We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Question & Advice
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
-
You've again posted on the Diaries section. You need to post here:
http://forums.moneysavingexpert.com/forumdisplay.php?f=760
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards