Could do with some advice please.
DH jointly bought a commercial property with his cousin for business purposes. Bought for 105k and invested about 20k each in developing the property. My brother remortgaged his house to lend us the money! Business didn't take off at all. Tried to sell property but nobody willing to buy and we really don't want to make a loss. (Already lost a year's income trying to run business). Found someone to rent property at £200 plus per week plus 5k goodwill. This covers the mortgage that brother took out and paid off some money we owed people.The lease is for 6 years.
We also have 100k mortgage on our house to pay over 30 years we're living in. We're very hard working but our salaries are very small. Everything combined the debts seem never ending and no way out! Although we are managing at the moment I feel stressed just thinking about the debts.
I know there's no magic wand to make it disappear but is there any advice or even reassurance out there?
Please or to access all these features
Please
or
to access all these features
Discuss investments with other users on our Investment forum. For more advice read our tips for saving for your child's future.
Investments
want to be debt free...
2 replies
motherto4 · 18/04/2013 18:59
OP posts:
amicissimma ·
20/04/2013 18:34
This reply has been deleted
Message withdrawn at poster's request.
Please create an account
To comment on this thread you need to create a Mumsnet account.