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Oh my God I'm in such a mess with my mortgage - please help
Comments
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You are on the right site, but I agree with snooze that you will get more practical help if you copy your original post and set up a new thread on DFW.
No actually people come HERE for practical advise and go to DFW for hugs.
The OP is screwed. There is no more practical help. There is no magic way out. Maths does not negotiate. Their only hope is to declare bankrupcy as fast as possible and hope they beat the rush that will, inevitably, result in the bankrupcy door being slammed shut very shortly.
Want to feel better, go to DFW for hugs. Want to save yourself? Go directly to the local magistrates office and declare bankrupcy. Don't waste time trying to find a way out, there isn't one and every day you wait is a day further in debt.
ACT IMMEDIATELY.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
I noticed that too - thought that it was illegal to do that myself or maybe I am just too honest.
I'm not an accountant, but...
As I understand it you can do this without tax and benefits consequences as long as you are taking out no more than you put in.
So it's not so much a Director's Loan as the business paying back the Director's original investment.
More than that and it becomes taxable, declarable, dividend.Hurrah, now I have more thankings than postings, cheers everyone!0 -
Rent £2585??? And all you get for this is a 2 bed shoe box?? Where on earth are you living?? You can rent a 2 bed reasonably spacious flat in Chelsea for this!!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
She ain't getting offer of hugs on the DFW board either!
I just noticed the £3000K was a loan too, Squatnow, I think your post was spot on. She needs legal advice and a good accountant."Wisdom doesn't automatically come with old age. Nothing does, except wrinkles. It's true, some wines improve with age. But only if the grapes were good in the first place." — Abigail Van Buren0 -
Married Mum of 2.. does your husband know you are posting on MSE? Is he discussing this with you or so caught up with trying to make the business work that you're trying to present him with solutions?:heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.0
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An SOA for the business would make very interesting reading.
Free business debt advice:
http://www.bdl.org.uk/0 -
Looking back at your postings you say you can't move back tot he house. As its in negative equity you can't sell it. The answer seems to be to go for voluntary repossession. By the time the lender sorts out the sale and comes looking for you for the difference you will hopefully be in better shape business wise. If you've got no other assets the lender will wait until you have before demanding money.
In the mean time go and rent somewhere cheaper and save money that way.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
No actually people come HERE for practical advise and go to DFW for hugs.
The OP is screwed. There is no more practical help. There is no magic way out. Maths does not negotiate. Their only hope is to declare bankrupcy as fast as possible and hope they beat the rush that will, inevitably, result in the bankrupcy door being slammed shut very shortly.
Want to feel better, go to DFW for hugs. Want to save yourself? Go directly to the local magistrates office and declare bankrupcy. Don't waste time trying to find a way out, there isn't one and every day you wait is a day further in debt.
ACT IMMEDIATELY.
Do you know what? For once, I actually agree with you SN :eek:
This is a horrid mess, but it's also a mess that is entirely down to the OP - there can be no blameshifting here.
When my parents started their own business, they paid themselves next to nothing - and I mean next to nothing! We all went without a lot of things for the first 2 or 3 years. They took a big gamble, but with a bit of frugal living and common sense, they turned it into a successful business. But it still took them about 7 years before they felt it financially viable to 'upgrade' their house (from a tiny ex-LA house in a crappy area to a big house in a nicer area). Anyone who recently started a business really shouldn't, in my opinion, be paying themselves (whether it's by taxable salary or dodgy directors loans) huge amounts or buying expensive houses before they've even established themselves properly. How do you even know if your business will be a success or not? I forget what the figures are, but I think it's something in the region of 1 in 3 businesses fail in the first 2 years (or something like that!) The trouble is people seem to think working for yourself is a passport to flashy living - it's not! It seems to me that the OP has done too much too soon - not that this is going to help her now though.
Perhaps i'm being too harsh - perhaps the OP really did have the best of intentions but is just lousy with money - !!!!!! happens I guess.
Sorry OP, but the only realistic option available to you is bankruptcy. You need to be rid of all this, look after your family and treat is as a hard lesson learned.
ps, on the SOA I noticed one of the debts was £2,000 owed to Next. I'm sorry, but I have no sympathy whatsoever with this one - why anyone needs to furnish their house/dress themselves/dress their kids from a expensive company like this is beyond me. My house is furnished with secondhand stuff, Ikea and Argos - and it doesn't look cheap and nasty either! Sheesh :rolleyes:0 -
SquatNow - I didn't mean to offend you or anyone. I was thinking more that DFW would help with day-to-day living expenses and mindset, which will still be an issue whether or not they go bankrupt.:heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.0
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Now that the SOA has come out, this thread is hilarious!!!!!! :rotfl: :rotfl: :rotfl:
SquatNow, I could not agree with you more ref post 32. The OP is on another planet and deserves everything they get, and more.
End of.
Next.
Rob0
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