Yikes.... Help needed (pretty please)

whoopsydaisy

I have just written a huuugggee post only for me to actually not have correctly logged in! DOH! Here goes again.....

I have been a long time viewer of the site, but feel that I need all of the personal help that I can get!

Over the past few years I have got myself into a lot of debt. Basically a couple of years ago I set up a business (as a soletrader) which has never been successful. I have been throwing money at it for the past year in the hope that it would turn around and everything would be OK. I have lived off of credit cards and loans up until now, but it seems that my credit has now run out.

I don't know the full extent of my debts as I can't bring myself to look at them but I think that they are as follows:

£15000 Natwest Loan
£1500 Natwest Business Loan
£2500 Natwest Business Credit Card
£3000 Natwest Credit Card
£1500 Graduate overdraft (Natwest, again!)
£1600 Overdraft (Natwest!)
£1000 RBS preference account
£2500 Egg Card
£3000 Abbey Credit Crad
£2500 Morgan Stanley Credit Card
£3500 Post Office Credit Card
Approximately £1000 to utility companies for ending business agreements early!

I have taken a part-time job (£15 000) and live with my parents. The only assets I have are business ones (about £3000) but I have lost the will on that one! It has never made me a profit.

The questions I need answering are, what happens with Businesses and bankruptcy in terms of assessing value, and producing business accounts? The large loan was supposed to consolidate large debts and was taken out a year ago, but again was thrown into the business and consolidated mostly smaller debts, will this get me into trouble? What should I say to the creditors who phone me 10 times a day (i'm currently ignoring all letters/phone calls)? I get tax credits because i'm a single parent, but I think I read somewhere that you are only exempt from the court fee if you earn below a certain amount?

The CAB have sent me lots of information on different options and Bankruptcy seems the most appropriate but I haven't made an appointment yet (too scared).

I feel like a complete idiot and can't believe that i'm finding it this hard to come back to the real world!

Any advice would be lovely!!

betterlatethannever

Hello Whoopsydaisy,
Firstly you are NOT a complete idiot.
Secondly have you contacted any of these?
CCCS (Consumer Credit Counselling Service) - www.cccs.co.uk
Payplan - www.payplan.co.uk
National Debtline - www.nationaldebtline.co.uk

i found CCCs to be such a great help. There phone number can be found on the website and there open till 6.00pm

I can't offer any other help for you as i'm no expert on business, but there will be people along soon who will give you the best advice.
Good luck

molly73

Hi Whoopsydaisy

My husband has a very similar situation..( he was trading as) he went BR on fri 13th. Judge read everything and said yes its time to draw the line. we have yet to meet with the OR and will keep you posted if you are interested. by the way my husband got a reduction in court costs as we are entitled to tax credits.
we initally spoke to business debt line they are independant on 0800 197 6026. They were very helpful and then the CAB deligated one advisor who specialises in BR to look after his case.. so there is lots of help. He has found no one has judged him (except the judge of course ) Also we did all the forms ourselves its lots of paperwork and took a few nights .. good idea to start a file and get all the paperwork of bills etc together first.
Hope this helps

molly73

Whoopsydaisy

By the way sorry forgot to mention creditors action got to CCJ stage with us. Probably best to respond when it gets to CCJ stage and ask for an extension as you are seeking financial advice.. we didnt do that (DOH) but still think the CCJs that went through will be included in BR.

fermi

molly73 wrote: »

we initally spoke to business debt line they are independant on 0800 197 6026.

They are apparently very good, and are run by the same 'Money Advice Trust' that also operates 'National Debtline'. See https://www.bdl.org.uk for their site.