Serious Advice Required Please!

foxily

Hi everyone
I've been a recipient of moneysaving expert for a couple of years now but have not posted threads before. Anyway, my husband took out a business loan last year & the long & the short of it is the business failed and now we owe £32,000. At first we contemplated taking the money out of the house to pay back the loan, but I am becoming more & more reluctant to do this, as we are hoping to move at some point soonish. I also think it's important to keep that debt seperate from the equity we've built up in the house. My husband is looking at taking out a loan to consolidate the business loan & credit card debts that he ran up during the business period of £6k plus an overdraft of £1200, so around £40k all in all.

Has anyone got experience or advice to share with me please?

I am just deperate to get back on track & have some money in the bank at the end of each month. We both have reasonable jobs now but the way things are at present have no money left over each month.

Thanks everyone.

lynzpower

hello there and welcome !

It does sound as if you are right up against it at the moment so sending you a hug across the ether

Could you pop up an SOA, read southern scousers "first time posters" sticky, this will tell you all you need to know about SOAs.

Pop this up, we will see if there are any savings to be made.

You are right not to secure the debt in your house, its rather risky.

Lynz
xx

wotnext

Awww, sending you a big hug. Someone should be along soon with some great advice which will have you feeling much better by this evening.

Best of luck.

foxily

Hi Lynz

I don't know how to do a SOA?

Thanks for the hug anyway Foxily x

CLAPTON

Statement of Affairs (SoA) details of income/spending and debts etc.

see

http://forums.moneysavingexpert.com/showthread.html?t=107280

fatbelly

foxily wrote:

My husband is looking at taking out a loan to consolidate the business loan & credit card debts that he ran up during the business period of £6k plus an overdraft of £1200, so around £40k all in all..

Why? Can't see the sense of that.

Is the 32k loan secured? Are you making the contractural monthly payments on it? If no to both questions I'd be thinking of a full and final settlement deal using the cash from the house sale.