cc debts mounting please help!!!!

mummynikki

I run my own buisness that has struggled with the ression.
I am a company director
my own debts are now at £25000 and as i am struggling to take a wage have maxed out credit cards to the sum above.
Each month my dd for cards are now bouncing encuring late fees over limit fees and interest then bank fees for unpaid dds.
Help where do i turn for help i dont want to go bankrupt as i wont then keep my buisness.
Not sleeping with the worry and not picking up calls from credit card firms.:( All started with hitting VAT zone and not knowing ended up with a bill for £5000 not having charged it!

rising_from_the_ashes

Sorry Nikki but this appears to be an identical thread to yesterday https://forums.moneysavingexpert.com/discussion/3804379

I stand by my advice of then to post a Statement of Affairs so we're able to give some advice.

Also, if your business is a seasonal one, it really needs to make enough money during the season to sustain itself during the off season time. It sounds as if this is not the case (?) in which case you need to think long and hard about whether it's feasible to continue.

Anyway, pop up the SOA and we'll see if we can help.

neverbefore2011

As a 'company director', I would assume your company's affairs are separated from your personal affairs

Or are you a 'sole trader'?

mummynikki

neverbefore2011 wrote: »

As a 'company director', I would assume your company's affairs are separated from your personal affairs

Or are you a 'sole trader'?

They are separate as Ltd Co but not taking wages has effected my personal afairs

rising_from_the_ashes

Please do the SOA - without seeing the full picture, we're unable to offer any real advice.......

neverbefore2011

mummynikki wrote: »

They are separate as Ltd Co but not taking wages has effected my personal afairs

As somebody advised you on your other thread, business debts are a whole new can of worms

You probably need to walk away from your business, and tell all your creditors that, in the absence of any income, you cannot afford to pay them any more

Some of your customers might be prepared to continue on a cash basis.....???

Otherwise, you might find yourself on the streets

rising_from_the_ashes

mummynikki wrote: »

They are separate as Ltd Co but not taking wages has effected my personal afairs

Which is why it's imperative that a seasonal business can sustain itself throughout the off-season.