M
Moneyissues
Guest
Hi
This is my first post. Hoping somone can help.
My husband is self employed but its no longer viable as he is making a substantial loss every month. He needs to get out asap (possible job opportunity coming up) The issue is we are left with a truck (loan balance approx €20k) and a revenue debt of €20k. We simply cant pay both of these debts- small house/big mortgage, basic salaries, cteche fees etc. We are barely keeping above water as is.
So my questions are:
Can we hand the keys back for the truck and default on the loan. How long does a bad credit rating last??
I know revenue have to be paid but does anyone know if theyll accept the minimum repayments?
This debt will take years to pay off so i suppose i just need some advise.
Thank you
This is my first post. Hoping somone can help.
My husband is self employed but its no longer viable as he is making a substantial loss every month. He needs to get out asap (possible job opportunity coming up) The issue is we are left with a truck (loan balance approx €20k) and a revenue debt of €20k. We simply cant pay both of these debts- small house/big mortgage, basic salaries, cteche fees etc. We are barely keeping above water as is.
So my questions are:
Can we hand the keys back for the truck and default on the loan. How long does a bad credit rating last??
I know revenue have to be paid but does anyone know if theyll accept the minimum repayments?
This debt will take years to pay off so i suppose i just need some advise.
Thank you