Business debt

kj28

Hi, 
I’m not sure if I’m in the right place… 

my husband has a building company that now has 40k+ debt. He is racking up more debt using credit cards, suppliers credit etc. 

He went VAT registered last year which has crippled him. He owes money for cis of around £6k, vat bill is around 7-10k, wage bills of around 3-4K weekly. He’s not sleeping. He doesn’t know where to turn with it all.. 
he could save money by reducing wage bills but he needs workers to finish jobs. Or takes on new jobs to cover wage bills and materials. 

I’m at a loss of how I can help.

our personal bills are not affected at the moment.. but with no money coming in this months rent and  bills won’t get paid. 

Please help! 

fatbelly

Business debts are a bit specialised for this forum. He should have a chat to Business Debtline, who do specialise.

https://www.businessdebtline.org/

As for your household, if there is no money coming in then you would normally look at Universal Credit. However, a thing called minimum income floor may scupper this unless the business has recently started.

There is an old adage that might apply - when in a hole, stop digging.

EssexHebridean

On the specifics of the priorities, you need to pay rent, council tax, food, heat & light above anything else. Cancel payments for everything else for the time being - people won't like it but equally, they will just have to put up. How much of your outgoings can be covered by your income/any other earners in the household? Are there any other short term ways of bringing in income? A second casual job for someone, or any items you can sell?