On Disability allowance, do I sell my home

J

JEON50

Registered User
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237
Income per week 366 (includes wife and Child )
Credit Union 3,300
Car Loan 10,500
Overdraft 5,500
Unsecured Bank Loan 15,400 (Bank backed off after receipt of full medical report last November)
Life assurance 340 per month
VHI 178 per month
No mortgage, house value 600K ?
Heating 3000 P.A
Receiving SVDP assistance with food
Progressive Medical physical and mental health problems, hense Life and VHI
 
With the stress of living with a progressive illness/ mental illness, you really dont need to add financial stress to your life if you can avoid it. Based on the stats that you posted, it makes no sense to me that a family with a child would choose to live a hand in mouth existence whilst keeping an asset worth in your estimation over half a million euro. Even if you put your home on the market and it sold for considerably less, you should still be able to purchase another home or rent a home, pay off your debts and put the balance on deposit to realise some interest income. If you cant sell, perhaps look at renting out a room for extra income but that wouldnt seem to raise enough money to pay your debts and give you and your family a decent standard of living. Best of luck.
 
I completely agree with Lsquared. If your house is worth that much in this climate you should sell it, clear all your debt and you should be able to buy a house for much less, giving you a bit more peace of mind.
Good luck.
 
I think it's important that if you do sell your house that you buy another one, rather than renting. Otherwise you might eventually run through all your money and have no house at the end of the day.

Also I am no expert on welfare but you should check that you are not going to be missing on any welfare benefits if you keep some of the sale proceeds as cash, rather than spending all (minus current debts) on the new house.

As to whether or not you should sell, what are the prospects for your wife and child? How old is the child, would your wife get a job in the foreseeable future that might pay off the loans? What other options for clearing the loans do you have, other than selling the house? Inheritance, gift, tax-free cash from a pension fund, selling part of the garden etc?

How attached are you and your family to the house? Is there enough space to rent a room, and how much rent could you get?
 
Here is the situation if selling your house while on DA

Income from the sale of your home

The proceeds of the sale of the house up to €190,460.71 may not be taken into account when assessing your means if you sell your home and:

  • move to more suitable accommodation (you can either buy or rent)
  • move in with someone who is caring for you and getting a carer's payment
  • move to sheltered or special housing in the voluntary, co-operative, statutory or private sectors
  • move into a private nursing home that is registered under the Health (Nursing Homes) Act 1990
If you are living in premises, part of which is a business and part of which is used for accommodation, only the proceeds that relate to the part of the premises that has been used for accommodation are not taken into account.
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http://www.welfare.ie/EN/Schemes/Il...isabilities/DisabilityAllowance/Pages/da.aspx
 
Thank you all for your suggestions. I made contact with MABS, and have a meeting in 2 weeks. Until then I will sit tight. At the moment the banks are not pressing, just adding interest at a penal rate. I know I am very luckey that I paid off my mortgage, when I took early retirement, Again thanks to all. I will let you know how it work out over the next few months
 
House value €600,000 and you receiving assistance from SVDP to put food on the table.

There are many many worse off people than you loseing their homes and no help available to them except to abscond out of the country.
 
hi just 2 comments
1) when u took early retirement dd u not get a pension ?
2) hope it all works out
 
cashier said:
There are many many worse off people than you loseing their homes and no help available to them except to abscond out of the country.
Click to expand...

Few people in Ireland have actually lost their homes so far, and most of them are probably not disabled, and can re-build their finances eventually.

OP doesn't owe them anything. If he can get financial help with his disability, he should certainly do so.

My advice to him is to make sure that he and his wife get all the help they are legally entitled to.

Whether or not to sell his house should be a question of what is best for him and his family and depends on their circumstances.
 
In answer to Cashier, I did not seek the help from SVDP, I bought my house for 82K many years ago.3 of my sons are gone abroad in the last 2 years. I can not "Abscond" I have debts in Ireland, which I will pay off. Including SVDP. My house could be worth 2 million on paper, but he won't pay the bills
 
mtk said:
hi just 2 comments
1) when u took early retirement dd u not get a pension ?
2) hope it all works out
Click to expand...

No there for not enough, so I maximised my cash free Legal entitlement to pay off my mortgage, I receved less that 55% of what I paid in. The balance is in a ARF at 12900. Again , I can not touch this sum until 60 or I will be at a loss.
 
cashier said:
House value €600,000 and you receiving assistance from SVDP to put food on the table.

There are many many worse off people than you loseing their homes and no help available to them except to abscond out of the country.
Click to expand...

I do not blame you for your comments, 3 years ago I would have been the same. I am not a user, of the system as you seem to reason to think. I am ashamed, that it has come to this. However I will fight in Ireland and not run away, as I an unable. I have a major medical issues, but I will fight for injustice to my fellow disabled. I am geniouly happy for you that you can make comments, without knowing the facts

And also live in a country were you Can !
 
Good luck on selling your home JEON50. Hope that you will not regret on your decision. Have a peace of mind. :)
 
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