Could really please do with some advice.

Kenboon123 · 15 September 2019 at 9:33AM

I'm really hoping you can help guys!

I'm in the process of folding my Ink Cartridge business after 12 years. In total my business and myself owe £32500. I was looking to release equity from our house as we're very lucky we only owe just under 2k on it now. I work part time as a Caretaker (16 hours a week), Football coach (Zero Hours Contract) and do Window Cleaning. But I've only been doing the coaching and Window cleaning for about a year. We went to the bank to remortgage the house to consolidate the debts - but they had to decline it because the only valid income at the moment is the Caretaker role as I've been doing that 2 years. The house is approximately worth 185k. Really not sure what to do or how to proceed

My other half will be a joint applicant btw. She earns about £1200 after tax.

Any help would be great!

Thanks in advance.

Kind Regards,
Ken

[Deleted User] · 15 September 2019 at 9:44AM

Go to the DFW boards for advice on cutting costs and other options.

Consolidation isn't an option for you in your circumstances.

Kenboon123 · 15 September 2019 at 10:04AM

Thanks for your reply!

NeverendingDMP · 15 September 2019 at 11:10AM

Will you pay tax or will you earn less than tax allowance. Not quite an answer to your question but if you earn less than the tax allowance you can swop some of it to your wife to reduce her tax bill. Might help with cash flow in the short term.

Kenboon123 · 16 September 2019 at 10:36AM

[FONT=&quot]Thanks I at the moment earn about 12K

I really did think we would be able to mortgage the house as that ends next year. My mrs has a great credit score - but mines now bad! So we're thinking about getting a personal loan on her side over 7 years to pay all the business overdraft and other costs off. Then I need to make about £300 a week to pay my debts off over the next few years. I also lease a car which is going back in March - so that will bring it down too. [/FONT]

[FONT=&quot]Do you guys think that's the best course of action?[/FONT]

[FONT=&quot]Thanks so much again![/FONT]

[Deleted User] · 16 September 2019 at 10:42AM

Neither of your credit scores are of any relevance. It's about how a lender assesses your risk and affordability.

Both of you appear to have fairly low incomes, which will make getting a further loan difficult, especially given the high risk nature of consolidation.

More credit doesn't look like the answer to your problems, but more effective money management.

Kenboon123 · 16 September 2019 at 11:17AM

Thanks for the input

Kenboon123 · 17 September 2019 at 6:33AM

Been up all night

Do you think a debt management plan may be the way to go?

onwards&upwards · 17 September 2019 at 6:53AM

Have you posted on debt free wannabe yet?

Kenboon123 · 17 September 2019 at 8:27AM

Thanks for the help. No! I'll post later. I'm very thankful for the replies!

Could really please do with some advice.

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