Is Plastic Worth More Than Bricks
Discussion
Hi All,
Got a dilema and I'm about 2/3rds of the way in which I think I'm going, but a little bit of advice may help me?
I've had my own business and to cut a long story short, it has gone pear shaped, no bugger nowadays want's to pay for works done, they are all looking for excuses why not to pay, I've learned now, that as I cannot beat the system I may as well be part of it.
Back to the dilema, as I owe the bank a fair amount of cash, they have given me a deadline in sorting the thing out.
Do I sell the Tuscan or the house? both pieces of kit are being talked down at the moment and which one do I sell and buy back when the bottom has finally been reached?
The house in question is a retirement home bought quite some years ago and would solve the £ probs, and let us enjoy the car which fulfills all our desires while we are young enough to enjoy them.
Sorry about the length of the query and I think I know which way we are going, but as I said do we have the enjoyment NOW or LATER?
Best Regards
James & Marie Sim.
Got a dilema and I'm about 2/3rds of the way in which I think I'm going, but a little bit of advice may help me?
I've had my own business and to cut a long story short, it has gone pear shaped, no bugger nowadays want's to pay for works done, they are all looking for excuses why not to pay, I've learned now, that as I cannot beat the system I may as well be part of it.
Back to the dilema, as I owe the bank a fair amount of cash, they have given me a deadline in sorting the thing out.
Do I sell the Tuscan or the house? both pieces of kit are being talked down at the moment and which one do I sell and buy back when the bottom has finally been reached?
The house in question is a retirement home bought quite some years ago and would solve the £ probs, and let us enjoy the car which fulfills all our desires while we are young enough to enjoy them.
Sorry about the length of the query and I think I know which way we are going, but as I said do we have the enjoyment NOW or LATER?
Best Regards
James & Marie Sim.
Sorry to hear of your dilemma.
Has to be the car. A house will not generally depreciate in value whereas the Tuscan could be worth peanuts in a few years. Depends how much you need really, if the Tus will meet that you're ok otherwsie maybe a re-mortgage to raise some short term capital?
You can always buy the Tuscan back after the next owner has paid for the rebuilds.
Hope good times return to you soon.
Dave
Has to be the car. A house will not generally depreciate in value whereas the Tuscan could be worth peanuts in a few years. Depends how much you need really, if the Tus will meet that you're ok otherwsie maybe a re-mortgage to raise some short term capital?
You can always buy the Tuscan back after the next owner has paid for the rebuilds.
Hope good times return to you soon.
Dave
Sorry to hear your problem - but in many ways you are lucky that you have a couple of ways out of it!
The answer depends on a couple of things - do you owe any money on the car or the house? You say its a retirement home, is it for your retirement or do you have lots of little old ladies living in it?
Do you have another house you are living in? (which hopefully is growing in value)
So many questions, but hey, you asked
Nick
The answer depends on a couple of things - do you owe any money on the car or the house? You say its a retirement home, is it for your retirement or do you have lots of little old ladies living in it?
Do you have another house you are living in? (which hopefully is growing in value)
So many questions, but hey, you asked
Nick
Thanks guys,
Our hearts or should I be more precise, mine's is telling me to keep the car, I feel it's the best thing in the present moment to give us that bit of something we deserve.
The house is our retirement home which is currently rented out at a lot less than what we could be realising for it, but I would rather have continuity with good tenants than messing about with chasing the best price.
Although I do owe a bit on the car,the house would see the debts off and let us start again, more or less from scratch.
It is a bugger and I realise I am better of than others, I wish I had a wife with my heart and not a bloddy head for what's right.
Best Regards,
James Sim.
Our hearts or should I be more precise, mine's is telling me to keep the car, I feel it's the best thing in the present moment to give us that bit of something we deserve.
The house is our retirement home which is currently rented out at a lot less than what we could be realising for it, but I would rather have continuity with good tenants than messing about with chasing the best price.
Although I do owe a bit on the car,the house would see the debts off and let us start again, more or less from scratch.
It is a bugger and I realise I am better of than others, I wish I had a wife with my heart and not a bloddy head for what's right.
Best Regards,
James Sim.
yellow peril said:
Sell neither, go limited & go bust, they can't get a penny off you.
I'ts worked for all my customers, that have done it to me
God....you are soooo right.....and doesn't it make you....
....
...
...
...//P//
You are both so right!! I have some friends that feel hard done by when they get paid 30 days end of month! I have some customers who regularly hit 60/90 days - does wonders for cash flow
Sorry to hear about your woes, had similer in the early 90`s - didn`t have a Tuscan though!
jamessim said:
Hi All,
Got a dilema and I'm about 2/3rds of the way in which I think I'm going, but a little bit of advice may help me?
I've had my own business and to cut a long story short, it has gone pear shaped, no bugger nowadays want's to pay for works done, they are all looking for excuses why not to pay, I've learned now, that as I cannot beat the system I may as well be part of it.
Back to the dilema, as I owe the bank a fair amount of cash, they have given me a deadline in sorting the thing out.
Do I sell the Tuscan or the house? both pieces of kit are being talked down at the moment and which one do I sell and buy back when the bottom has finally been reached?
The house in question is a retirement home bought quite some years ago and would solve the £ probs, and let us enjoy the car which fulfills all our desires while we are young enough to enjoy them.
Sorry about the length of the query and I think I know which way we are going, but as I said do we have the enjoyment NOW or LATER?
Best Regards
James & Marie Sim.
Priority one has to be to do whatever is right to look after the wife. Simple as that, and that probably answers your question.
Ditch the wagon as it is a financial millstone and you are not currently in a position to justify the ownership of such an asset. Ones you are back on your feet you can go out and buy something better. A small sacrifice.
You should also seriously consider selling a property. In situations like this you need to reduce any debt and take stock of working capital in order to permit you to start again.
If you cannot bring yourself to job out the retirement dream then ditch your primary residence and rent. This also alleviates any CGT liabilities which you would have on the non-primary.
By doing that you will massively reduce your economic risk profile going forward and come out the other side much quicker.
If there is a property slump then you have minimal exposure and if there isn't then the working capital you have freed up will allow you to buy back in at a later date.
Sorry to hear the news, I've been there and seen many others go there as well. Those who have held on to their toys and uneccasary assets didn't come out the other side.
Good luck.
Its difficult to offer advice without knowing the whole picture but I would say that if selling the car is enough to rid you of creditors then a) your debt isnt that serious in the grand scheme of things, and b) what on earth are you waiting for? Get it sold, its only a car!
You'd be mad to sell the retirement home if you dont really have to. Bricks & mortar should be seen as a long term investment and not something to sell on a whim to alleviate cash flow problems - especially if you have other, more liquid, assets you can get rid off first (i.e. car). Also, if letting the house is happily paying for any mortgage against it, then let it carry on doing so, its not costing you anything. Whereas the tuscan on the other hand is an expensive luxury in terms of depreciation and running costs that you can easily do without, especially if selling it would hold off the creditors. Its all down to how much you owe really as to what yo will have to sell. Whether you think you deserve the car or not, sometimes life just aint that fair.
Finally, I 'd say stop listening to us and get some advice from someone who knows what they're talking about
>> Edited by jam1et on Monday 11th October 16:47
You'd be mad to sell the retirement home if you dont really have to. Bricks & mortar should be seen as a long term investment and not something to sell on a whim to alleviate cash flow problems - especially if you have other, more liquid, assets you can get rid off first (i.e. car). Also, if letting the house is happily paying for any mortgage against it, then let it carry on doing so, its not costing you anything. Whereas the tuscan on the other hand is an expensive luxury in terms of depreciation and running costs that you can easily do without, especially if selling it would hold off the creditors. Its all down to how much you owe really as to what yo will have to sell. Whether you think you deserve the car or not, sometimes life just aint that fair.
Finally, I 'd say stop listening to us and get some advice from someone who knows what they're talking about
>> Edited by jam1et on Monday 11th October 16:47
Cheers folks,
Thanks for the advise, I liked Paulines but 2 wrongs don't make a right, I think both will have to go as the car only, will not resolve issue, the house would.
If both go I can start again on the bottom rung with enough change to still buy some happy plastic, my old S3 went up for sale at a giveaway price @6 months ago as the owner was leaving the Island.
I must add that I do not own my primary house here as when you get sucked into the rental market in Jersey it's very difficult to get out as the rents are exceptionally high.
Best regards,
James Sim
Thanks for the advise, I liked Paulines but 2 wrongs don't make a right, I think both will have to go as the car only, will not resolve issue, the house would.
If both go I can start again on the bottom rung with enough change to still buy some happy plastic, my old S3 went up for sale at a giveaway price @6 months ago as the owner was leaving the Island.
I must add that I do not own my primary house here as when you get sucked into the rental market in Jersey it's very difficult to get out as the rents are exceptionally high.
Best regards,
James Sim
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