I'm at my wits end...help me

Pauper32

I have been struggling for some time with both a business and my own personal finances.

I am getting loads, (and i mean loads unfortunately), of threatening letters from debt agencies relating to money i obviously owe.

The final straw came this weekend when i received 2 letters both claiming for substantial amounts and as one of the debts has a charge on my home they are looking to their client to persue for the sale of my home. I have an arrangement in place with my mortgage company to repay the outstanding debt, which i am servicing thankfully. But obviously with these letters coming in...is it worth it!?

I live with my wife and i have my 15 yr old son stay with me every fortnight but i am seriously considerng going bankrupt but i guess i would loose my home and that would create even more stress.

I guess i am simply venting my frustration but i really don't know what to do for the best. My company looks as though it is heading for insolency and to be honest life sucks!

Can anyone offer any advice please.

I haven't worked out my total debts but it is large, well up to 50 or 60k i think.

Thanks in advance

cardinalfire

I think you might find it useful to talk to a debt specialist at your local CAB. It sounds complicated and like you need to talk to someone who'll be able to advise you. Good Luck.

clanbailey

hiya pauper

sorry to hear of your situation - been in similar situ, had a company and the debts for that and personally were a major stress on me and OH. I fought not going br for over a year as did not want to loose the house we worked so hard for and felt guilty for the kids but in the end went br in Jan - lost the house (in rented now) and have to say for the sake of sanity and health was the best thing I did. You can rebuild afterwards and I think saying to the first person 'right got to tell you I am going br' is the hardest but things get so much easier then once you accept this and basically do it. Again once all done (there will be a big mixture of emotions) you can relax and look at how to move your life forward without the stress and burdens.

Defo talk to a debt advisory agency and dont sit around thinking - just do whats necessary

good luck

tigerfeet2006

As the others say get in touch with one of the debt charities.Links and numbers in my sig. There are a few others in the Bankruptcy Help sticky.

As there are business debts I would recommend Business Debtline.

Pauper32

Appreciate all the help.

I guess i am really worried about my house, been there since 2001, and although a bit selfish i really like it and so does my wife, so would hate to loose it but i guess what must be will be!

out_of_cash

Hi pauper32,

been in same situation or still am tech speaking been here the last 14yrs will lose house just love it where i live and are just gutted i think the insolvency service should take a closer look b 4 they make half of the uk homeless always seemed a bit mental to me that you have house worth2mil but have some neg equity you keep it as opposed to you have a house worth 140k with some equity you lose it which is my case.

good luck to you for the future with whatever road you take at least you have the support of your wife mine gave me zero.

regards

out of cash