Time to grit my teeth, swallow my pride and face up to reality - 95k of debt

Samoens12

Hello starting_again I so understand where you are coming from. I am in exactly the same situation and just dont know where to start. I am constantly scared of the phone ringing, the post arriving and people knocking on the door. I am really heartened by your posts and glad that some are being supportive. My biggest fear is what my business landlord will do. I am in arrears from a period when he did not invoice me as we were negotiating a new lease, add to that HMRC TTP, suppliers debts, business rates, credit cards and a secured loan and it comes out to about £143,000.
I have just managed to get some full time employment and my mum and daughter are helping out in my business. This means that i can finance the loan and credit cards should I just close the doors on the business. Which would leave me about £45k of debt still to clear. I am heartened that you have managed to sort out a DMP for the amount that you owe as BR and IVA frighten the life out of me and I also struggle to cope morally with letting people down by not paying (odd I know). I am marketing my business so if it sells I can clear more debt - maybe I need to be more honest with the people I owe and say - stick with me or I go bankrupt?

I am at the start of this journey to get debt free and there are so many variables that it drives me insane - I spend all day worrying and wondering about the best options!

I'd love to keep in touch and share experiences!

starting_again_4

Evening Folks,

Samoens12 - Gosh a story so close to my heart. I really feel for you. It's bizarre knowing someone else is going through similar. It almost feels as though I'm the only person in the world in this mess but it's apparent from this site I'm not. Do you have more than one business? Well done on getting employment. I have been considering this too but worried about fitting around childcare. I get the whole "letting people down thing" I feel like this everyday. Its hard for the "people" to believe/trust they will get some money.

Do you have a diary?

Hey Bob, How are you today?

Things ok here, filled my listing allowance on ebay. Sold a few bits. A couple didn't turn up for collecting Gumtree items but i won't let it get me down.

Plan is to carry on adding items to selling sites and fill some orders tomorrow xx

Samoens12

Hello again

I don't have a diary but really will start one over the next few days - I think it will help.
I only have one business thankfully but am really concerned now that due to rent arrears the landlord will just lock me out one day. I'd just love him to tell me what his intentions are so I can at least plan - I hate the uncertainty. He knows I am marketing the business - I had been ok with the current rent until this month - it was due yesterday and I don't have it all. I took heart from all the posts on here and did email him last night to explain but he is out of the office today.

The job is really good news although has added more pressure to me and increased my wages but I guessed that if the worst comes and the landlord locks the doors at least I can negotiate with people based on the salary and knowing exactly what I have coming in.

I did have a positive viewing of the business yesterday but the accounts will probably scare them off!! Have reduced the price with the agents to see if I can get anyone else interested. Anything I can get will help towards the debts then hopefully a DMP to deal with the rest.

I'll keep you updated. Stay strong x

chevalier

hi there, welcome to the board s. ref the two businesses that you have leases for costing you over 2k a month can you get some one else to take over the leases? what would the penalty be for breaking them?

good luck chev

Bobarella

Hi Starting Again

Sorry I missed you last night. I'm pg with no 2 & I'm spark out by 9 most nights!

I'm fine thank you although I'm shaking slightly as I type this as I've just had EHO walk in right in the middle of the lunch rush. Nearly puked with nerves. But all was well. A couple of minors which are so minor I think we'll retain our star rating ok . God I need a drink (soft I guess)

Glad you are maxing out the eBay listing situation. What happened with the rent in the end? Don't answer if you would rather not.

Nice to read others stories here as well. Hello Samens.

Bob

Bobarella

Just popping in to say hello. I have to go out tonight to a school function, I really just want to go & wallow in a hot bath, & soak the day away. Oh well. will be my first evening out since the class christmas do! Sociable me

Hoping things are ok.

Bob

dawnybabes

Hope you're doing ok ?

starting_again_4

Hi Everyone,

So sorry for the slow reporting! Been slow progress here, so not much to report.

Only been able to pay off £294.62 and I'm ashamed to say that was not off the rent. I've had an email asking for his house back today so at a loss as to where to turn next. Do I literally just live on the streets with two children?

Bobarella

Morning
Didn't want to read and run but have you spoken to Step Change or any of the other debt charities yet? Could you put a post on the main Debt Free board as people there are brilliant at crisis support. The answer of course is no you absolutely shouldn't be living on the street with the kids but we need to get you some advice ASAP.

Bob

starting_again_4

Please can someone advise I'm now being threatened.