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Hi Everyone
New to the forum so thought it would be useful if I gave you an idea of why I'm here...
On 9th May my business will close down after 7 very difficult years of trading. Despite our best efforts, my wife and I have been unable to find alternative employment, but we live in hope.
So on 10th May we are at the mercy of the welfare system
I am not in arrears with any of my creditors at this moment in time and never have been. I have contacted my mortgage company and they have offered me a 3 month holiday and have suggested that after 3 months they would look favourably at changing my mortgage to interest only. My hope is that the government 'Support for mortgage interest' scheme will kick in after the 3 months if we are still unemployed.
So onto my debts. I will have the following outstanding debts as of 10th May:
Business overdraft £10,000 (wife and I personal guarantors)
Credit card £7,000
Personal loan £4,500
Overdraft £1,500
I also have theoretical debts of £88,000 for remainder of business premises lease and £20 month for remaining year of mobile telephone contract.
I have opened a basic current account with a new bank.
My mortgage is for £120,000 and I had my house valued this week at £137,500.
We have no savings and no real assets other than my motorbike worth around £2,500. We have pretty much sold everything else of any value over the last couple of years to try and keep the business afloat.
I hope I haven't missed anything out and I'm sorry for the overlong post.
I would be most grateful if one or many forum members could suggest some sort of plan to start tackling the predicament myself and my wife find ourselves in.
I have decide to keep a diary of my Journey to Financial Freedom in the form of a Blog. I won't post the URL as I'm not sure they're allowed, but feel free to PM me if anyones interested.
Many thanks in advance.
New to the forum so thought it would be useful if I gave you an idea of why I'm here...
On 9th May my business will close down after 7 very difficult years of trading. Despite our best efforts, my wife and I have been unable to find alternative employment, but we live in hope.
So on 10th May we are at the mercy of the welfare system
I am not in arrears with any of my creditors at this moment in time and never have been. I have contacted my mortgage company and they have offered me a 3 month holiday and have suggested that after 3 months they would look favourably at changing my mortgage to interest only. My hope is that the government 'Support for mortgage interest' scheme will kick in after the 3 months if we are still unemployed.
So onto my debts. I will have the following outstanding debts as of 10th May:
Business overdraft £10,000 (wife and I personal guarantors)
Credit card £7,000
Personal loan £4,500
Overdraft £1,500
I also have theoretical debts of £88,000 for remainder of business premises lease and £20 month for remaining year of mobile telephone contract.
I have opened a basic current account with a new bank.
My mortgage is for £120,000 and I had my house valued this week at £137,500.
We have no savings and no real assets other than my motorbike worth around £2,500. We have pretty much sold everything else of any value over the last couple of years to try and keep the business afloat.
I hope I haven't missed anything out and I'm sorry for the overlong post.
I would be most grateful if one or many forum members could suggest some sort of plan to start tackling the predicament myself and my wife find ourselves in.
I have decide to keep a diary of my Journey to Financial Freedom in the form of a Blog. I won't post the URL as I'm not sure they're allowed, but feel free to PM me if anyones interested.
Many thanks in advance.
oh you'll fit in here just fine!
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