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Jasmine_Blossoms

Having gone through a series of ups and downs over the years we have found ourselves cornered with debt.

We have a house worth £275,000 with a mortgage of £118.000 . With £40K loan and credit card debt.. We both have a poor (ish) credit history as a result of some bad business decisions over the years - we are self employed.

We decided that we would go to our bank, RBS for a secured loan of £40K to clear off all the outstanding debt and reduce our outgoings. The stress of having find so much income each month is debilitating.

Anyway the bank - after raising our hopes, taking the money for the surveys and making all positive noises - turned us down on the basis that our accounts were not audited. We work together and do our own accounting. Not once during the meeting did they ask for audited accounts - they see the amounts going through the bank each month and saw the business bank account which they were more than happy with.

The loan would have been ideal at 6% and we would have also reduced our mortgage years too.

I then tried Ocean Finance who have offered us a loan at 15% variable- secured on the property with Blemain Finance. I was on the verge of signing the documents then checked here and saw the horror stories.

Can anybody recommend a loan company that is decent? Someone mentioned Infinity Mortgages on another thread. Any suggestions would be appreciated. We have the equity but are loathe to have it secured by a legalised loan shark such as Blemain.

[Deleted User]

You have a £160,000 ish equity in your property why not just sell up clear all your debts and rent for a while?
With poor credit history and self employed without audited accounts no reasonable lender will touch you i`m afraid

Jasmine_Blossoms

No I can't do that, I have a lot of animals that depend on me and I love my home.

I have considered a debt management thing though

[Deleted User]

http://www.cccs.co.uk/

bouncydog1

Would RBS accept you if you got your accounts audited?

gadjah543

bouncyd!!! wrote: »

Would RBS accept you if you got your accounts audited?

We paid an accountant to do this for us when we were needing to get a mortgage.It cost us about £100 for each year as I had already done most of the work and HMRC had already accepted the figures.It would definitely be worth your while to ask the question and pay out the money to get the accounts done than pay a much higher interest rate.Ring around a few accountancy firms and explain the situation.We got widely varying quotes so please don't give up if the first few are high as we tried about 12 before we got the quote we went with.

masterlumps

Jasmine_Blossoms wrote: »

No I can't do that, I have a lot of animals that depend on me and I love my home.

I have considered a debt management thing though

you need to get out of 'i love my home' and seriously consider other option, loving your home is all good and well but if it dragging you under financially ten it is not worth it

Jasmine_Blossoms

Thanks for the tips - I will look for an accountant this week.

It's not my home that is dragging me down - it is the debts we have accumulated, through some crap business practices. in one instance one of our business's went into liquidation and we had a dodgy insolvency practitioner who lost all the books and records - then reported us to the DTI!!! Turns out he had done this many times previously - but it took several years of battling with his licensing body who finally struck him off. That is another reason why we stayed clear of accountants when we set up on our own

We can't just sell up as we have animals - where are they supposed to go? Also I am fifty and OH is 60 - we would never get another mortgage. At least the one we have now is with RBS and a fairly decent rate. Also renting isn't exactly 'easy' these days either. i am trying to keep the lid on things the best way possible. We are able to earn money - it's just that as soon as it is in - it's out again.

masterlumps

i didnt mean your home was dragging you down, your debts are doing that, and changing your home could be an option to get that all sorted, however it seems you are another poster with excuses the animals should not feature in your decision about your future, sorry to be so blunt but you need to do what is right for you and your OH not for some animals

JoeyGrey

Wow, that's quite a harsh thing to say - people who have pets do not consider them "some animals" but part of their family. As such, they take them into consideration when making decisions as big as this. That isn't making excuses, that is their choice. The OP has made it clear that selling up is not an option. Therefore I don't think being insulting is necessary and if you don't have any other advice you should keep your thoughts to yourself.

masterlumps

honestly i dont think its harsh, and i certainly didnt mean to be insulting so please keep that insinuation to yourself

i have pets that i consider to be very much part of our family, but i would not see myself, my partner or my children suffer finacial ruin for them