Debt Help Please

MrsTinks

You don't choose to not pay anyone - a debt management plan will pay them all but only what you can afford! Yes it will knacker your credit rating but I think that's shot at the moment anyway
Re-mortgaging is a bad idea for a couple of reasons - as RAS said it will secure debts that aren't at the moment secured... never a good move. You are also unlikely to get a competitive rate due to a combination of the market, your credit status and the high amount to value you will need to borrow and frankly it's only likely to be postponing the problem for a very short time...

Contact CCCS or one of the charities in my sig and look at a DMP

outatime_2

If I go the DMP way, I assume they take your cards from you, but what about an over draft?
I have a large ish overdraft on my business account that I need at the minute, (not using it all, but for a few days a month I may/do need it)because I have large outlay weekly but only get paid monthly (if I'm lucky) I really cant afford to lose this facilty, otherwise it would be very hard to trade at the minute.

fatbelly

You would start your DMP by opening a new account unconnected with any of your debts and using this for your income and essential expenditure.

An overdraft is a debt and so would get chucked into the plan.

Try CCCS Debt Remedy then give them a call.

Until the amounts are agreed, CCCS may well suggest token offers, so that would reduce expenditure by £1110 per month for a bit!! Forget this 'I need an overdraft' business. You don't.

MrsTine wrote: »

Re-mortgaging is a bad idea for a couple of reasons - as RAS said it will secure debts that aren't at the moment secured... never a good move.

Thanks Mrs T - I give the advice and RAS gets the credit

Caroline73_2

outatime wrote: »

If I go the DMP way, I assume they take your cards from you, but what about an over draft?
I have a large ish overdraft on my business account that I need at the minute, (not using it all, but for a few days a month I may/do need it)because I have large outlay weekly but only get paid monthly (if I'm lucky) I really cant afford to lose this facilty, otherwise it would be very hard to trade at the minute.

If you need credit to trade then your business isn't working, especially as you pull in such a low income from it. You can't let your family and personal finances suffer because of your business.

outatime_2

so I give up the business and the profit and that will help me will it?

RAS

Have you spoken to any of the debt charities yet?

outatime_2

Not had chance yet, didnt get in tonight till gone 6

GeorgeUK

I think you need to keep the business accounts, money and debts seperate from your personal ones. This way you can see how much debt the company is in and how much you personally are in.

Mortgage................................ 535
Is your mortgage interest only or repayment?

Council tax............................. 123
If paying over 10 months, can you ask to pay over 12?

Electricity............................. 40
Gas..................................... 60
Check the comparison websites to see if you are getting a good deal.

Mobile phone............................ 70
Is part of this for business?

Groceries etc. ......................... 200
Check the old style board for meal plans and other ideas. Have you moved down a brand (shops own)

No car insurance?

RAS

BOth NDL and CCCs are open until 8pm, if not 9pm.

They are freephone numbers, but you will have to keep redialling.

Alternatively do the CCCS remedy on-line and then when you call, they have most of the info there on-line?

tiddly_widdly

Your SOA doesnt mention car insurance or contents insurance. I would hope you have at least car insurance. My joint buildings and contents insurance only costs £23.00 per month, only £2 per month more than you currently are paying and wold be worth it.

Ive been self employed since 1996 and for a long time worked on an overdraft. sometimes there comes a time when you have to say that its not really worth it and either change the way you work so you are making real profit thats not the banks or choose a different way of making money.

What is your business? Have you been onto the small business section?