I am going to sell my house and rent it back.

Karmacat

Hi Mr SP

Fishface has said it beautifully, do read it through if you can. I know it makes hard reading.

We all know that £200 feels a fortune, but if you're looking at it like that, your house is worth ten fortunes. Don't give up at the last fence!

Just read your post immediately above mine - I'm so sorry things are so bad for you both. Are you talking with one another?

seven-day-weekend

Do you have a spare room for a lodger?

Toto

Mr spangle, you're not listening to some fantastic advice. Please can you give us the details we are asking for, what sort of mortgage do you have, interest only or repayment, also how old are you? this is an important question because there are options which are age related.

We're trying to help you but it's hard because you keep ignoring our questions.

Somerset

Mr_Spangle_Pants wrote: »

My statement:

Mortgage 950
secured 225

Those are the killers - how much is the £ of the mortgage & secured loan ? Repayment or interest only ? Any penalties or early redemption fees payable ?

I know you are sef-employed but any possibility of re-mortgaging to change those numbers ?

cat4772

Mr SP,

You asked early what's the difference between a house and a home:

there's really 3 types of accommodation:
1 - A house) this is just bricks and mortar, you have indifferent feelings aobut it; not happy to be there, not unhappy to be there, the house exists without touching your heart or soul. my last house was exactly that, neither welcoming, nor soothing.
2 - a home) this is where you feel safe, secure and happy. Your POSITIVE feelings are engaged in connection with this accommodation. Given a choice you would rather spend time here you feel happy and safe here and this reinforces the feelings and memories. I live here at the moment, my childhood was filled with these homes (parents, grandparents etc)
3 - a prison) this is where you feel trapped and unhappy. Your negative feelings are engaged in connection with this accommodation. You are happy outside and away from this accommodation. (I was trapped and unhappy when I lived with the wrong person, with the wrong friends in the wrong city - I became quite ill in this place)

Is there any chance you could take in a lodger or two to help make ends meet? anything else you can do to increase income?

I'm being really nosey now, what do you use your workshop for? is that something that can be used to generate income?

Good luck,

Cat.x

rog2

Mr_Spangle_Pants wrote: »

Somebody out there must have something positive to say about these companies?

No Mr S_P - here's what the BBC's Watchdog has to say about it:

http://www.bbc.co.uk/consumer/tv_and_radio/watchdog/reports/consumer_goods/consumer_200710102.shtml

On the other hand, most of us 'out here' would dearly love to help you find a suitable solution.

opalfruits_2

Mr Spangle Pants, perhaps you are focusing on the wrong thing here.

If your household income is from your wife's salary, and you are making little, if anything, as self employed, surely it would make more sense to wind up your business and look at becoming an employee with a regular wage.

(Land_of)_Maz

opalfruits wrote: »

Mr Spangle Pants, perhaps you are focusing on the wrong thing here.

If your household income is from your wife's salary, and you are making little, if anything, as self employed, surely it would make more sense to wind up your business and look at becoming an employee with a regular wage.

Exactly what i was thinking Opalfruits!

Sometimes people see owing their own business as such an important thing and yet aren't taking home a basic wage. Maybe you would be better to work for someone else using the same skills, sell the assets of your business off to raise some capital? - Whatever you are doing now is not making you money... maybe something to consider. Even if you don't sell the business assets (if there are any) you canstart bringing in more money with almost immediate effect.

You should be flattered that so many people want to help, this thread has really taken off. i know it can be overwhelming but there isn't one person on this type of website who will tell you what you want to hear, which is that they think you are doing the right thing. That just won't happen here, by the very nature of this website. But lots of people with similar experiences and none of them good, taht really speaks volumes.

Chin up Hun!

rog2

opalfruits wrote: »

If your household income is from your wife's salary, and you are making little, if anything, as self employed, surely it would make more sense to wind up your business and look at becoming an employee with a regular wage.

I know that this is, without doubt, an option that OP should consider. However, having been in a similar position of trying to keep my own 'failing' business afloat, I appreciate just how difficult the position in which he now finds himself is. I also know, again from experience, how difficult it can be to get regular paid employment after 'self-employment'.
Mr S_P - Take a look at my signature - my priority towards my business, rather than reality, was, definitely, the over-riding contributory factor to my bankruptcy.
Hindsight is, indeed, a wonderfull gift, and my signature could have been so different if I'd found DFW a year earlier.
However, the past can not be changed - I was declared bankrupt, by HMRC and my biggest worry was about losing my home, as it holds so many good memories for all of us.
Fortunately, and with a lot of help and advice from the guys (and girls) of DFW and the Bankruptcy Sub-Forum, we are, one year later, just in the final stages of purchasing my Beneficial Interest back from the OR. We have gone to a MAINSTREAM Mortgage Provider and have a normal repayment mortgage with NO nasty strings attached - and normal interest rates.
We are, I hasten to add, still living in our family home.
There was a solution for me and there is a solution for you - we just need to find it.

Emmzi

So.. clearing secured loan = £225 a month better off
Rent not mortgage = £200 a month better off.

If you walked into a call centre, shop, christmas postie etc job tomorrow, you'd be £200 a week better off. It may not be what you want to do, but needs must. Most of us have been there. You could do that part time, and workshop work part time, and still come out ahead AND keep your house.

What limitations are there on the kind of work you can do? Any physical problems?