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Grahame
Starting Member
United Kingdom
2 Posts |
 Posted - 16 March 2009 : 13:27:15
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Hi,
I have been lurking here for some time, trying to work out the best way out of my problems.
I am married and self employed, running two business for several years. Things have always been tight and about two years ago I tried to start another business through a franchise. This was a limited company. This was a disaster and I earned next to nothing from the company.I lost approx £15,000 on the business.
The new company took up much of my time and my self employed businesses suffered as a result.
I started to use credit cards to keep everything going, robbing Peter to pay Paul. After the limited company failed, I tried to increase my income on the self employed businesses with limited results, but things are improving as my efforts are bearing fruit, all be it slowly.
My business overdraft was increased to £7,000 and I have a bank loan which amounts to £8,000.
I have six credit cards and the balance outstanding is £25,000.
I also have a car which is on HP and valued at around £3,500 but is on HP with 28 months to go. (Needed for work as I do in excess of 20,000 miles a year, visiting homes and offices).
I have a caravan that is also on HP value £6,500 with 3 years left to pay.
All the above debts are mine and not my wife’s.
We do have a joint account that has an overdraft of £3,000.
We have a house which has a joint mortgage of £110,000. In the current climate the house is worth approx £135,000 to £140,000
My wife works at a nursery and has her working week cut down from 5 days to three.
In view of the above, I have considered an IVA, but my income does still vary a lot. I have also considered trying to negotiate for a payment reduction and freeze of interest on the credit cards, but I don’t know if the credit card companies would be that helpful in my situation.
I have spoken to the mortgage company and they have sent some forms to me to apply for a payment holiday of 6 months.
To say I feel a failure is an understatement. I didn’t want to become self employed, but it was forced on me by the loss of my job in 2000 and the lack of decent paying jobs in my area. I am now 58 years old and it is somewhat difficult to find alternative employment that pays a living wage at the moment, so I need to carry on doing what I am in the hope that things will pick up, despite the current economic climate.
If I have to go bankrupt, I was hoping that my wife does not need to as the debts are, in the main, in my name.
I would appreciate any advice you can give as to what I should do.Sorry that this has been such a long post!
Thanks
Grahame
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 16 March 2009 : 13:33:14
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The best advice i can offer you at this moment in time is to seek profesional advice with regard to an IVA by speaking to an Insolvency Practitioner, you can look on our sister site iva.co.uk and contact one of the highly recommended IP's on there or look at iva.com read some reviews and speak to a couple of IP's that way - they will provide full advice with regard to your personal circumstances and talk you through all the options available to you. Alternatively contact one of the experts on here by telephone and they will go through everything with you.
Hope this helps
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 16 March 2009 : 14:40:08
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Hi
I would echo Melanie's advice but would disagree with the need to look on the IVA.co.uk site
Malanie and her company are probably the best in the UK and most realistic. You couldn't do better than give Mel a call ( details in the experts page on the left of the site) .
She can go through the IVA option and realistically advise if it is a posibility or not.
Let us know how you get on after the call
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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I'm not sure what to do.
