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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
advice please
planty1000
Posts: 3 Newbie
hi all
were do i start? well i started my own business a couple of years ago and it was going reasonably well during this time i aquired a small amount of personal debt (only paying ourselves a few hundred pounds a month the major reason) got married and began trying for a family great!
the business went into liquidation 3 months ago and left me with alot of debt most of which is on personal guarantees due to vehicle finance and a healthy overdraft from the bank, and also a number of credit cards which i paid for items for the business on and also my personal debt.
My wife is due to give birth in 3 weeks and is on maternity leave so income will be down for a few months now.
at the moment i dont know what to do. i have no way of being able to repay the money as the repayments are going to be far too much. my wife has a car which is hers not mine and we are in the process of selling our house and moving to a smaller house which will release a small amount of equity.
my main questions are bankruptcy, will i lose my house if there is no equity? will they take into account that 50% of the equity is my wifes?
will the repayments on an iva take into account providing for my wife and child.
hope this makes sense i feel like im babbling a bit
thankyou
were do i start? well i started my own business a couple of years ago and it was going reasonably well during this time i aquired a small amount of personal debt (only paying ourselves a few hundred pounds a month the major reason) got married and began trying for a family great!
the business went into liquidation 3 months ago and left me with alot of debt most of which is on personal guarantees due to vehicle finance and a healthy overdraft from the bank, and also a number of credit cards which i paid for items for the business on and also my personal debt.
My wife is due to give birth in 3 weeks and is on maternity leave so income will be down for a few months now.
at the moment i dont know what to do. i have no way of being able to repay the money as the repayments are going to be far too much. my wife has a car which is hers not mine and we are in the process of selling our house and moving to a smaller house which will release a small amount of equity.
my main questions are bankruptcy, will i lose my house if there is no equity? will they take into account that 50% of the equity is my wifes?
will the repayments on an iva take into account providing for my wife and child.
hope this makes sense i feel like im babbling a bit
thankyou
0
Comments
-
Hi planty.
You need specialist advice in this area. Ring cccs, the numbers on this site. They are non-judgemental and will advise you accordingly.0 -
to give advice we need the full financial picture, post full details of income, spending and debts plus more specific detail of your housing plans (value of property, mortgage etc)
see fot more details
http://forums.moneysavingexpert.com/showthread.html?t=1072800
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards