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Desperate situation - need to borrow £50k
under_presure
Posts: 7 Forumite
in Loans
Due to neglect and carelessness I have a major liability to HMRC possibly around £50,000. I need a loan of this amount over 10 years which will be easily payable from my main job and part time business. In terms of assets I have:
1x house with Mortgage of £116500. The house is worth around £135000.
1x building site with full planning permission (and foundations) worth around £70,000 (owned outright).
60 acres of agricultural land maybe worth £90,000 (owned outright).
I would rather not have to sell the land and building site (would probably take a long time to sell as well).
Based in the above do I have any chance of a secured loan of £50,000 - would any lender consider all these assets when deciding? Any recommendations?
Thanks folks!
1x house with Mortgage of £116500. The house is worth around £135000.
1x building site with full planning permission (and foundations) worth around £70,000 (owned outright).
60 acres of agricultural land maybe worth £90,000 (owned outright).
I would rather not have to sell the land and building site (would probably take a long time to sell as well).
Based in the above do I have any chance of a secured loan of £50,000 - would any lender consider all these assets when deciding? Any recommendations?
Thanks folks!
0
Comments
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See a Financial Advisor."There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0
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Couldn't you set up a payment plan with HMRC instead?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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poppasmurf_bewdley wrote: »See a Financial Advisor.
Will call some tomorrow to see what they think0 -
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What will you do next year when the next tax bill drops on your mat?0
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jonesMUFCforever wrote: »What will you do next year when the next tax bill drops on your mat?
The £50k will also cover the tax due in Jan 20150 -
I doubt it but i'll consider it, whereabouts are you?0
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under_presure wrote: »....60 acres of agricultural land maybe worth £90,000 (owned outright).....
Are you sure? That's only £1500 an acre.Couldn't you set up a payment plan with HMRC instead?
HMRC will only agree time to pay where they believe you are genuinely unable to pay in full...As part of this process you are expected to investigate and seek other sources of finance and/or take action to restructure your business and/or personal affairs to enable you to meet your statutory tax obligations.
http://www.hmrc.gov.uk/payinghmrc/problems/cantpay.htm0 -
Be careful with hmrc - they often make people bankrupt if your not tickling their balls.
10 year loan to pay a tax bill. That's just madness!!!
You'd probably find one though with those assets.0
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