debt free wannabe (huge financial family mess)

late2024

What is good free budgeting app in the UK?
I know the Dave Ramsey one, but it doesn’t for for us.
Thank you.

enthusiasticsaver

There was a link to an soa on the first page of this thread. That is an essential first step.

https://www.lemonfool.co.uk/financecalculators/soa.php

kimwp

If you Google "MSE best budget app" you'll see loads of threads on the forum discussing budgeting apps.

Latest one is
https://forums.moneysavingexpert.com/discussion/6509361/best-simple-budget-app

late2024

Hello all,
A bit of an up-date.  I had the house valued and today or tomorrow (the latest) I need to decide whether to put it on the market or not. DH still not agreeing, but he is not saying 'no' either. Yesterday our debt adviser was very clear with us (DH) that he has to close down both businesses and we HAVE to sell the house.
I have spoken to a lawyer and they suggested to do a severance of joint tenancy, so that my 50% of the value of the house will not be affected by DH's debt.

Now: selling the house or not??? That's a hard decision to make. I feel everyone in the family is against the sale, but I also know we MUST do it.

DH is not considering looking for a job. He is rather considering closing both businesses and opening a new business... REALLY???? I AM PULLING MY HAIR OUT HERE!!!

MeteredOut

late2024 said:

Hello all,
A bit of an up-date.  I had the house valued and today or tomorrow (the latest) I need to decide whether to put it on the market or not. DH still not agreeing, but he is not saying 'no' either. Yesterday our debt adviser was very clear with us (DH) that he has to close down both businesses and we HAVE to sell the house.
I have spoken to a lawyer and they suggested to do a severance of joint tenancy, so that my 50% of the value of the house will not be affected by DH's debt.

Now: selling the house or not??? That's a hard decision to make. I feel everyone in the family is against the sale, but I also know we MUST do it.

DH is not considering looking for a job. He is rather considering closing both businesses and opening a new business... REALLY???? I AM PULLING MY HAIR OUT HERE!!!

Do these business actually cost money, or are they just not bringing in any income?

If the latter, as a compromise, could he get a job and work on the business in the weekend/evenings?

RAS

Who is everyone in the family who is against the sale?

What does your mortgage provider say? Are they prepared to suspend repossession until you can get the house sold?

Does OH understand that it's either sell or lose the house from repossession? You need his signature to engage the EA and to sell, unless you can get him to give you power of attorney.

With regard to severance of the tenancy, it protects 50% of the value. The important thing is that you can do that unilaterally.

But you need to think realistically about your marriage and your children and whether buying a new house together is going to be a good idea long term. By the sounds of it, you would be capable of financially keeping a roof over your head and that of the children, but if push came to shove and you separated, would the teens want to live with mum or with dad? 

If you divorce then the courts look at the entirety of the marital assets, so both your pensions (their full value not what they might generate), his debts, the equity in the house. You can do some back of a fag packet estimates. 

If the children live with you, you'll probably be granted more than half. If you think they would both go to live with dad, it could be less than 50% and and you'd be responsible for sizeable CMS payments. 

A bit much to consider but spending £xxk moving into a new house only to then break up could be expensive in a couple of years.

_Penny_Dreadful

This situation is as clear as mud.  Last month it started with your husband having two failing businesses and you not earning enough to support a "high mortgage".  Then it transpires the property is in the process of being repossessed by the mortgage lender but the mortgage is only 20% of the property's value.  That's a low LTV so how much is the property worth that a 20% LTV mortgage is high?

Have you been prioritisng non-priority debts e.g. credit cards over priority debts such as the mortgage?

Who is your debt adviser?  Is it someone from a debt charity such as Business Debtline since your husband is self-employed?

I don't see how severing the joint tenancy and to become tenants in common is going to help at this late stage.  As I understand it with jointly owned properties, whatever the nature of the joint ownership, creditors can only apply for restrictions and not charging orders.

TheAble

late2024 said:

Hello all,
A bit of an up-date.  I had the house valued and today or tomorrow (the latest) I need to decide whether to put it on the market or not. DH still not agreeing, but he is not saying 'no' either. Yesterday our debt adviser was very clear with us (DH) that he has to close down both businesses and we HAVE to sell the house.
I have spoken to a lawyer and they suggested to do a severance of joint tenancy, so that my 50% of the value of the house will not be affected by DH's debt.

Now: selling the house or not??? That's a hard decision to make. I feel everyone in the family is against the sale, but I also know we MUST do it.

DH is not considering looking for a job. He is rather considering closing both businesses and opening a new business... REALLY???? I AM PULLING MY HAIR OUT HERE!!!

From your posts at the end of last month it sounds like it's either sell the house or the mortgage lender will repossess it.

Your OH will presumably have a tough time starting a new business without any capital.

ManyWays

who is your debt adviser and who is your mortgage lender?

late2024

ManyWays said:

who is your debt adviser and who is your mortgage lender?

Business Debt Line (excellent service, strongly recommended) and Lloyds Bank.