Time is my enemy

dockterphil

Last year in January I started my own electrical business not realising what was about to hit the country, suffice to say when the resession hit the building industry was badly affected, I sunk 10k in to business and didnt draw a wage for 12 months. By the end of the year I wasnt just up to my neck in debt I was using a snorkle to breathe, the bank charged in £2200 in a 12 month period for unofficial OD charges regardless of my pleas for help :mad:. Anyway I returned to a salaried position and have caught up with most of my debt, the ones I havnt caught up with I physically dont have the money to pay. The job I am back in I have a history with so I know in 12 months I will be sorted increased salary and no accommodation costs, but how do I survive the 12 months. The only way is by getting a loan for 10k that doesnt have repayments for the 1st 12 months but that doesnt exsist. I have used the links on here to speak to a advisor and all they could come up with is im paying too much for my electricity, OMG! 20 mins filling out forms for that, outstanding. So I would be grateful for any advice, my wife is a credit manager so going for IVA or Bankruptcy is out of the question.

mr.ton

I would 1st look into the possibilty of reclaiming the bank charges off those greedy leeches.
They get bailed out with tax payers money and this is how they still treat people - its a SCANDAL.
Furthur to all that...your priority is the well being of yourself & your family - creditors/banks etc...are second to all of that.
I personally would not recommend any furthur borrowing.

NorthernLas

There are helpful organisations out there - business debtline may be of use since your debts were run up as part of a business http://www.bdl.org.uk/

Once you have paid priority bills, you need to come to an arrangement with your creditors to pay them with the money that you have left. You can use the CCCS on line debt remedy and it will suggest ways that you can deal with your debt. National debt line also has good letters to send to creditors explaining your position.

My suggestion would be to sort out an SOA, so that you can see in black and white what the situation is: http://www.makesenseofcards.com/soacalc.html

spursfan14

mr.ton wrote: »

I would 1st look into the possibilty of reclaiming the bank charges off those greedy leeches.
They get bailed out with tax payers money and this is how they still treat people - its a SCANDAL.
Furthur to all that...your priority is the well being of yourself & your family - creditors/banks etc...are second to all of that.
I personally would not recommend any furthur borrowing.

Couldn't agree with this more. I would suggest you-

- try to reclaim the charges. Don't rely on this though.
- speak to the citizen's advice bureau. They will be your best source of information for impartial advice.
- look into a debt management plan. You can either do this by yourself with the help of one of the free services (national debtline) or join a paid plan (for example Debt Line) and they will talk to your creditors on your behalf.

You have made the first step by asking for help. All the best!