Pay off mortgage and start having fun!

newgirly

Thanks goodness all went well for the boys results wise, they both did better than I'd hoped for with a C and some B's :T I've given them £20 each, bought them some maltesers and a lunch deal takeout pizza, I felt quite generous, however one of their friends received £500 for getting 3 c's :eek: nothing wrong with a treat but £500!

No news on the deal still as they couldn't get in touch with their solicitor until late in the day.

I can't make any plans finance wise, if this deal goes ahead my guess is we will be on a wage about 30% less in total than now, taking into account no dividends ever again. They have already asked dh if I want to stay on as they would like me to, so no imminent job hunting needed hopefully

As a distraction I've making some plans for Xmas, in a frugal way so far just incase we can't spend as much this year. I've ordered 3 pairs of long socks to make sock monkeys, Dd and her boyfriend's Dd are both mad on dr who, so I've got navy socks and police box printed ribbon to make bow ties for them, I'll make a stripey one for my aunt too

Out with best friend tonight even though I shouldn't be spending it's either mc Donald's if I'm Jobless or drinks and dinner if it goes well- not sure what happens if we still don't know :rotfl:

julicorn

Well done to your boys! :j

And I hope you find out super soon. (If you still don't know tonight, then maybe McDonalds + drinks is the best solution :rotfl:)

greent

Well done to the boys! Hope the news re the business was good... xx

newgirly

Thanks juliecorn and greent

Still up in the air! They want a breakdown of our suppliers outstanding etc. we will send those over tomorrow, the boss is away mon-weds next week so we have arranged to meet thurs to hammer out all the details (our anniversary ) they are happy to sign papers at the end of next week to take us over, obviously that depends on us and our solicitor being happy with everything. Still looking good and ive gone from presuming a 50% success rate with this deal to about 80%

It's was Dd's boyfriends birthday yesterday, I thought it might be nice to make a fuss this year, last year he had just lost his mum so it felt a bit wrong to make a fuss. Dd has made an escape room game in the garden to do with his Dd and I've done dinner and bought trivial pursuits (none of us have ever played before) so hopefully a good old fashioned family afternoon :beer:

mandySaver12

Congrats to your boys! £500 is a lot of money for results day, hope they dont spend it all and save it for uni!

Good luck re the job. Escape room in the garden sounds amazing

newgirly

Hi mandysaver12 , the £500 was what their friend recieved , my two got £20 and a couple of pizzas :rotfl: The 'escape room' went really well thanks

Now watching muppets most wanted after giving trivial purists a good go, think we may need some different questions for it to work better with lots of us at all ages though.

themadvix

Escape room sounds cool! And I think £20 each is far more reasonable, regardless of your financial situation!

We love Trivial Pursuit (we have the 21st Century edition though and even that's getting to be dated!). They must do a film questions set!

CathT

We've got family edition trivial pursuit and it's great. My hundred are a lot younger than yours though. We did try the genius (I think) edition. That swiftly made its way to the charity shop!

newgirly

Haha don't think the genius edition would be much good here either! Will see if there's a film version, we would all be good at that

Problems already with the buy out, the bank put a charge over the assets as well as the building and our house, talk about overkill for a mortgage of about 20% LTV! Our solicitor is trying to sort out the best way forward avoiding contacting the bank for the moment.

On a more personal financial level, I've been inputting the much lower expected payements into the op spreadsheet the best case secenario 30 months if we are super frugal and get the wages I'm hoping for ( currently at 12months) not sure the point of doing the right now as everything is so up in the air, I just hate not planning.

Even if a 30 month ish term is possible I think it may be a bit too long to be super frugal for, although I'll do my best for as long as possible!

I didn't go in and help at work today, most things were covered and I really felt like a break after the last couple of weeks and having a house full all weekend. I dropped Dd at work today and popped into
Primarni and bought a couple of fur throws for the living room £4 each and some tracksuit bottoms for me at £5, preparing for when it gets colder and I don't put the heating on

After that I went to Tesco as our Aldi is having a refurb for months, bought lots to make autumnal healthy stews and winter salads, I need to stop eating junk, I've actually put on about three pounds since cutting down massively on alcohol, I seem to be craving sweet things way more than usual, that's quite common I guess.

greent

When I worked in corporate lending we'd virtually always take a charge over all assets as standard, regardless of LTV. Also made it easier for any future debt - security is already in position. However, the directors (so presumably your DH) should have been made aware of what they were signing at the time they signed the legal charge forms. Query this if he feels that wasn't the case! x

If your co is looking at keeping the building and leasing to the new business owners (I think that's the scenario?) then the bank may very well look on it favourably anyway - you'll have the loan debt (in co's name?) secured by f/h premises with a tenant in place. LTV should be massively improved (presumably the loan balance has gone down and I'm sure you've said the building value has gone up (? - sorry if I've got that wrong) and it sounds like a potentially better place to be in than a co which could close and be wound up? May be worth talking to the bank about it? - or maybe the accountant as well as the solicitor? xx