Desperate for some advice.

[Deleted User]

Hello, I'm hoping you may be able to help.

We are a couple with lots of debts, a business that makes money but has debts, and I have a job.

Our store card and credit debt costs us £900 at least per month.

And quite simply we have been using the money from the business to afford it. Business has gone quieter (for now anyway) and we are really struggling.

I'm currently applying for a job where you can't have CCJS or defaults and this makes me worry even more.

I have put in place a freeze on interest for the next few months with Barclaycard and Halifax, Littlewoods won't help us.

However my issue is that the credit cards still show the usual minimum payment (that would include a months interest etc) and so I have no idea what I'm supposed to be paying.

When I go to debt advice charities they suggest only making token payments, but I am very very worried.

I don't know what happens if you stop paying, because they haven't made anything clear, only that they understand and would never take me to court - not helpful.

Any advice at all appreciated Thanks

sourcrates

Hi,

We usually ask you to post an SOA first off, (statement of affairs) so we can see where your money is going.

http://www.stoozing.com/calculator/soa.php

In anticipation of that, you should treat all unsecured debts as low priority, if you can't afford the minimums, then defaulting on the debts may be enevitable unfortunately.

Nothing will happen for quite a long time, debt collection is a slow process, it may be a debt management plan may be suitable for you.

Posting your SOA will allow people to offer solutions to you.

patman99

I have a feeling that the store cards might be what is costing you dear. Until we see the SoA, we will not know.

I can see your immediate concerns with regards to your job appliccation and the need to avoid CCJs or defaults. Not sure what would happen if you got a CCJ or default after starting your employment (or if/how your employer would find-out).

National_Debtline

Hi there,


It sounds as though the personal and business finances have blurred, which can make any situation difficult. If you are a sole-tradership/ partnership then you should be able to do a budget online at www.businessdebtline.org, however, if you are a limited company you may need help from your accountant to do a budget (depending on how you pay yourselves).


Then I would suggest you call Business Debtline. If the business has debts and is still trading (and subsequently that is affecting your affordability to personal debts) you need to speak to Business Debtline about your options. Their number is 0800 197 6026. Good luck,


Laura
@natdebline

EssexHebridean

As an aside to the above - do make sure you are still separating out enough to clear any tax that will be payable when it becomes due - this really is vital.