We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Company debts - personal pain
tjak
Posts: 149 Forumite
Looking for some advice here. I used to own my own company which to cut a long story short failed and we entered into a CVA and sold the business. This didn't generate quite enough money to clear everything, and one creditor is still negotiating with the CVA management company to reach the end.
However, the problem is that we had to give a personal guarantee to the CVA for their fees, which at last count (October last year) were close to £20k. Some of this will be covered, but we will be left owing about £10k.
We already have personal debts of £32k, and struggle to meet them and live.
I have applied every technique to reduce our outgoings but as I work on a commission only basis and my husband works pt, and is a student, they can't get any lower. Due to the nature of my job, (I work in finance) I am not allowed to work if I have entered into an IVA - can Payplan still help? Any ideas ...
However, the problem is that we had to give a personal guarantee to the CVA for their fees, which at last count (October last year) were close to £20k. Some of this will be covered, but we will be left owing about £10k.
We already have personal debts of £32k, and struggle to meet them and live.
I have applied every technique to reduce our outgoings but as I work on a commission only basis and my husband works pt, and is a student, they can't get any lower. Due to the nature of my job, (I work in finance) I am not allowed to work if I have entered into an IVA - can Payplan still help? Any ideas ...
Debt free and saving :j
0
Comments
-
not sure if i can help but im sure some of the more experienced people canHOW MY CURRENT SAVINGS ARE GOING.
credit union savings = £1,300 :T
bank savings = £300.30
£2 savers club= £2 :j
20p savers club=£7.60 :j
if u like what i say please thank me. :dance:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.6K Banking & Borrowing
- 254.8K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.2K Work, Benefits & Business
- 605.7K Mortgages, Homes & Bills
- 179K Life & Family
- 263.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards