S.o.a.

supportive_wife

Due to the current housing market my husbands business is no longer viable- we have spent the past 5 months with no income, and he has now started a new job, which means his business has closed doors. his company is registered as a limited company- which we nievely thought would offer us more protection- but my husband signed a personal guarentee on the business overdraft and the office lease leaving us with around £30k of debt. We have fallen behind with our personal credit card repayments, and now have defaults on our credit file. We have managed to pay our household bills- but once these are paid we have very little left for food, petrol, unexpected expences etc. Our current mortgage deal ends next year, and there is no equity in our home.
We also have a £17k debt to family members- which my husband borrowed to set up the business 18 months ago.
My husband is becoming increasingly stressed and depressed by the whole situation- and has even said that our 2 year old son and I would be better off if he were dead!
I work part- time and do extra hours when I can, but it is very difficult with a 2 year old child.

We have spoken to several debt advice agencies- but they say they can't help us because they deal with either personal or business debt and ours are interlinked.

Any help or advie would be very gratefully received.

*twinkle*_2

Have you tried business debtline, they offer free advice

http://www.bdl.org.uk/content.asp?sid=14

((hugs)) to you, hope you can get some help.

Jesthar

Oh, honey, what can I say? *hugs* Well done on making a post here

I don't have any advice to offer you right now, but could you possibly put together a full Statement of Affairs? The link is here:

http://www.makesenseofcards.com/soacalc.html

If you use the 'MSE' button in the 'Format Post' section near the bottom, you'll be able to post it straight into a post here, and then the lovely people around here can start to help you out.

Take care,

~Jes

GettingThingsDone

Hi supportive wife - you will get through this. *hugs* to you.

I don't know if it's worth reminding your husband that at least he had a go. It hasn't worked out, but if you read about any business-person that has 'made' it they have usually had massive lows before they've reached their massive highs. And sometimes the best insights are made during the these lows.

I wish I had the answer for stress and depression in men - some say talking works (I personally find that doesn't help me). Again, speaking personally, I find posting on here really helps (thanks MSE-people) as well as some solitude and meditation. Also, turning the music up really loud and dancing round the room really helps shake things out (not literally!!).

My number one method for getting back on top of things is to get some blank pieces of paper and a pen. Write down the problem at the top of the page in as much detail as you can in the form of a question. And then under that write down every possible option - just have a complete brain dump.

Anyway, I'm starting to ramble! As the posters above say, try and get some business-specific help and we'll help out here too if you post up your SOA.

Good luck and keep posting! Maybe you could convince your husband to post too?

gtd