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AIBU?

to not want DH to put our house up for collateral to fund new business venture?

28 replies

Nanga · 06/08/2009 15:04

DH currently self-employed (recruitment) and business is slow. he's been buying and selling car parts on eBay as a side-line for a few months now and has been doing well - he's good at the wheeling and dealing and has found a definite niche.

He now wants to do this full time and has found a franchise opportunity. The thing is, it would require putting £75k against our house - we wouldn't have to actually find the money, but if the business failed, we would have to pay up.

Finding £75k would mean us having to sell the house and downsize considerably(we have 2 kids and are bursting to the seams already) so this kind of risk is not to be underestimated.

So.. he wants to do this... I don't want him to do this - the very thought of it brings me out in a cold sweat. I'd rather he continued with his current job and try and ride out the recession. We're at a deadlock. What do we do?

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expatinscotland · 07/08/2009 22:19

Some people don't know they're born, either. Does he have a clue how lucky he is to even be able to buy at all? Guess not if he's willing to throw it away like that.

No way!

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SparkleandShine · 08/08/2009 06:57

just one other thought - I invested £75k in my business (although I had the money) and it has taken 3 years of hard work to make it back and get into a profit - if he borrows against the house is he sure he can keep the mortgage repayments up? I was only able to pay myself after about 2 years trading and I have a pretty successful business.

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StillSquiffy · 08/08/2009 07:24

I have two brothers who have their own business and who have been teetering on the edge for almost a year now because of the recession. They are hard-working, solid, down to earth guys who think nothing of working round the clock if needs must.

And they are both living with the knowledge that this month, next month, the month after, they could BOTH lose their homes. If their business fails they go straight down to nothing.

What's the franchise? Most are very very poor value, some can be very good.