Oh my God I'm in such a mess with my mortgage - please help

AMILLIONDOLLARS

Dithering_Dad wrote: »

I can't stress enough that if I had paid £400k for a house, I certainly wouldn't let anyone force me out of it. I'd also have to say that if I started a business (and I have, by the way), I wouldn't let my customers get away with not paying. You need to stop being such a victim and fight back against your crappy neighbours and your crappy customers. Taking the easy route of running from your neighbours and letting your customers take the mickey is just going to get you into the bankruptcy courts.

Stop being bullied and stand up for yourselves!

Here here:T

Alan_M_2

Agree with other posters, get across to the Debt Free Wannabe board.

The most important factor in deciding what you do is likely to be the status of your husbands business, there are a lot of ramifications if He's either a sole trader or a Ltd Company, both need to be considered.

PasturesNew

Married_Mum_of_2 wrote: »

Thanks -

forgot to add to my first post that moving back into our original house is not an option because:

We wouldn't be able to pay travel costs to get DH to work
We hate the place
Daughter goes to a nursery here 2 hours a day, 3 days a week - we wouldn't be able to get her into somewhere near our old house for at least a year.
Husband might murder the rowdy neighbours!

You said it is your OH's business.

Is there any way he can doss down at the office 3-4 nights/week to reduce the travelling? While you move back to your house while it sells.

It means taking the 2 year old out of nursery, but you're at home full-time anyway so it isn't a necessity. And it's a cost.

You need to sell the house, at whatever you can get for it. Which will mean somehow getting an unsecured loan to cover all your borrowinmgs (no idea how people get unsecured loans or what the problems with that are).

If your OH is bunking down at the office, that will mean he'll end up putting in extra hours at the business, which might be a good thing if he's building the business.

Wht sort of business is it? How recession-proof is it?

Another idea might be to just sell the business, sell the house and re-group your family/finances and future with a fresh start all round.

Oh - and while you're at the original house, take in a couple of lodgers.

poppysarah

When you bought the house did you ask if there were any problems with the neighbours? If there was an official complaint between your house and neighbours and information was denied there may be a legal route...

pinkshoes

Could you not continue to rent the house out, then rent a 2 bedroom shoe box to save money and make up the mortgage arrears? You only NEED 2 bedrooms if your OH doesn't work from home.

How much is the mortgage, and how much would it cost to rent a 2 bed flat?

You should put your SOA (ingoings/outgoings/debts) on the DFW board, as people will help you cut back and live on the bare minimum.

You need to separate what you NEED (basic food, gas, elec, council tax, water), and what are luxuries in your life (nursary for your child etc...).

Could your OH not sell his business?

Married_Mum_of_2

It's just such an odd situation we're in.

The company on paper is doing really well, it's certainly not ready to be sold yet. (It's a retail company making and selling gadgets and toys, some well known ones) There are orders going through all the time and more products about to hit the shops - but we are in a time of recession and people aren't buying things for fun at the moment. There are also a hell of a lot outgoings to cover - everybody elses wages need to be covered before my husband can pay himself. And everybody's job there is essential.

But we haven't reached xmas yet. After Xmas we will really know how well we're doing and we're forecast to be in a good position then, it's just at the present time, things couldn't look any worse.

It's just a couple of creditors and our Mortgage provider aren't prepared to wait til then.

The house was a massive mistake - these things happen. The neighbours haven't forced us out at all -they were just the icing on the cake. OH was already having to spend nights in the office and he was never seeing his kid.

I wonder if the mortgage company or creditors could come and value our company and be assured that we are going to be in a better position in a few months time and to just get off our backs now?

Married_Mum_of_2

it is a 2 bed shoebox we're living in at the moment! we'd prob have to go get a flat - that's totally fine by me can't do that til end of august when our contract is up.

Conrad

One of my brothers went bankcrupt since the new 'easier' rules cam in - best thing he ever did. Now lives stress free with no debts. He then got a new mortgage just over 1 year later. No one took the car, no one sold thier TV and yes they carried on with a Baclays Bank account and at no time did anyone suggest he couldn't keep his business on a sole trader basis.

Best of luck

Tigsteroonie

MMof2 has already been on the DFW forum and posted this thread including her SOA, if any of you want to head over there and provide more advice ...

Conrad

No there's no chance of the mortgage company or creditors valueing your company and to be brutally honest he may be worthless in terms of selling it on now.

If it goes to a court repossession hearing you might pursuade the judge you need more time but be aware some of these legal eagles might not be up to date on the FSA's main customer protection principle, namely "TREATING CUSTOMERS FAIRLY" - you can download TCF and the 6 main customer outcomes from the FSA website.

Some of the Dragons of Dragons Den went bankcrupt prior to making it!

Your babe in the womb doesn't need stress right now!