I am new here and have a huge dilema and I was hoping someone would have advise. I was asked to go back to work by my husband after I had our second child who is now 1 and my first is 2. This was after we borrowed 14,000 from my parents. I work 6 days a week at least 10 hours a day not to mention driving to pick up or drop off my stepson to school 3-4 days a week 45 minutes away from our home. This limits my time to work on certain days. We own our own business so my husband is tied down to the shop all day but to pick up the 2 and 1 year olds from the babysitter. I only make enough money to pay the babysitter 290 a week (for both for 5 days). Our mortgage is behind again and I am working as much as I possibly can. I dont know what to do. The shop is prosperous and making money, but it seems like there are too many bills. The problem is there really isn't. My marriage is in jeopardy and I am consistantly looking behind my back for something else to slap me in the face.
The house is the only thing on my credit that is reflecting badly at this point and i can't even get a loan to pay it up and pay off my parents. I paid off all of the negetively reporting factors in Nov of last year but my score has not improved because of the mortgage. I dont know what to do im soo stuck in this spiralling downward spiral. I really dont want to lose the house. What can I do to help this situation? I have no one I can turn to for help anymore and I dont have the heart to tell my parents.
Find the heart to tell you parents...it's not their responsibility...but you would take the chance on borrowing more money from a stranger for the help....who will want theirs back immediately with interest...instead of asking your parents..who will probably be more understanding...I'm pretty sure they will help you of they know there is a chance of you and your kids with a roof over your heads...you need to get caught up on it..or sell it IMMEDIATELY....
You really need to have a talk with your husband and evaluate the business.
If the business is prosperous and you are just getting hit with a bunch of bills at once then that is a simple cash flow problem. If that is the case you need to get a business loan. It is also possible that you could ask your parents for money again.
If the business constantly has bills like this and it is always hard to get ahead and take any of the revenue from the business home then you have a business model problem and you two need to think of ways to make your business more profitable or to cut your losses.
Other questions to ask (though not the easiest options):
1) Could you sell the business (and for how much)?
2) Are you and your husband skilled and otherwise employable if you sold your business?
3) Do your parents live close and could they babysit the children and thus save 290 per week?
4) The option of last resort is to ask, are you in too much house? Could you move to save money?