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Wednesday, July 13, 2011

Situation Financially for a stay of execution or resolution

Okay! mom told me today that a few people want to know our financial situation as it is now. I am so glad us dogs don't depend on money. Well here it is they have a loan on the house for $57,000.00 or £34.000.00 this loan they have paid for over a year at a rate of $1,170.00 or £700.00 per month. They still owe the same amount because the interest rates here are rising and very high normally.

Now for a stay of execution they need to pay off their credit card debt. They owe $4700.00 or £2800.00 the debt never diminishes because they are paying interest only and are more than three months behind right now.

Bank overdraft is around $7,300.00 or £4,400 if these two debts were eliminated then we would not need as much as we do right now to constantly pay the bill and it would give us breathing space to sell the house

In conclusion to pay credit cards off and pay off overdraft we need $12,000.00 or £7000.00

This would leave us with just the loan on the house to pay. We know it is almost impossible to raise this kind of money. We paid for dog food, medication, vet bills, and the loan with our credit cards. We live simply in a small house and drive a ten year old car. This is the depressing situation that has built up since January. If we could somehow get a stay of execution it would buy us time to sell our house .

Of course if we could eliminate the bank loan on the house then our cost of living would be cut in half. We intend to sell our property even if the loan was paid off because we need to move nearer to a big city where there would be business opportunities. We would buy a smaller house and start a business too. We have all the equipment for a restaurant including an English baked potatoe oven, crepe machine etc etc.

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