Don't know what to do

jillyflower

I hope someone will be able to point me in the right direction. I feel like I'm sinking and don't know what to do.

I recently had to close a small business that I had been running for the last 6 months. I owe a couple of suppliers about £1,500 in total and the previous owner of the business £5,000. On top of that I owe £2,600 to a loan company. Now this is where it gets difficult for me as a friend had to guarantee the loan for me, I also have 2 other loans from a friend and a family member totaling £4,500. I also owe about £600
I am at the moment unemployed and can't even get jobseekers allowance as they say I haven't paid enough contributions, so I have no income at all except for my child benefit. I have contacted the tax credit people and they say we would get about £10 a week in tax credits because of what my partner earns. Unfortunatly my O.H. says he won't have anything to do with my financial problems so apart from putting the roof over my head and feeding me it's down to me. Because of where I live it is very unlikely that I will be able to find a job any time soon, I unfortunatly live on an island off the coast of scotland.
I'm not sure what options are open to me, if any. Can anybody Please help.

Kudox

jillyflower wrote: »

I hope someone will be able to point me in the right direction. I feel like I'm sinking and don't know what to do.

I recently had to close a small business that I had been running for the last 6 months. I owe a couple of suppliers about £1,500 in total and the previous owner of the business £5,000. On top of that I owe £2,600 to a loan company. Now this is where it gets difficult for me as a friend had to guarantee the loan for me, I also have 2 other loans from a friend and a family member totaling £4,500. I also owe about £600
I am at the moment unemployed and can't even get jobseekers allowance as they say I haven't paid enough contributions, so I have no income at all except for my child benefit. I have contacted the tax credit people and they say we would get about £10 a week in tax credits because of what my partner earns. Unfortunatly my O.H. says he won't have anything to do with my financial problems so apart from putting the roof over my head and feeding me it's down to me. Because of where I live it is very unlikely that I will be able to find a job any time soon, I unfortunatly live on an island off the coast of scotland.
I'm not sure what options are open to me, if any. Can anybody Please help.

Hi, get in touch with one of the debt charities such as CCCS who will be able to give you some good advice on your situation. you need all the support you can get if your OH won't help.
Can't advise much about benefits and tax credits etc but others on here will know more.
Good luck.

lilshopaholic101

Im so sorry for your situation. Its horrible to be in debt, but there is always a way out. I was £7000 in debt 2 years ago and now its down to £2000. I got most of my help from the Citizens Advice Bureau who were excellent in helping me set up payment plans etc. It seems your situation is a little different though, as its family and friends you owe to and not the banks. Call everyone together, see if you can agree some small monetary payment for the time being until you sort yourself out, so at least your being responsible and not running away. You should be able to get some kind of benefit, no matter how much you contributed. The Direct. Gov website offers all sorts of advice on this, as does shelter. The guraunteed loan is a hard one, because if you cant pay it, your friend will have too, and even an IVA or bankruptcy cannot sort that one. Sorry I cant give you better advice, but as long as you confront your problems and talk to people they will get smaller. I recommend the direct. gov website in particular, that may give you some helpful hints or there may be a helpline you can call. Especially at this recession time, you are noton your own.
Hope this helps a bit
Jen

earplugs

you can contact business debt line who are national debt line but for people who have business debts and who can offer advice in your situation:

http://www.bdl.org.uk/