B
bambina
Guest
Hi guys,
Not sure who can help out on this one, if anyone, its messy
I am a director of a company I set up in May with 2 others and am on 50,000 per annum gross. I left a 60,000 gross job in May because this property developer was in financial ruin and has since gone bust. It was a good idea at the time to move
I am the only employee of this new company, the other 2 have their own businesses and are only involved as it's a 'you scratch my back I scratch yours' operation. We got a good bit of business and have survived by paying all overheads and my salary until end of this month.
However, I go on maternity leave in November and the other 2 have just told me that I'll be getting no salary in the meantime and I've to survive on the state benefit of €280 per week as there is no new business coming on stream that we can forsee and I can't chase new business now because its only 6 weeks away til I go on leave.
As we had all put in an initial directors loan of 2,000 each, I assumed we would be either getting this back by now or they would put in some additional funds to pay some part towards my salary- but no.
They also want me back to work within 10 weeks of baby being born and I've been advised by doc that I should be taking the majority of the 6 months off. Even if I go back in 10 weeks, there is nothing to say I will be getting paid by this company as it'll be my job to bring in the new business and there'll be nothing in the pot so to speak.
The big problem is, I hadn't anticipated this, I haven't been saving the last 5 months to put towards my mortgage and loan repayments. Furthermore, my OH and I are moving in together and he has taken serious cuts and this week didn't get paid! His job (family biz) says there's no money there to pay him and he may have to go on social welfare.
Sorry for the long windedness. Here are the monthly payments I have to meet:
I am earning 3122 per month NET right now so meeting my repayments hasn't been a problem. But it will be in about 6 weeks time
Own Mortgage (my name only)
€951 per month over 31 years with INBS,
total mortgage outstanding is €240,000
house worth about €250,000 now (if even)
Investment Site (in both my name and brothers name)
mortgage of €80,000 or monthly repayment of €497 and we've 17 years left to go.
Now its only valued at 15,000 as its agricultural land but has good future potential and don't think selling now is even practical
Personal Loan
€311 per month 18 months left. Total is 5,500 balance
Secret Loan
€250 month to my mum as she topped up her own mortgage to give me the deposit on my house when I bought it 4 years ago. I pay her this each month. I am going to be paying this until her mortgage finishes in 9 years
Credit Card
€3250 is outstanding and I put aboiut 200-300 off this each month depending
I also have some nixers which have brought me in about 500 net per month but this is also going to dry up until Feb/March as I physically won't be able to continue until then
Other Half was going to give me €500 towards the cost of mortgage and split bills ie gas, esb etc but he earns about €1600 net per month and so he can't possibly pay for my mortgage or there won't be anything left to live on. He also has a hefty personal loan of €10,000 also
I don't know what to do, should I go to MABS? I don't know if SW will help with mortgage if OH is working. I have asked building society about refinancing but they would need a house valuation of 280,000 which isn't possible and aren't prepared to go interest only. They suggested a 6 month break option and will rollover the interest onto mortgage after 6 months
Oh god help us, I may just go into early labour if I worry about this any more, can't sleep and I'm afraid to even buy groceries
Not sure who can help out on this one, if anyone, its messy
I am a director of a company I set up in May with 2 others and am on 50,000 per annum gross. I left a 60,000 gross job in May because this property developer was in financial ruin and has since gone bust. It was a good idea at the time to move
I am the only employee of this new company, the other 2 have their own businesses and are only involved as it's a 'you scratch my back I scratch yours' operation. We got a good bit of business and have survived by paying all overheads and my salary until end of this month.
However, I go on maternity leave in November and the other 2 have just told me that I'll be getting no salary in the meantime and I've to survive on the state benefit of €280 per week as there is no new business coming on stream that we can forsee and I can't chase new business now because its only 6 weeks away til I go on leave.
As we had all put in an initial directors loan of 2,000 each, I assumed we would be either getting this back by now or they would put in some additional funds to pay some part towards my salary- but no.
They also want me back to work within 10 weeks of baby being born and I've been advised by doc that I should be taking the majority of the 6 months off. Even if I go back in 10 weeks, there is nothing to say I will be getting paid by this company as it'll be my job to bring in the new business and there'll be nothing in the pot so to speak.
The big problem is, I hadn't anticipated this, I haven't been saving the last 5 months to put towards my mortgage and loan repayments. Furthermore, my OH and I are moving in together and he has taken serious cuts and this week didn't get paid! His job (family biz) says there's no money there to pay him and he may have to go on social welfare.
Sorry for the long windedness. Here are the monthly payments I have to meet:
I am earning 3122 per month NET right now so meeting my repayments hasn't been a problem. But it will be in about 6 weeks time
Own Mortgage (my name only)
€951 per month over 31 years with INBS,
total mortgage outstanding is €240,000
house worth about €250,000 now (if even)
Investment Site (in both my name and brothers name)
mortgage of €80,000 or monthly repayment of €497 and we've 17 years left to go.
Now its only valued at 15,000 as its agricultural land but has good future potential and don't think selling now is even practical
Personal Loan
€311 per month 18 months left. Total is 5,500 balance
Secret Loan
€250 month to my mum as she topped up her own mortgage to give me the deposit on my house when I bought it 4 years ago. I pay her this each month. I am going to be paying this until her mortgage finishes in 9 years
Credit Card
€3250 is outstanding and I put aboiut 200-300 off this each month depending
I also have some nixers which have brought me in about 500 net per month but this is also going to dry up until Feb/March as I physically won't be able to continue until then
Other Half was going to give me €500 towards the cost of mortgage and split bills ie gas, esb etc but he earns about €1600 net per month and so he can't possibly pay for my mortgage or there won't be anything left to live on. He also has a hefty personal loan of €10,000 also
I don't know what to do, should I go to MABS? I don't know if SW will help with mortgage if OH is working. I have asked building society about refinancing but they would need a house valuation of 280,000 which isn't possible and aren't prepared to go interest only. They suggested a 6 month break option and will rollover the interest onto mortgage after 6 months
Oh god help us, I may just go into early labour if I worry about this any more, can't sleep and I'm afraid to even buy groceries