I am in deep trouble

lynzpower

wheretoturn wrote:

I have just thought of another idea.

I have shares in my old company that I have struggled to get rid of as they are not a listed company but privately owned. I have spoken to the owner on many occasions and he has indicated he would like to buy these off me but does not have the capital free to help me out.

However, he does have a very nice flat that he is looking to rent out! I am going to approach him with an idea whereby he takes my shares (or a proportion thereof - I paid £20,000) in exchange for me living at his flat rent free for a given period.

Fingers crossed eh?

Some very ingenous thinking there I like your thinking.

20k would be many months of rent- wouldnt it?

wheretoturn

lynzpower wrote:

Some very ingenous thinking there I like your thinking.

20k would be many months of rent- wouldnt it?

rental is very expensive in my area but it should still equate to around 2 years rent free! :j

wheretoturn

lynzpower wrote:

Some very ingenous thinking there I like your thinking.

20k would be many months of rent- wouldnt it?

Rental is very expensive in my area but it should still equate to around 2 years rent free! :j

lynzpower

:j :j

I hate to be the voice of doom on this one though ( youll get used to me finding the cloud - not the silver lining- if you hang around here long enough :rolleyes:) if he has the mortgage on the place, will he be able to pay that for such a while with no income from the place?

Have you looked into claiming back bank charges as well, if you are anything like me it should go some way to clearing debt?

wheretoturn

lynzpower wrote:

:j :j

I hate to be the voice of doom on this one though ( youll get used to me finding the cloud - not the silver lining- if you hang around here long enough :rolleyes:) if he has the mortgage on the place, will he be able to pay that for such a while with no income from the place?

Have you looked into claiming back bank charges as well, if you are anything like me it should go some way to clearing debt?

He had inherited a sum of money and used that to buy the flat and therefore doesn't have a mortgage on it.

I am also in a position of not having accrued any bank charges other than interest on the overdraft which I do not think is reclaimable - but I stand to be corrected.

wheretoturn

Just a quick update - more for me than anyone else really as it keeps me focused.

I have arranged to go to the CAB tomorrow to explain to them what is happening and to get any advice they can give. I have contacted an estate agency and they are visiting the property with the biggest mortgage on Thursday to give me a valuation and take sales details. I then have a get together with my old employer to ask about the flat. this is on Thursday evening.

I have also contacted my Mum and she is going to visit this weekend and I am going to let her know exactly what is happening. Prior to that I am going to speak to the local council and HA's where she currently lives to ask what sheltered properties are available.

I have cancelled Sky, sat insurance, the gym and spoke to my ex and have now reduced the maintenance to £300 and told her that if I don't get employment within 2 months it stops completely.

I have applied for at least 15 new jobs all of which are of a lower salary than before and have just finished writing a proposal for the company I met yesterday.

OK, nothing concrete yet but I feel much better now that I have faced facts and have some sort of plan.

Seaxwyn

Wow well done wheretoturn - what a turnaround since you first posted two days ago. Good luck with it and hope you can find a suitable new home for your mum.

wheretoturn

Seaxwyn wrote:

Wow well done wheretoturn - what a turnaround since you first posted two days ago. Good luck with it and hope you can find a suitable new home for your mum.

Thank you (and everyone else) for your comments. They really help me get and remain focused.

A turnaround? well, in attitude and plan maybe but not quite in situation yet. In saying that, I do feel much better in myself since making these decisions although I have no doubt I am not yet free from further angst and anguish. I think this could be quite a long and winding road!

BettiePage

wheretoturn wrote:

Well, I have made a list of outgoings for the month and quite frankly, it has frightened the life out of me.

Property 1 (mum living here)

Lender Type Secured Balance Payment
Halifax Mortgage Yes 10000 129
Halifax Loan Yes 13750 146
Halifax Loan No 12500 231
Halifax Loan No 10000 147
Total 46250 653


Property 2 (I live here)

Lender Type Secured Balance Payment
Northern Rock Mortgage Yes 204000 909
Alliance Loan Yes 1000 145

Total 205000 1054


Credit Cards

Lender Balance Payment
Amex 5500 50
LUFC 8000 200
Mint 9000 220
Goldfish 9000 200

Total 31500 670


Auxillary payments

Payment
Poll Tax 87
Sky - TV 65Get rid
Life Ins 30
Son 60 Whats this for?
TV licence 11
Food 250Too much
Petrol 200
Gas and elec 40
Mobile phone 90 Too high
Halifax ins 10
Talk talk 21
Sat cover ins 6
Maintenance 550
Gym 40Get rid
Car Ins 42
LVBS Loan 111
Total 1431


Total Out 3808

Just my twopennorth



Edit: My apologies, you've alreadyy made a start.

Bestthingsinlifearefree

Hi WTT,

Keep up the good work.

On the job hunt front have you tried these sites, they cover all industries / sectors / all locations.

https://www.reed.co.uk
https://www.planetrecruit.co.uk
https://www.jobsite.co.uk
https://www.monster.co.uk
https://www.totaljobs.com

Good luck ! Keep us posted.:T