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Clearing Large Debts

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  • BethB_2
    BethB_2 Posts: 10 Forumite
    I just found the article on the main site about reclaiming unfair bank charges and have posted on the thread for advice on this. Our charges snowballed during one of the times I was ill and they must really add up so I'm looking into whether I can follow the procedure to reclaim some of these charges to offset the debts - every little helps!

    As this site has so much information on it, are there any other articles or areas on the boards that might also be helpful - what places should I be checking out?
  • lynzpower
    lynzpower Posts: 25,311 Forumite
    10,000 Posts Combo Breaker
    I suggest that the best thing to do is do another SOA with ALL the debt that you and your OH are in between you

    You need to come up with some sort of figure as to what the business brings in. If its not breaking even then surely winding it down has to be strongly considered.

    My understanding is that if an IVA fails then any one of your creditors can file for your bankrupcy in any case. Im not an expert on this at all, someone will be along soon.

    How are you servicing your debt at the moment?
    :beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
    Theres no dollar sign on piece of mind
    This Ive come to know...
    So if you agree have a drink with me, raise your glasses for a toast :beer:
  • BethB_2
    BethB_2 Posts: 10 Forumite
    We are not making any payments towards our debts and the majority have frozen charges and interest.

    The business is now starting to show a small profit and could, with effort, show a better profit. Today I am going to work out what we need to be earning from the business in order to make some payments to our debts. I can then see if this is achievable.

    If someone made us bankrupt they are unlikely to benefit as we have no assets and no surplus income at the moment. I'm not sure if they take this into account when deciding but none of our creditors have taken any action during the last two years when they've seen our financial statement and know the reason for our situtation. Perhaps we've just been lucky.
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