To sell or not too?!? opinions please

[patters1978]

hi everyone

just some advise please

me and my partner are in debt of around £19,000 which if i'm honest are all gonna start calling for the money as its coming towards the last few months before the debt becomes unenforceable due to 6 years SB.. i'm not gonna kid myself into thinking i'm gonna get away with it!!
Now up until recently we have really struggled with jobs and earnings meaning we couldn't pay anything to any debt,we couldn't maintain the house we just basically managed to afford food and most months had help from family, our luck tho has changed and we both earn a very good wage now..

So i have been contemplating selling up we utterly hate the house we are in we don't have enough room and it just adds to the depression of it all.

So if i sell we would get between 35k - 40k then take away fees etc meaning we would come away with money left over to save even after paying the debt!
we could then rent for a while to decide/plan our options

my partners concerns are that we will never get credit to get a mortgage again but as that stands now we wont anyway even if we stay!

we pay currently £350 on the mortgage and will probably end up paying £400 on debt when they start calling for it that's what rent prices are i dunno

very confused and could do with anyone's advise

[Amethyst]

Re: To sell or not too?!? opinions please

Morning

If you are coming up to the last few months before things turn Statute Barred then I would be inclined to sit tight for the moment dealing with the debts. If there's no other debts built up and defaulted in between times and things were defaulted just under 6 years ago, then your credit file should start clearing up as well.

Have you had specific court threats or anything that's made you start looking at this ? If you want to sell anyway then do so and keep aside the money to pay off your debts - then if something comes up you can just pay it off after negotiation in a lump sum without worrying about a CCJ annihilating your credit file. Otherwise if things get comfortably past the 6 years you should be able to see the creditors off with the statute of limitations.

Of course it'd be better to have cash sums available to settle debts in lump sums than set up repayments of them over x period of time, you can often get settlement agreed for 50% of the debt too that way.

Of course I don't know all the ins and outs of your circumstances but for the sake of a few months I wouldn't start poking the dragon just yet.

Sharon
xx

[patters1978]

Re: To sell or not too?!? opinions please

we have had 3 go to court claims

one who for £300 which we just paid
one is well i dunno tbh kate stopped it but since have heard nothing
the other has just started ( have another thread asking for help )

we are just worried that we are gonna get more of these things ( which we find hard to understand ill admit ) and fail to sort them leading to a CCJ

the first start dropping off decemeber leading through to june the following year.

I'm not gonna lie i can afford to pay (monthly a sum) but as ive said things have been neglected in the house so have been sorting them out we have lived with a condemned boiler for 5 years ( they dont even make parts for it anymore ) the roof was leaking, guttering put water in the house.. and garage roof was shot!

so say if i sold up wouldn't the companies expect full payment rather than reduced due to my savings?

[MIKE770]

Re: To sell or not too?!? opinions please

Boiler cannot get parts = sounds familiar no doubt British Gas engineer comments with we can do a deal on a new one///??????


The system is still going years later and parts easy to get! by any other engineer!