moment for finding a role. 

Thank you for the lengthy reply. 

[Deleted User]

Just to encourage you, sometimes feels like the world is coming to an end and then things get better. 

Keep applying depending on your field check linkedin, indeed etc.

Might have to do something else in the meantime.

Communicate with your partner work together.

The equity in the property is good, an option could be downsizing or moving areas then mortgage free with money left after debts cleared. 

tacpot12

Most people are best advised to stay in their current home and deal with the causes of the debts. 'Big' solutions like downsizing or consolidation loans rarely work if the underlying cause of the debts hasn't been fixed. Renting is a lousy existance, especially if you have a family as there is so little security. It will only add to your worries. 

I can see that you struggling - you have explained the reasons why you are stuggling very well - but the advice about sticking together and working through the debt following the advice available on the MSE Debt-free Wannabe board is the best course of action. 

I agree that some agency work would be very good for your health and bank balance. Keep at it, and keep your ears open for anything that might lead to work. 

Best wishes

lika_86

freshstart40 said:

My partner has also told me that he wanted to remortgage to clear his mounting debts as he has stacked up over 60k on various things which he says is to do with renovation work on our property and a holiday and various bits. It doesn't add up really but we can't remortgage on his salary alone 

This is a huge red flag for me. If you don't understand how it adds up, then is there more to it than there seems? Does your partner have a gambling problem or drug problem or something you just don't know about?

RAS

There is a duplicate thread on the housing forum, but this probably needs to be in debt free forum.