I know things seem really bad at the moment, but I promise you there can be light at the end of the tunnel, and there will be the right solution for you, with some help and advice. I do fully understand where you are coming from with regards to your home, but is it worth all the pressure you, and your family, are going to go through to keep it. I was up to my eyeballs in debt, at my wits end, sleepless nights, didn't know which way to turn, there just seemed no hope until I found this forum. I made the decision to sell our home, I have a wife and two children, it was a very, very difficult thing to do. But I wanted to pay back my debts and get on with rebuilding my, and my family's life, so the house was put up for sale. Once it sold, with the help of Melanie and her wonderful team, and a lot of work and tears, my creditors accepted a full and final payment and I was able to get on with my life, debt free. We rented a house, not what I wanted, and I began, with a lot of hard work and determination, to get back on track and build my business and life. My business has now grown beyond anything I could have hoped for, and a few months ago we moved into a lovely house. Yes still rented, but a lovely house that to be honest I could not actually afford to buy but can afford to rent, and it is the happiest I have seen my family for a long time. We had a lovely holiday a couple of months ago, had a wonderful Christmas, and things could not honestly be better. You can rebuild your life, it is not the end of the world to sell your home, I truly believe home is where the heart is, and myself and family have never been happier. Too be honest I'm more than happy to rent, if anything goes wrong I don't have to pay for any repairs etc. I know you have to look to the future, but I'm sure your children would much rather see their parents happy and spend time together as a family, I don't think they would really care where they were living so long as they have this. Life is very short, and to hang on to something that could see the end of your problems and bring you back together as a family without the stress of debt, is something you need to think long and hard about. To me my family is everything, it's what I live for, and this last year has been amazing, I have given them everything I have always wanted to give them, a happy place to grow up in, together as a family, without any stress of debt destroying us. Part of my debt was buying things that none of us really needed, you think you do at the time but you really don't. We have had a lovely holiday and a fantastic Christmas and it has all been paid for with our own hard earned cash, and it feels great, and it would no matter where we live. I might never be in a position to buy a house again, but at this moment in time it doesn't matter, I have my family and they have their dad and husband back. My son is in sixth form now and both he and my daughter are strong wonderful people who, I'm sure will go onto great things and build there own lives. Even if I still owned my own home, I know they would not need this as security for their own future as I know they will build thier own lives and their own security in whichever way makes them happy. You really need to get some sound help and advice and get out of debt and back on track, this really is possible and there will be a solution for you, no matter what this solution is, priority is to get this debt of your backs. Once you have done this you can start to rebuild your lives and look to the future, no matter where you live.
I really hope it all works out for you, whichever path you take.
My own deal allows this, but they will not accept a direct debit to do so, they recommend a standing order, which is confusing in one sense as they will only accept d/d for the payment itself. To anyone that is in a position to do so, voluntary extra payments can only be a good thing for the long term.
I doubt I'll ever pay my mortgage off so it may be a wise move for me as I don't want to struggle post IVA, I think it's time I was comfortahble with my life and finances. x
I understand I can pay extra into my mortgage but doubt that will happen.
My IVA and my secured loan finish within a few months of each other and I may well use some of that money to try and bring the remaining term down.
I've nothing against renting, indeed it would save me a lot of money each month if I did so, but we love our house and the area we live in and it's going to be the one thing I can leave to my daughter as we haven't got anything else!
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