Help re business debt

sptaz75

I need help regarding business debt and personal debt.

I started a business as soon as I finished university but over the past 3 years the business is doing badly I have £27000 worth of business debt, and 12000 personal debt. I need to close the business but will be unable to keep paying the business debts off and will be in big trouble with the banks and credit companies. I am able to keep up my payments on my personal loan and do not really want to go though and IVA or bankruptcy. However, my business debt is crippling and I need to get a job.
Can anyone give me advice. Is there anyway to get rid of my business debt (insolvency etc??) but keep paying my personal debt so I stay credit worthy. Help, I think it is all going to crash around my ears soon !!!!:(

Richard_S

sptaz75 wrote: »

I need help regarding business debt and personal debt.

I started a business as soon as I finished university but over the past 3 years the business is doing badly I have £27000 worth of business debt, and 12000 personal debt. I need to close the business but will be unable to keep paying the business debts off and will be in big trouble with the banks and credit companies. I am able to keep up my payments on my personal loan and do not really want to go though and IVA or bankruptcy. However, my business debt is crippling and I need to get a job.
Can anyone give me advice. Is there anyway to get rid of my business debt (insolvency etc??) but keep paying my personal debt so I stay credit worthy. Help, I think it is all going to crash around my ears soon !!!!:(

Hi spatz,

Is your business a sole trader, partnership of Ltd Co? Do you own your own home or any other valuable assets?

Richard