help me with a difficult choice please

neverdespairgirl

DKLS wrote: »

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'.

that isn't everyone's experience - we are very happy renting.

cobbingstones

clutton wrote: »

""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.......

Very month this month. We are selling the car to finance it. Getting another from the auction next week but hope to have a £1k profit to last a couple of months.

Thanks

MM

christabell

Hello, how are you getting on?

Bf109

madsmum wrote: »

Hi all

We are currently living in a wonderful house where we are very very happy. But, we are totally skint. Our circumstances will not change until the winter/new year but even then we would still be struggling. Our fault for being so bad with money.

My dh wants us to sell up and move into rented which we have never lived in before. An EA gave us a selling price of £400,000. We would then have money to make ourselves debt free, pay the redemsion (10k) and other costs involved and have approx £60k left over. He then wants to bank this and in a couple of years or so have a good deposit for another house.

I really am unsure. I love where we live and I know we are struggling so much. We have £65 to last us a month. We are only surviving due to selling a car for a cheaper model. I guess I'm worried about living in rented and also about not wanting to make a huge mistake.

So would you stay and stick it out until things became better in the New Year (hopefully) or move into rented and have a life?

Thank you for reading.

MM

From reading your post, it would seem that you have around £75k equity in your house, assuming that you attain full asking price at the estate agents full valuation?

Be aware that you might not get full asking price. In todays market, you might only get 90% of the ask which will reduce your pay out quite considerably.

On the other hand, if you only have £65 a month to live on then you probably have no choice but to sell.

cobbingstones

christabell wrote: »

Hello, how are you getting on?

Hi

Thank you for asking. We have decided to stay and bite the bullet. I shall be working in September, so until pay in October, we are going to have a rather tight summer. I'm going to see this has character building and a challenge!!!


MM

red_bertie

Good for you - short term tough times, but you have a goal in sight. I think you have made a wise decision. Any wiggle room with family committments for a part time [even a few hours] job? All the best.

RB

cobbingstones

Thanks red

mm

TTMCMschine

madsmum wrote: »

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.


MM

:eek:

I'm a little confused here. Do you have £65 a month left over - or are you overspending by £435 each month? Or are you overdrawn by that amount each month, and therefore a repetative circle?

Forgive me if i'm jumping the gun a little, but if that is your overspend - you can't afford to live there.

Perhaps someone can let me know if i've got the wrong end of the stick.