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Questions
vidyavaidya
Posts: 4 Newbie
Dear All,
Very nice to find a debt support group!
We'll my story is I have somehow managed to build up way too much debt and finally I am reaching the point I can not furnish it further.
I've built up a debt of over £60,000 on 5 credit cards and two overdrafts totaling £11,000. So total debt is £71,000 as it stands. Business debit to creditors is another £6000 currently. Paying the minimum payment on the cards is £1456.39. I have run an online businesses as a non-resident sole-proprietorship and do not live currently in the UK.
It seemed to all happen very quickly when my online businesses which were doing fairly OK nosedived but I did not cut costs and just used cards and overdraft expecting things to stabilize but they did not. Add into the brew a change in personal circumstance and it just spun out of control.
It's has reached a point where I am not sure I can manage the minimum monthly repayments and keep my business afloat, so I have to speak to the banks at some stage.
I would appreciate advice from all out there.
If anyone can suggest a professional adviser I would appreciate it too.
Vidya
Very nice to find a debt support group!
We'll my story is I have somehow managed to build up way too much debt and finally I am reaching the point I can not furnish it further.
I've built up a debt of over £60,000 on 5 credit cards and two overdrafts totaling £11,000. So total debt is £71,000 as it stands. Business debit to creditors is another £6000 currently. Paying the minimum payment on the cards is £1456.39. I have run an online businesses as a non-resident sole-proprietorship and do not live currently in the UK.
It seemed to all happen very quickly when my online businesses which were doing fairly OK nosedived but I did not cut costs and just used cards and overdraft expecting things to stabilize but they did not. Add into the brew a change in personal circumstance and it just spun out of control.
It's has reached a point where I am not sure I can manage the minimum monthly repayments and keep my business afloat, so I have to speak to the banks at some stage.
I would appreciate advice from all out there.
If anyone can suggest a professional adviser I would appreciate it too.
Vidya
0
Comments
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Hello and welcome to MSE :hello:
This is the Debt Free diaries section - you need to re-post this on the main Debt Free board
http://forums.moneysavingexpert.com/forumdisplay.php?f=760
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