Is this correct?
You have around €64,000 in unsecured loans in your own name.
You have very little income.
Your wife has a home and mortgage in her own name.
Has you wife an income or is she relying on family money?
Brendan
All Loans are secured
Limited company 90% me, 10% my wifeAre these businesses structured through Ltd companies, or as sole trader?
Does the business you won't be able to return to have much value to sell on to someone else? Are there assets that are linked to the loans?
Hi makooy
This is very confusing.
What are the loans secured on? What assets do you have?
"secured on" means for example, a mortgage is secured on a house. If the loan is not repaid, the lender can repossess the house and use the proceeds to repay the loan.
Term loan Amount outstanding €38970
Personal loan - amount outstanding €9200
The term loan is your biggest loan. Is the loan
1) In your sole name
2) In the name of makooy Limited
3) in the joint names of you and your wife
What is it secured on?
Brendan
I think you need to have a frank discussion with your wife. You have alot of debt that looks too much for your earnings (which dont look like it will improve in the short term).
You say the house is in your wifes name, but you are married so legally its now owned by the both of you.
I can understand your wife does not want to uproot while pregnant / move to somewhere else that might be deemed lower in value/prestige but you really need to discuss this.
It would clear all your debt, reduce your stress and give you the freedom to start again when you are in better health, by the way a new baby will add in alot of stress and joy into the mix both physically and mentally!
good luck!
i am unable to pay the sub contractors plus i have revenue and sheriff right up my backside,
Other loans and creditors -
Pension - monthly €250
Office Rent - €650
Revenue is about €2k, Sheriff €3k (postdated cheques) and sub contractors at this moment around €2,500How much do you owe Revenue, what stage is it at. How much do you owe sub-contractors.
Pension is an self employed executive pension I setup about 2 years ago.What is this pension and office cost.
Strategically I suggest
that your wife should resign as a director of the company, she needs to move herself as far away from the business as possible
Yes this is all correct, her parents have been considerably supportive with the house and other day to day financial support, my family are not in the picture.that you should try to keep the house, with a mortgage of somewhere between €50k and €114k and your wife income of €800 per week the mortgage is not excessive, that is before any support from father in law, or any future earnings you may have.
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