Where do I go next ?????

Hello people, I am a very hard working man who has in the past been duped or dumped by wiser business people which has gained me outstanding debts of over 85k between 18 creditors.
In order to honour these I set up a debt management plan with Baines and Ernst paying £350 per month.
My wife and I are partners in a freehold public house which we spend all our time money and efforts into building up, Having received my latest statement from the management plan I have made 55 payments to date totalling over £18,500 and still have 304 payments to make, the £350 per month is killing me, I dont want to go Bankrupt or I couldnt be a partner in the business and Ive heard the IVA route is very simiar?
I have accounts up to date for the last three years showing we took drawings but the business itself made losses, what should I do???


  • Ilona
    Ilona Posts: 2,449 Forumite
    Hi. Baines and Ernst are a fee charging company, have you worked out how much of your repayments have gone towards your debts and how much the company had. General advice is that you don't pay a company to sort out your debts, there are charities that do that for you for nothing. Stepchange and Christians Against Poverty are the most popular.

    Sorry I can't help you with what to do regards your business, but give National Debtline a ring, or Stepchange. You may be able to start a new plan, with no fees to pay.
    I love skip diving.
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