Loan for business and life?
Comments
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However, my stepmom may be taking us to court to get more than she's meant to according to the will (which is already more than us
Now the will is very straightforward
Don't you believe it. (And you also left out - very expensive! Legal fees will eat into your inheritance)Right now I'm not working and only have money for a couple more months
Now I also own a £400k flat here in Central London, mortgage-free. So my only expenses are bills/taxes and life.
To top it off, I planned to use £100k from the inheritance money to open a company.
Now I wonder, in case this does go to court and will take who knows how long, what do I do? Since I have no income at the moment
Take employment.0 -
Now I wonder, in case this does go to court and will take who knows how long, what do I do? Since I have no income at the moment, I suppose borrowing may be out of the question? Do I mortgage the house?...
This is all very fun..
Thank you
Get a job. You'll need one anyway as you'll find out £1m doesn't actually go as far as you think it does especially if you want it to last into retirement.0 -
For everyone mentioning about a job - that's why I'm working to open a company
A job in customer service isn't something I can do right now - and it's the only one I would get in this country in current situation. I have a mental disability and my last customer service job caused a lot of damage. This isn't viable for me.
So I spoke to First Direct this morning and they heard my situation and mentioned loans or equity released mortgage. I've never been in debt and never took a loan before.
So I wondered what about other places and options.
I'd personally do anything to avoid the court. I'm not sure she would though although I'm sure lawyers would advise her to. My siblings and I also own the house she lives in now (she has another one) which is also worth about £700k each and she asked for an agreement that she can stay there for some time longer. If she decided to take all these issues forward then we will not sign that agreement pure and simple. We do have that bargaining chip... I really really didn't want to be dragged into all of this! Agh
I will use my previous thread advices and get an IFA to help with making the most of it once it comes in. I only worry what will happen until then though fully aware my siblings and I will try to avoid the court.. it's just that she's really gone about 20 steps too far, so far. It's not too late for her to go back. Fingers and toes crossed.0 -
For everyone mentioning about a job - that's why I'm working to open a company
A job in customer service isn't something I can do right now - and it's the only one I would get in this country in current situation.
I disagree. If you have the skill and abilities to start your own company then you have skills and abilities that would be attractive to a potential employer with a view to gaining employment.0 -
I understand you disagree, but I've spent months over months sending applications, and getting very few interviews, and no job. So no. I know my situation better than you do. Top it off with living in central London, seeking a creative job in an insanely competitive field everyone else in this country has more experience than me, and living with a mental disorder. Unless you've all these 3 factors, and you are me, I don't think you can judge.
I came here to ask a financial question, not to be given advice on unrelated topics anyway. I'm going through a very very difficult time and whether you can understand it or not - The only jobs I've been given an opportunity at are ones that do not take advantage of my set of skills and leave me at the point of suicidal. I've been there. I'm not going back to that. I will have money come in and want to use it smartly. I just need to know what to do until then. I don't see how a second mortgage isn't an option here? When there's a flat that's been paid for entirely and not tied up in any other way..0 -
I understand you disagree, but I've spent months over months sending applications, and getting very few interviews, and no job. So no. I know my situation better than you do. Top it off with living in central London, seeking a creative job in an insanely competitive field everyone else in this country has more experience than me, and living with a mental disorder. Unless you've all these 3 factors, and you are me, I don't think you can judge.
I came here to ask a financial question, not to be given advice on unrelated topics anyway. I'm going through a very very difficult time and whether you can understand it or not - The only jobs I've been given an opportunity at are ones that do not take advantage of my set of skills and leave me at the point of suicidal. I've been there. I'm not going back to that. I will have money come in and want to use it smartly. I just need to know what to do until then. I don't see how a second mortgage isn't an option here? When there's a flat that's been paid for entirely and not tied up in any other way..
You have no income to pay the repayments with, thats why.0 -
Taking a secure loan with my flat? A copy of the Will? I can do monthly payments from the loan itself, I'm not in debt. I've never been in debt and always always paid everything on time.
First Direct (my bank) mentioned an idea of an interest-free credit card for 1.5 years. They also said mortgage and a possible loan though I need to go to their experts0 -
Your better off getting credit cards and doing the monthly shuffle until you get paid out.
You wont get a loan with no income and no lender will consider your repayment plan using the money from the loan.0 -
Can you not let out your central London property which should yield maybe £2k per month if worth £400k and then move somewhere cheaper like the up and coming arty area like Margate Kent when you can rent for £600-800 per month and live off of the difference or assuming it is legal to do so is to form a limited company and sell your property to your limited company and pay it rent from the proceeds or doing so0
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Her share is bigger than ours.
The dispute is over £1.5million which is in a shared account belonging to her and my dad.
That sounds like she may very well have a valid point. You need to check the rules around jointly held accounts in the country your dad and his wife lived in.
In the UK, i’m Fairly sure that when one holder of a joint account dies, the other holder automatically becomes the owner of all the money in it and it does not become part of the estate, no matter what the will says. You should find out if this is the case In your dad’s country too, if it is you should just accept it and get your money now. All you’d do by fighting it is ensure you wait longer and get less in the end anyway.
Try posting on the ‘deaths and probate’ board, it’s part of the marriages and relationships category.0
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