Credit Card Debt

ant080

Can anyone help?

In May of last year I fell ill and am still on the sick. I run my own business and own my own home. As a family we do not have an extravagant life style but for first two years of the businesses life I was funding it waiting for that magic day when it would repay us and make us a decent living. In doing this it has left me in over 40K in debt!
We have no more assets the money pit is empty and the business is not making enough to cover the payments, and I am still on the sick so cannot seek other employment at the time being.

I have done a budget sheet and have prepared an offer letter to all my creditors also asking them to freeze all interest and charges on my accounts until I get back on my feet. Does anyone have any other advice before I send off the letters?

Is there anyone here with experience with debt with credit card companies?

Cheers

justruth

1. Are you claiming incapacity benefit? You may be entitled to some help until you are well enough to return to work.

2. Send the letters, I don't think you have much to lose.

3. Was the business doing well before you went off sick?

4. If the creditors say no try the CCCS.

Your not alone and welcome to the board. We could also use an SOA to see how the land lies. Sorry to be a bit blunt, but if the business is not doing too well, might it be an idea to go bankrupt? The CCCS would be in a better position to advise on this but if your income is less than your outgoings you need to think about it.

ant080

Many thanks for the reply,

Not on incap, as the ins on the cards has been paying the repayments so not needed to worry until now.

What is CCCS and SOA?

Have a budget sheet ready. Hoping to come off the sick soon (month to six weeks) and look for a job, the wife can run the business but the bills have to be paid and will take a few months to catch up but you know what creditors are like, they all want thier money now. If we go Bankrupt we will surely loose the house and that is not an avenue we want to go down as we have invested a lot of money in it.

Interested to know what a CCCS is, cheers.

CLAPTON

before any advice can be given, details of your financial situation are neeeded ..an SOA (statement of affairs).
that is a list of income, and a list of spending (excluding debt repayments but including mortgage and secured loans) , and a list of debts, minimum monthly repayments and APRs.
also do you rent or own ..if so value of property and size of mortgage
and something about your personal circumstances..OH, children, job, other assetts etc

ant080

Hi,

I have all the info you have mentioned as I have spent the past day putting it all together. Who would be the best pepole to send this info to?

Thanks in advance.

ant080

Hi,

I have all the info you have mentioned as I have spent the past day putting it all together. Who would be the best pepole to send this info to?

PS we own the house and have 1 dependant child.

Thanks in advance.

Vickicb

For advice from the very efficient regulars, most people post that information here...

Good Luck!