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!
Advice Required on Credit Card to Loan
Hi Everyone,
First time poster here, go gently on me!
Having run a small business for some years I, like many others, run in to problems last year. I restructured the business keeping the online only element and using a 3rd party to fulfill all orders. This leaves me with low turnover but practically zero overhead. This allowed me to get a 'proper' job and regular income.
The only downside is that I (some may say foolishly) paid off Ltd company creditors with my personal credit card when the pressure became too great. The card had zero balance at the time and my ill-thoughtout plan has left me with a £9,600 debt on an astronomical APR. £330ish per month with very little of the balance being repaid.
A loan to transfer the balance seems unlikely in the current climate and I'm not sure if my credit score would stand the test (mainly due to the aforementioned credit card!). A zero % credit card is unlikely to give a big enough credit limit to make a real difference. I could look to sell the website to recoup the £9k, but this would seem an uncomfortable solution for a short term remedy. Long term the website could be a valuable monthly income.
Any ideas, pointers, advice, solutions, miracles welcome......
Thanks for reading.
First time poster here, go gently on me!
Having run a small business for some years I, like many others, run in to problems last year. I restructured the business keeping the online only element and using a 3rd party to fulfill all orders. This leaves me with low turnover but practically zero overhead. This allowed me to get a 'proper' job and regular income.
The only downside is that I (some may say foolishly) paid off Ltd company creditors with my personal credit card when the pressure became too great. The card had zero balance at the time and my ill-thoughtout plan has left me with a £9,600 debt on an astronomical APR. £330ish per month with very little of the balance being repaid.
A loan to transfer the balance seems unlikely in the current climate and I'm not sure if my credit score would stand the test (mainly due to the aforementioned credit card!). A zero % credit card is unlikely to give a big enough credit limit to make a real difference. I could look to sell the website to recoup the £9k, but this would seem an uncomfortable solution for a short term remedy. Long term the website could be a valuable monthly income.
Any ideas, pointers, advice, solutions, miracles welcome......
Thanks for reading.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.8K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards