help me with a difficult choice please

cobbingstones

Thank you all so much for your opinions. I'll show it to my dh when he's home.

MM

geoffky

your husband sounds like he has his head screwed on....believe in him i am sure he will pull you through.

Nomad25

It's so much easier to cut back and do without - if, as you say, you are happy in your home. Try posting your SOA on the DFW board, you'll get loads of excellent help.

lil_me

If you are bad with money I can guess that this wouldn't make things any better as you would make the same mistakes again after selling. I think (after being in a similar situation before myself) you need to get sorted where you are, get your head around saving money instead of spending, get some good advice on dealing with the debts and change your spending habits, then look at what to do next.

Rabiddog_2

£65 for a month is not enough. You need something in the bank for the unforeseens. Its better to sell NOW and get some money, and at your own pace, rather than go thru the hell of repossession. Ideally you should have at least 10% left (Over) at the end of the month to cover eventualities. Remember that thing about having 3 months (gross) wages in the bank? and your pensions? and remember you wont be young forever.. skiing @ 55 is less exciting than @ 35. Buy the memorys now that you will look back on in your old age. No good being solvent and debt free at 65 but having done nothing and been nowhere. And kids , pregnancy nice cars. House prices are going down, Dont get dragged down with them.


Debt now £12,300,000
Debt free in 2212.

Davesnave

Rabiddog wrote: »

£65 for a month is not enough.

Debt now £12,300,000
Debt free in 2212.

In your case, clearly not! :rotfl:

cobbingstones

Thanks again everyone.

We have cut back already on so many things. The wonderful people from many of the boards have saved us lots of money, and we have completed Martin's tools on managing debt. This indicates that we are £435.00 monthly in the red. We are seriously badly off this month due to having to pay family back, getting the car taxed, mot etc etc to sell it.

My dh is worried that if he loses his job we are in a terrible situation. I know he worries about this and wants to provide the best he can. Sadly, in today's climate jobs are not for life. I guess that's another plus for renting.

If we do decide to rent we would be approx £500 a month better off. This by no means indicates that we will have lots of money so this that and the other. But it will mean we will not be going further into debt.

The money we hopefully make on the house would go into ISA's etc. We are not foolish enough to throw away this away and spend it. Lesson's have been learnt!!!!

Thanks all


MM

christabell

MM, you and your other half are discussing a life changing event here. Why don't you sit down and write down in black and white your mortgage, bills, utilities etc on the other side of the page write down the same for a rental property. Has your DH looked at the rental market, and what you will get for your £££?

IMHO this is not a decision to be made overnight.

Good Luck

DKLS

I would consider other aspects as well other than financial, I found living in rented accommodation was the most miserable experience, I never felt settled, as it wasnt 'home'.

I couldnt hang pictures, or make any changes to the property to make it feel more like my home.

Initially I would focus my efforts, on becoming better at the financial management side of things otherwise you may find yourself in a similar position in a rented place.

clutton_2

""We have £65 to last us a month."" - can't be done ........ unless you take some drastic budgeting action, or move, you will be in even more debt by the winter.......