Pay off mortgage and start having fun!

Alchemilla

Great result on the Eric fix, and sounds an exciting plan.

newgirly

So busy ive not been on mse for over a day :eek:


Too much spending done after work , took the boys to get new gym bags and trade in old games, and bought ds2 new £46 trainers. I must be delirious as thats the most ive spent in my life! I blame lack of sleep so the everything else budget has taken a hit early on.

Still mulling over the selling clothes plan, i think i need more stable.finances before starting. Maybe an ebay selling blitz like i had planned would be best to raise funds , followed by a small dip your toe in start if possible to minimise risk as we have enough risk in our finances as it is :rotfl:

Weight loss this week 0 , stressed out, tired and have eaten too much.

AlexLK

There's nothing you can't do yourself on a Mini, newgirly, get the tools out and a Haynes manual and have a go. That's all part of the fun of owning a classic.

smallholdingsister

Its true.
Then when you get to a difficult bit come on here and ask us since the Haynes manuals like to leave those bits out.

newgirly

:eek: er, i didnt know how to open the bonnet :rotfl:

Stresssful week at work. Things are far worse than i knew, and its kind of come to a head . Ive kind of pushed dh into letting me get more involved in whats going on, so ive started getting as much info as i can together on redundancy or shortening of hours. Its seems as employers we have no rights, we cant get rid of staff even if it means bankruptcy. I still dont know the full picture and im not convinced dh is willing to take whatever steps may be neccesary. We still may be ok and going through yet another rough patch, but i would much prefer to plan for the worst case.

Im not really sure what to do regarding our personal finances, we cant afford to not pay the mortgage ops or we will be behind at the end of term, but should i be saving for possible future issues with the business, to be honest i feel like we should plough on paying stuff off, but one consideration is should i maybe priorotise the loan in dhs name that the business is paying currently over tbe mortgage as the paynents are £694 pm over just under 5 yrs.

Urgh, i dont know ,i feel like as soon as i try and take control some other disaster comes along, this time its not my fault though.

On the plus side, its bake off and hannibal tonight, little pleasures

getmore4less

newgirly wrote: »

so ive started getting as much info as i can together on redundancy or shortening of hours. Its seems as employers we have no rights, we cant get rid of staff even if it means bankruptcy.

Companies make redundancies all the time.

You must be looking in the wrong place or getting poor advice

Short time needs terms in contracts to make it happen, changing them can be a lot harder but still possible.

AlexLK

You can't be a classic car owner if you can't open the bonnet of the car. :eek: I hope you have now learnt how to and are making weekly checks.

As for the business, what's more important - you having a roof over your head or a member of staff or two being made redundant? You need to get some proper advice from a solicitor and tax advisor, in my opinion. Regarding the loan, is it secured against your house?

ourcornercottage

Good advise above ^^^^^

You need to get the full picture from your DH and seek legal advise. You may pay towards mortgage and lose house anyway if other debts are secured on it or if either of you have personally guaranteed it too.

We did redundancies the other year when we closed an outlet and it was reasonably straight forward. Play by the rules, take advise and things will be fine. Plan your strategy, Stick to your guns and don't be sentimental, you can't afford to be.

Good luck.

newgirly

We have made a few redundancies previously, it really isnt that straight forward as there are processes to go through with all staff to determine who comes out top of the list, to be frank the staff that do are not the ones we wish to lose.you cant just choose. We have had advice from the company we employ to help, us the goverment website plus our solicitor previously. We dont have the cash flow to payout either. All cash went to get the property as it was a great price (company selling encouraged to by local council) plus homeless in london is a very expensive chance to take, there were no rentals available in our budget.

The loan is unsecured in dhs name, but the business also has a 80k ish loan io over three years , not secured against our house but guaranteed by dh (a similar thing) builing worth 200k plus equity over 100k proir to redundancy payouts which would be less,so no danger re our house.

Short term hours only possible with staff agreement , this is already confirmed as no stipulation in contracts to allow for it.

ourcornercottage

It's difficult for you I can see, do you actually have cash flow to make any staff redundant? If you don't you really need to forget this and have another plan.

When things have very difficult we've always traded our way out of it. It's difficult to know what to say not knowing what you do but we have shuffled staff around, had sales drives, changed direction etc etc etc to get through some lean patches by the skin of our teeth.

I don't know what the implications on the property, loans, guarantee etc but if you're confident they can't take your house keep OPing.

Have you considered working outside of the business so you aren't totally dependant on it. I hate that me and BF both dependant on our business for our income.

Good luck, you can do it!