HELP! hit with a BIG bill to replace boiler...only problem...I have no money

JasonP

Hi Guys,

I'm a part time Landlord (and no we're not all loaded ;P) I just about get by as i've been hit with a lot of maintenance the past few months (double glazing on a property is one thats really going to eat into my savings)
Now i've learned one of my properties is in need of a new boiler at a cost of £2500..
I'm just wondering if anyone has any creative ideas of how to go about doing this. I've asked if I can pay in installments but most companies don't allow this.
The property is in Leicester, if anyone can recommend a certified gas engineer in the area that might take installments instead of a lump payment I would be very grateful.
Thank you for the help,

Jason

NeverInDebt

Get a loan...

JasonP

NeverInDebt wrote: »

Get a loan...

I'm already in a lot of debt, but yeh that may have to be the solution!!

gas4you

Some of the boiler manufacturers offer a type of loan via the installer, Alpha is one that I think I have read that do this.

May be worth a bit of googling or further enquiries.

Are your tenants on benefits? If so they may be able to get the job done instead of you. Warmfront used to work like this.

Premier_2

You're a landlord that can't make your business earn a decent profit in the current climate? :huh: :eek:

I suggest you cut your losses and sell up as it's unlikely you'll ever make money from this venture.

PNPSUKNET

Sell one of your propertys, or ensure you always have insurance to cover this type of thing. Need todo soemthing quick or your tennants, may take action against you

BargainGalore

I think a loan is your best option I doubt you will get a grant and why should you, its an investment so you take your chances if things go pear shaped. Not sure about your predicament but too many part time landlords who go in full steam ahead and dont take into account if something goes wrong which it can do then complain, like all businesses you have to factor many unforeseen costs associated with a business.

I doubt any plumber would let you pay by instalments not sure if a energy supplier like British gas would and if they did they charge way over the top for work

I see your planning to get married in Spring 2012 hopefully you can improve your outcome by then

macman

New boiler at £2500 seems an awful lot if it is only a boiler change that is required. Have you obtained 3 quotes from local independent RGI's?
It's not a BG quote by any chance is it? If so you will typically be quoted 30% higher than an independent.

Pincher

If you are in Scotland, £400 boiler scrappage is probably still available.

I called the Inland Revenue, the £400 is not tax free for a landlord!
So if you spend £2,500, but get £400 boiler scrappage, then you can only claim £2,100 as business expense. If you were paying 20% income tax, then George Osborne gets £100 back from that £400.:mad: