Where do you start?

NoMoreExcuses

Evening all

We are finally at a crossroads (I think).

Today my husband had a day off from employed work and we went through some figures. Heres the story (if you can be bothered to stay awake :T )

We got a mortgage from a very dodgy IFA and remortgaged because we had our own company. This was a few years back and our penalty period is up next month. Our mortgage is £378k (interest only) we pay £2900 pcm (I know I know). We have personal debts totalling £70k mainly due to the fact that we did several months work for a company that owed us £93k and subsequently liquidated.

Our house has been valued today at £380k (average of 4 agents). Our take home is approximately £3200. (Obviously once the mortgage is paid there is naff all left). We have been trying to pay our creditors for the last year and robbing Peter to pay Paul with what bonuses my husband got.

We now are at the point where we cant pay everybody and I cant see anyone giving us a better rate (our current lenders have fins and sharp teeth ifyou know what I mean). We also have other halfs parents offering to remortgage and give us £20k to help....but where would that be best served?

Ive also heard that you can find a human to talk to face to face to help you through the legal quagmire. Anyone know about that?

My OH is pretty much in denial and I am having to look after 3 kids (12, 8 and 7 months), part time work and sort this mess out. I just dont know where to start....what to do next??

Please please help someone...I know its long winded but I just need to know what my next step is....

lynzpower

Do you still run your business now?

NoMoreExcuses

No. My oh is employed now and has been for over a year. his boss is happy to keep him on if made br. Thanks for coming back to me so quickly btw - and thanks for reading my long boring post!!

NoMoreExcuses

Any ideas? i know its complicated...

jobby_2

Sorry nomore, have no experience in houses etc as in rental but it sounds like you need some professional advice - would recommend CCCS - theres a link on here somewhere - they really helped us

I know its hard when you have to be the strong one, particularly with small ones but keep going someone will be along soon I'm sure with more help

allofadither

Hi there,

I'll try and offer some advice, but forgive me if I start by asking a question.

Have you sought any professional advice from any of the debt counselling charities like CAB, CCCs or Payplan? If not, they should be your first port of call as they will go thru the options of how you can deal with the debt.

You obviously have a lot on your plate and at this stage it must seem like an insurmountable problem. But there is always a solution, it's just a case of finding the right one for you.

There is a wealth of support and advice on this forum so hang around and hopefully we'll be able to help steer you in the right direction.:)