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

kazwookie

MMOf2

Complain to the local council about the rowdy neighbours.

inmypocketnottheirs

Married_Mum_of_2 wrote: »

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?

I know how difficult it is getting paid from customers. The bigger they are, the bigger the problem.

What about alternative funding for the business? Factoring/invoice discounting for instance? This could get cash into the business, and if there is enough to pay your husband any salary arrears easing your personal finances into the bargain.

I have a lot of experience in this area, so if you need any help PM me and I will be glad to help. I have been in exactly the same situation before.

Dithering_Dad

Bit of a reality check... Here is MMo2's SOA from the DFW board:

Income
Salary - £3430
Tax credit - £510
Child Benefit - £74
Rent - £2383
Total Income = £6397

Outgoings
Mortgage - £2950
Rent - £2585
Other usual outings...
Total Outgoings = £6320

Easy fix - STOP RENTING A HOUSE AND PAYING A MORTAGE AT THE SAME TIME!!! THIS WILL GIVE YOU £2585 PER MONTH TO THROW AT YOUR DEBTS!!

Give me strength!

beingjdc

That's only actually an extra £200 net though, isn't it - they'd have to stop getting the rent on the mortgaged property to move into it.

Now, that may or may not be worth it depending how much the travelling costs and so on are. I guess the main house isn't big enough with a family to move back into and keep one lodger.

The mistake was not selling up last summer! But still they are where they are now, in negative equity. Maybe they could sue Kirstie Allsopp.

Captain_Mainwaring_2

Dithering_Dad wrote: »

Bit of a reality check... Here is MMo2's SOA from the DFW board:

Income
Salary - £3430
Tax credit - £510
Child Benefit - £74
Rent - £2383
Total Income = £6397

Outgoings
Mortgage - £2950
Rent - £2585
Other usual outings...
Total Outgoings = £6320

Easy fix - STOP RENTING A HOUSE AND PAYING A MORTAGE AT THE SAME TIME!!! THIS WILL GIVE YOU £2585 PER MONTH TO THROW AT YOUR DEBTS!!

Give me strength!

Those figures just cannot be right - you can rent a nice 3 bed semi where I am (and it is expensive) for around £1350 a month

£2300 PCM
FEATURES INCLUDE: DELIGHTFUL BRAND NEW TOWN HOUSE, 4 BEDROOMS, FULLY FITTED KITCHEN/BREAKFAST ROOM, 2 BATHROOMS (1 EN-SUITE), LOUNGE, DININGROOM, INTEGRAL GARAGE, OFF STREET PARKING."

£600K's worth of house.

beingjdc

Yeah, or come to Bermondsey, it's commutable to Hammersmith. Here's 3-beds for under £1500 a month.

http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=1&pid=1680685&agentid=10933

Might not want to bring up children here long-term, but hey.

PasturesNew

Dithering_Dad wrote: »

Easy fix - STOP RENTING A HOUSE AND PAYING A MORTAGE AT THE SAME TIME!!! THIS WILL GIVE YOU £2585 PER MONTH TO THROW AT YOUR DEBTS!!

Give me strength!

You'd think so, until you read the full SOA/thread and find out they are borrowing £3k from the business every month (Director's Loan) to afford the rent.

And downsizing their official income to under £500 so they can claim £500 benefits.

poppysarah

PasturesNew wrote: »

You'd think so, until you read the full SOA/thread and find out they are borrowing £3k from the business every month (Director's Loan) to afford the rent.

And downsizing their official income to under £500 so they can claim £500 benefits.

It's illegal for a company to lend a Director more than £5,000 in all but the most unusual circumstances.
Apparently.


But aren't benefits dependent on whether the business could be paying them? Aren't they getting the income from the company for the rent? That's got to be accounted for somehow

Horace

PasturesNew wrote: »

You'd think so, until you read the full SOA/thread and find out they are borrowing £3k from the business every month (Director's Loan) to afford the rent.

And downsizing their official income to under £500 so they can claim £500 benefits.

I noticed that too - thought that it was illegal to do that myself or maybe I am just too honest.

Without wanting to appear troll-like I think that the OP is a timewaster - she has had stacks of advice over on DFW but when suggestions were made she dropped the thread completely. Bet this one goes the same way until someone actually agrees and tells her what she wants to hear. No wonder her business is in such a mess:eek:

SouthCoast

I can do £2,750 a month for one of the premier locations on the south coast.

Excellent opportunity to secure an executive, duplex penthouse at the Hilton Metropole, offering magnificent views along the Sussex coastline.

http://www.rightmove.co.uk/viewdetails-20510081.rsp?pa_n=1&tr_t=rent