Help - Please

Frazzles

Hi,

My husband and I currently run our own business. Last week we lost our biggest client and now do not think that the company can survive.

At this moment in time our accountant assures us that if we close down now we will not be liable for anything as we have enough money to cover the current debt.

Problem is - we have a large mortgage and a high income. In this current climate we do not think that we will be able to match our current incomes therefore putting us at risk of losing our home.

Are we able to claim benefits?

Does the fact that we were directors of a company raise issues when claiming benefits?

We are prepared to sell our home, even though we will not recoup any money from this.

Will we end up homeless?

Can anyone help?

Thank you

Transformer

Some advisors should come along shortly, just wanted to say sorry to hear you are gong through such a tough time.

It is hard for small businesses, wish you well

skater_kat

you should contact your lender now to discuss problems and solutions - for example you could go on interest only for a while

if you are winding up your company then you should both look for work ASAP, once company is wound up you could both cliam contributions based JSA (given you have paid you NI stamps over the last 2 years) however this is not very much money.

you could qualify fo the mortgage rescue scheme. http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/DebtsAndArrears/DG_10013261

also, get yourself down to the C A B as soon as you can.

rogerblack

In addition, go over to the 'debt free wannabe' board, and have a read.
In short - go over _every_ expense, including essentials, and work out if you could adjust your life to live without, to shift to a cheaper, or the cheapest available version,

This includes easy things like electricity and gas supplier, but also turning the thermostat down and wearing more jumpers.
Easy things like switching car insurance - but do you have two cars, and only need one, ...