A bit of advice please.

CheeseMan

Hi folks!
I'm in a bit of a pickle at the minute, and I could really use some advice!
4 years ago my wife and I bought our house. I was on a great salary and everything seemed to be going well....Unfortunately 6 months ago I was made redundant.
Since no jobs were available, I decided to take a pro active approach and start a small business involving a long time hobby.
I'm caught in the position now where I'm just about keeping my head above water. Bills are barely being paid and we're just about making ends meet.
I've tried looking for a better paid job, but to no avail!
We considered selling, but a recent valuation sees us 40-50k in the red.
Any other suggetions? Could our mortgage company reduce our monthly payments? Or is this a big no no?

Thanks in advance!

Wh05apk

Speak to your lender, explain the situation, they could probably put you on an interest only basis for 6/12 months, which will help you stay afloat while you build the business or find a job.

opinions4u

Go to www.makesenseofcards.co.uk.

Complete a statement of affairs (SOA) and post it on the Debt-free Wannabe section of this forum.

There you will get people supporting you in identifying anything you can change in your spending patterns that will help give you a bit of breathing space.

Other things to consider to improve income:

2nd job (bar work, supermarket on a Sunday etc, delivering catalogues)
Paper round - my middle child used to earn £100pm.
Survey sites such as www.valuedopinions.co.uk
Research "mystery shopping" payments

Ideally you will want to keep your house and these things may help. But a SOA may identify that you aren't going to be able to recover. If this is the case then facing in to reality and taking support will help you through the situation.

Good luck.