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Small business loan advice needed
soulsaver1
Posts: 2 Newbie
Hi there, i recently took out a small business loan and due to a few factors it didn't work and i've been left with nothing. I'm now struggling to find employment and can't make the repayments. The debt is just under 10,000 and i'm thinking it may be best for me to just apply for bankruptcy as my credit rating is now !!!!!!ed anyway. I can't make the payments at present or anything for that matter as i'm struggling with rent. Anyone have any advice or has been through the same process? How hard is apply for bankruptcy/the process etc.?
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Comments
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Apply, pay the fee, accepted job done your bankrupt, next.
Yes in most cases it is that simple.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Bankcrupcy may not be the right solution - slow down there.
Have a look at the Stepchange website - they also have a business helpline if you are still trading.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
You don't have to be the best -
Just be better than you were yesterday.0 -
Cheers Dobbibill, i'll have a look at that.0
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Bankcrupcy may not be the right solution - slow down there.
Have a look at the Stepchange website - they also have a business helpline if you are still trading.
No disposable income, not many options to be honest.
Check out a debt relief order OP.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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