Hi Billythefish,
I wasnt comtemplating moving banks due to the decrease in wages, just wondered how open they would be to putting the business loan on interest only for 6 months? Do they recognise that the income has decreased and are open to renogiating something?
Asked to go interest only on my mortgage, but First Active said that interest only is not available on an offset mortgage and that I would have to change product and go through the whole mortgage process again, solicitors, valuation etc. I dont want to lose my tracker!!!!
He has some private work coming up, which would be a great relief. He had several jobs lined up prior to Christmas, but everyone got scared about their job security and started cancelling or saying we will leave it a few months.
We are planning on putting our house up for sale in the summer as we want to emmigrate, so just want to elevate the pressure for the short term.
Once we sell the house we will clear everything.
Hi Leghorn,
The business loan is not secured. Its in the limited companys name, however we are personally responsible for payment. Paying it out of his wages, until private work starts up again.
He had to get a job, as a customer bounced a 10,000 euro cheque and he had to do something fast.
Its hard enough with one wage coming in, and then trying to pay a big business loan on top of everything.
Im not working at moment, as I have a 4 yr old, 18 month and baby due.
I will try MABS, though I read there is a waiting list of a few months!
Cheers
Caz