Husband not been paying tax for years

How can such a huge house be worth so little? Surely it will be worth nearly a million if it is so huge? 😮

Yeah I must admit, the rehab might’ve cost more than the Porsche 🫣

No she said they had 300k equity and 100k left

i I think she based that on purchase tbh - the house could be a lot more now

cant believe her mum paid for the rehab! I’m not surprised your sister is snooty with you as you’ve clearly been living beyond your means for years

Oh lol I must’ve missed that part! Bizarre.

Did you read the thread? It’s worth £400k 😂😂

True to a certain extent, but heating, maintenance, council tax, gardening etc can’t be cheap for an 8-bed period property with big rooms!

Guess it depends what it’s worth - is it £1m of house or £2.5m…? If the latter, definitely worth selling up to release equity. If the former, then stamp duty might eat into the equity you release.

What job does he do now that's earning 130k. Does he pay tax on those earnings. You need to sell the house and downsize, your son may want to move out anyway. Sell the porch, get a job and both start taking the responsibility of paying back the debt.

Because he’s trying to pay HMRC back a massive payment plan? Plus trying to pay the tax lawyer according to op. It all makes perfect sense, these are substantial commitments

Ah, I see. I was thinking of the government trust fund accounts which I don't think even exist anymore.

He earns £130k a year and your mortgage is £100k, yet he has had to pawn a watch to pay some expenses? It's not adding up at all!

You need to ask to see bank statements OP, where are all his wages going? It should be around £7000 a month? Why is he so broke, THAT is the question you need to be asking.

Well her husband didn't, the same as lots of men!

This post doesn’t make any sense. They’ve only got £100k mortgage. It doesn’t matter what size the house is if the mortgage is so small does it?

of course they can sell the house releasing the equity to pay off the debt. But that doesn’t actually impact the cost of their living the expenses, unless they end up needing to take out another mortgage or pay rent.

If he’s earning £130k, his take home is £6.5k per month (after paying income tax, NI, pension etc)!!

This really isn’t mansion and Porsche money if he’s supporting a family. Sorry OP but even if you didn’t have the debt, you’d need a big lifestyle change. You’re also going to be paying off mega debt, so really need to cut back.

Think outside of London in a nice-ish but not super posh area, 3 bed Victorian terrace house, small garden, one small car. This is what you should be planning for.

Getting into unmanageable debt is forgivable. The betrayal of your son is not.

Sell the house, move further north, sell the Porsche, pay the tax and give your son back his savings fund.

Agreed - Yang this is a situation they can get out of so focus on the positives with him

you should never get involved with a financial or tax scheme you don’t understand. If it sounds too good to be true then it most likely is!

although in this case it obviously wasn’t a scheme

I agree with this. Absolutely noone should feel suicidal due to tax debt but it’s not only common, it actually happens.

it is only money and it can be sorted. He’s at increased risk of psychosis and stroke/ heart attack from the stress.

Bankruptcy? Iva?

Rehab is expensive isn't it ? Op and her husband have been living way above their means for years , happy to accept money from her mother who now needs her savings to survive.

LTB then you are safe from this absolute tosser

Please be careful OP, I am concerned your husband's mental health could be at risk and he could end up doing something on impulse which cannot be reversed and have devastating consequences.
Tell him to come home and you will sort it out together, at the end of the day it is only money and it can be sorted.

If it’s not enough to buy a house then they will have to rent

i I can’t decide if this is a thread to counter the benefit cheat ones and prove every part of society is ripping off the state tbh!!

You can buy 8 bedroom houses for not a great deal in some parts of the UK, you know! We looked at buying one for about £120K a decade ago!

They need to sell the car, and the OP needs to get a job, but I don't see why you're doubting this is a serious thread.

An 8 bed house anywhere in the UK would raise enough money to pay the debt and still have enough left for a very nice house.
If it's not mortgaged you could raise a mortgage over ten years to get the money, then sell.

@Shitsinthepost77 what kind of jobs have you been applying for? Ones that you did previously? If so, I can understand why you don't get interviews due to your long career break. So, if I were you, I'd look at doing one or more of the following:

1. Self-employed housekeeper or cleaner
2. Turn 3 or 4 of your bedrooms at home into B&B, for the loaded oil industry people that come to the area
3. Supermarket - some such as Lidl pay more than minimum wage
4. McDonalds - again, pays more than minimum wage
5. There is hospitality, but will be hard to earn about minimum wage, departments such as housekeeping
6. Exam invigilator (only twice a year though, so you'd need other employment too)

If you're earning money again, albeit a small amount (£20-30K), you can start to replenish your son's trust fund as well as some of your household bills, while your DH concentrates on aggressively paying down the debt. Your DH will need to be fully transparent from here on in and SHOW you everything, you need to see that his company's money IS actually paying the debt down. No more putting his head in the sand. You CAN get through this together, but he needs to be open and honest. Try watching some Dave Ramsey youtube videos, there are plenty there on paying off this level of debt. If you BOTH work hard at it, you could probably get it paid off within 2 years BUT I know HMRC usually won't wait for their money, so obviously your solicitor can give you the deadline. Get rid of the bloody Porche and every penny from it's sale can go towards that debt.

A charge on the house would make more sense. Surprised this hasn’t already happened