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Should we sell to clear debt?
Comments
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Thanks everyone
This is what my husband says - dammit I hate it that he's always right!
We can't get a mortgage because of the debts, only some of which are against the business and we can't afford to pay ourselves enough on paper to get a mortgage anyway.
Our business is very near our house and we love what we do so we are very blessed in lots of ways.
I'm really grateful for the kindness of strangers in helping me clear my thoughts. :-)0 -
Maybe it's time for one of you to consider getting a job outside your business, if it isn't profitable enough to pay you both a realistic amount?0
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We both work in the business full time so if one of us went and got a job, we'd have to employ someone to work for us. It is something we've thought about and I would look at doing this if things became properly tight.0
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You're in £70k of debt which you can't afford to refinance, and live hand-to-mouth, with your income barely keeping on top of the debt repayments and basic living expenses.We both work in the business full time so if one of us went and got a job, we'd have to employ someone to work for us. It is something we've thought about and I would look at doing this if things became properly tight.
What do you classify as "properly tight"?0 -
Whilst I agree that you should sit tight, there is a whole board here dedicated to debt and getting out of it. The people there will have practical solutions and lots of experience themselves.
https://forums.moneysavingexpert.com/forumdisplay.php?f=76
If you ask the same question, you will get a similar overall answer, but with help to stop you feeling so bad right now and work your way out of it in a manageable way that doesn't suck the life out of you.
Everything that is supposed to be in heaven is already here on earth.
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Is it not possible for you to remortgage, in order to clear your loans?
Presumably you'll be paying a much cheaper rate on the mortgage than on the loans. The ability to pay the loans back over the term of a mortgage will also bring your monthly payments down.
Have you checked this properly - e.g. by speaking to a mortgage broker? Don't just rely on your current bank.0
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