Is my debt a lost cause!?

scorpio_biker

Hi,
Have you contacted business debtline as suggested? They should be better placed to help with the situation than CAB (no disrespect to CAB here).

Grantos

Hi, thanks for the reply. As I mentioned before none of these debts are business related.

Sorry Scorpio_biker I just re-read the message previously, I didn't realise they could assist.

AndyBSG

Most of the information you're getting on here is only going to be of a general nature unless we see your SOA unfortunately.

OK, your income varies but can you list all of your actual debts and outgoings?

Given what you've said so far the main questions I have would be do you own your own home or are you renting? How much is your total debt? If all your debts were removed could you survive on the money you are currently earning?

If you don't own a property and it's servicing the debts themselves that are the problem then BR may be the only option. Of course, if even after removing the debts your still earning less than you need to live then we'll need more details before any advice given is of any use.

scorpio_biker

No worries, from the name you think they are for business debts, but they assist the self employed.

Hopefully they'll tell you how to prioritise your debts and how to deal with the letters and bailiffs. All debts can be sorted one way or another.

Good luck.

sourcrates

Have you concidered a debt relief order (DRO) ?

Most of your debts could be included in it.

As you haven't provided any income/expenditure details, it's hard to know if you'd qualify though.

Link here to more information : http://www.stepchange.org/Debtinformationandadvice/Debtsolutions/Debtrelieforder/DebtsincludedinaDRO.aspx

another_casualty

Sounds like you need to start all over again from scratch. I could be wrong obviously . Maybe you need to see if it's worth closing the business and starting all over again, not separating business and bills.

Obviously , stepchange are a marvellous help. I chose Payplan , before I found this site. Payplan are amazing and by my experiences I cannot understand how you couldn't get on with them as such.

Regardless of your employment situation , it is painful for us to do s o a / dmp etc. But eventually you will get the help you need.
Good luck

National_Debtline

Grantos, Business Debtline are definitely the people you should be speaking to next in my opinion. You seem to realise that now though. Their advice can be about you personal debts but will factor in a fluctuating income and any other issues related to being self-employed.

James
@natdebtline

Grantos

I only have one debt that is unsecured, a small credit card the others are council tax, a fine, mortgage arrears, a ccj, I think that's about it.

As I said what I do for a living has no bearing on my debt, I owe nothing business related, that's what brings in the small income, I've just lost my focus because of all this really.

I've contacted stepchange, no use to me unfortunately.

I do have a mortgaged property and the mortgage itself is only £249 a month. I do have a complete list of my outgoings and debts if anyone wants to see this.

The biggest issue I have is a fluctuating income and companies demanding high monthly payments that I can't keep up with.

Thanks again for the feedback, help and support is the key!

patman99

What if you set up a Limited company and set your partner as the director with you as an employee?.

That would at least allow you to transfer your tools and diagnostics equipment to the company to stop the bailiffs taking them (as they would otherwise be able to do).
It would also help with your debts as you would be a PAYE employee rather than self-employed, so people such as Payplan and Stepchange would be able to help you.

note3

Hope you get this sorted however I've got to be honest in that in January you were strongly advised to call business debt line to get it sorted and then again recently and you still appear not to have done so..instead ringing a different debt company who you say could not help. If you don't contact business debt line then perhaps you need to be honest with yourself about whether you're actually going to deal with this or just let things gets worse?