Help Needed, Lots Of Debt :(

Jimmy_Page

Hello, I am new to these forums and really need some advice ona rather difficult situation.

I am around £16000 in debt. This is a mixture of personal debt (loan and Credit Card) and also business debt from a little shop I used to run that I had to shut down recently, this debt comprises of a Credit Card a Loan and an overdraft.

Unfortunately over the past year or so trade become increasingly difficult and I ended up more and more relying on credit to live and to get stock in for the business and had to get a loan out to pay a VAt bill after payment plan was not reached. However the business used to be a partnership and earlier this year just became a sole trader being just myself. Therefore the debt on the business account has two other names on the account even though it was just me who took out the debt. I am currently not in any arrears on this debt but I fear it is not long until I do get into arrears and want to come to some sort of payment plan to pay it off reasonably over a few years.

Unfortunately the big stumbling block is the partnership bank account, in so much as the bank (so I have been told) will not accept one person taking liability for all the debts and will simply go after any name on the account they possibly can, and this will also ruin the other people's credit file. I am in contact with the two ex partners in the business and simply want us all to sign the debt into my name so I can easily enter a debt management plan and start chipping away at it. I am personally not too bothered about my credit file right now and just wanta s olution to a problem that seems to have spiralled out of control.

Thankyou in advance.

Jimmy_Page

anyone got any advice?

elsie52

Hi,

Sorry I don't think that I can help you, I am fairly new to this site, but if you keep 'bumping' your message up, someone with a lot more knowledge than me will be along soon. Good luck

Jimmy_Page

Thankyou! I appreciate this may be something that only someone with some legal knowledge may know but thankyou anyway!

GeorgeUK

I don't know that one either i'm afraid, but as a semi-bump and possibly another avenue to investigate, have you tried posting on the consumeractiongroup forum? They are pretty well clued up on most legal aspects. I haven't looked to see if there is anything about business accounts etc, but that would be my best bet.

dancingfairy

I'm afraid I don't know the legalities of the loan situation thing, but I would suggest
a) doing an SOA and posting it on here so people can give their suggestions - you may not need to default on the loan - you never know.
b) a spending diary to focus on where you money is really going -all the money that is unaccounted for you know the crisps/chocolate/dvd's/cd's/extra clothes that aren't need/lunch at work/pint after work/magazines/daily newspaper etc,etc.

Best of Luck
df