Advise needed please - 11K debt and self employed

Shickson

Thanks for reading this thread..!

My problem is i owe roughly 11K to different finance companies and I've had a big wake up call in life that will make me stay away from debt or any credit for the rest of my life (apart from mortgage) once im straight.

I've been self employed since January and with all my debts i'm struggling as i need to reinvest a bit of my profit into my business to get some decent returns to pay my debts off..

In the business i'm in i can receive big lump sums of cash which i'll b able to pay my debts off with, but at the moment all my profits going into paying my monthly installments off.

Can someone please advise me of the best route to take..?

angelavdavis

Hi and welcome to DFW

I suggest you check out the letter templates on www.nationaldebtline.co.uk. There are a couple on there for reduced/withheld payments to creditors.

Its worth a try but remember your creditors aren't obliged to freeze your interest or accept your lower payments - the debt was actually incurred after all.

Good luck

Conor_3

Shickson wrote: »

In the business i'm in i can receive big lump sums of cash which i'll b able to pay my debts off with, but at the moment all my profits going into paying my monthly installments off.

Can someone please advise me of the best route to take..?

Get a job.

Saying you get lump sums that you can pay your debts off with is the worst thing you can do because it will allow you nothing to live on when there's no work. When I get a big invoice paid, I look at it as giving me however many weeks breathing space should the work dry up.

You need to be on a good safe financial footing to be Self Employed as the first year you usually don't make anything so you need to have as little debt as possible.

So get a job, get the debts sorted and then think about self employment or run the business alongside your job.