not sure what to do, in financial hell

transforms

Well I'm in a place where I really don't know what to do.

I owe £16 on cc
I owe £50 on mortgage
I owe £23k secured loan

not to mention the electricity and arrears.

I started working self employed last year and have made no money, fallen behind with payments and such.

The mortgage have been brill with payment hols, and now have given me a 3 month low payment option, in which I need to pay back in August. Also my loan has done this too.......however, things are not changing with my income & have no idea what I'll do come August.

I have a lease for my business which i have one year still to go, and have to pay £2k every 3 months for the rent, which is due august.

When August gets here I really dont know what I'm to do. I've been working like a dog to get some money in 59 hours a week.

I feel I'm either going to loose my house, which would leave me homeless, or loose my business, which is my main source of income.

not sure where to turn, as been to the CAB already and they just helped with the lower payments.

My house is in negative equity of 15K

companies are now getting fed up with my £1 payments per month and CO are coming in.

HELP !!!!!!!

dojoman

Please contact one of the charities below, they will offer free and impartial advice.

https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/



Below is a link you may found helpful about going BR?

https://forums.moneysavingexpert.com/discussion/1056083

Also this link to the Insolvency Service is useful!

http://www.insolvency.gov.uk/



http://www.bdl.org.uk/ (business debt line)

tbourner

Don't panic!!
What job is it you do? Is it the kind of thing where you expect to be on low income for a long time or is it something that should earn straight away and just has been unlucky?
You might need to think about leaving the business and getting an employee job? I know that's completely out of the question in your head right now but you need to be honest with yourself about how much you can earn from whatever you're doing.

AMILLIONDOLLARS

are you a sole trader? Seems to me that you will need to get a job and let the business slide. If I were you I would put any income coming your way towards the mortage, no point losing the roof over your head to a business that is not making enough to sustain both.

AMD

transforms

well I was thinking of loosing the clinic & working from home.

I need to get £500 per week, but at present I get £130/£230 per week. Massive shortfall.

I'm a therapist and own a complimentary therapy center, I don;t have to do much to make money, but finding it hard to get customers !!

tbourner

Can you sell the business or at worst just get rid of it and drop the premises, get a job elsewhere and maybe do therapy from home part time?
Obviously this forum's more for the money side of things, are you getting any help with the business? Advertising help etc.? Did you have a proper business plan or was it a bit of a rush-in job?

AMILLIONDOLLARS

transforms wrote: »

I don;t have to do much to make money, but finding it hard to get customers !!

This sounds like the root of your problem, customers find it hard to pay out on something, when they think very little effort is involved:cool:!!!

AMD

transforms

Yeah I think the way forward is to get rid of something. its sad when you think you've studied 6 years to get as good as you are & still find if hard to get customers.

My plan for the business was done well, as my friend is a chartered accountant and helped me loads. But nothing was planned for when I got no customers. Did not plan the council would take away my free car parking from the area, everyone here is struggling.

I'm not sure what you mean by customers find it hard to pay out on something, when they think very little effort is involved???? complimentary therapy is amazing, I cure or help everyone I see.

I think what with the recession lots of people have not got the extra cash to spend.

Thanks everyone so much for your help.

Really don't want to do bankruptcy or have my house taken away , after reading stories on here, it sounds soul destroying

Falze

There are a lot of positive stories here as well.

If you house is in neg equity it may not even be taken from you as it is woirthless in paying off you creditors.

Someone with more knoweldge on this will help here.

IF

Hello and welcome transforms, unsure of an answer but just bumping you up the board.

Best wishes
If...x

bat-out-of-hell

AMILLIONDOLLARS wrote: »

This sounds like the root of your problem, customers find it hard to pay out on something, when they think very little effort is involved:cool:!!!

AMD

yes but you still pay if you want it;)

transforms, it does not alway have to be soul destroying, your focusing on the worst bits, thats normal.

Whether BR is the right choice, im not so sure, if you want to keep the property, due to the secured debt, but i think you know that already, depends if there is no equity, and if by loseing the £16k would mean you could manage.

Are you paying the secured debts first (or as much as you can)above all else? Its not quite clear from your posts