Business debt, personal debt and separation

Gilbert001

Hi all
Where do i start. After starting a business 2013, which was doing well, until i starting suffering from depression and anxiety, due to the stress of work and home life.
In 2019 i decided i could no longer take it anymore at home and left, 3 months later and suffering a huge mental breakdown, i liquidated the business, due to losing money on jobs, and staff robbing me blind. Unfortunately this was just the start of my problems, as i was now homeless, jobless and broke, not being able to function mentally and deal with the situation, i lived rough for over a year, with no or little income. in 2020 i managed to find a roof, and a small job, but still suffer from depression and anxiety which stops me dealing with my personal and business debt as follows. after building some courage to look into it, i have discovered that there is over £180k of business debt, and £8k personal. 

The company is still liquidating from 2019, as i have just seen the Liquidator has been removed from many cases by court order. The largest loan of £50k has put a charge on the house i think, but cant see it anywhere?. As i have not been at the family home for over 3 years, I'm unsure what's been going on, i see i have two CCJs, and lots of miss payments on my credit score, but don't know where to start.

The wife (separated only) and my two (17&16) children still live in the house, and must assume all correspondence has been going there with debt collectors too.

I feel such a failure putting them through this, but I'm struggling to deal with-it or where to turn for help.....thanks for reading, any advice is mush appreciated. Paul 

Karonher

Are you getting help for your depression? That should be the place to start.

Can you try to get some of the money back from the staff who were stealing from you? 

What makes you think there is a charge on the house - have they told you they have done that? Are they one of the companies that have a CCJ against you?

Is your wife aware of what is happening? Asking her for paperwork that has been sent will give you more of an idea of what is going on. Do you have a close friend or family member who could help you go through it all?

Sorry, it is all questions.

Borders2017

How awful for you and especially for the family you have left behind also having to deal with this.
Time to confront the situation.
Go to GP and ask for help/referral for mental health services.
You need to find out the situation/paperwork that has been arriving, and go to step change for guidance.
Suggest you contact your ex wife and make her aware of where you are now living so the paperwork and details can be re-directed to you and she can also begin proper divorce proceedings /split of any assets remaining.

sourcrates

Is your house in joint names ? or just yours or your wife`s ?

With a jointly owned home where only one partner receives a charging order, it means it can only be registered as a restriction, not a full blown CO.

You could of course, quite easily just declare bankruptcy, let the OR and the courts sort it out between them, however your house would likely be forfeit under such circumstances, but as things stand, its likely you may lose it anyway.

To be honest, you owe 188k but have no means to pay it, apart from the house, you have no assets, so really there is very little your creditors can do, they may fight over the house and be very vocal in their collection strategy, but aside from that, they can`t take what you don`t have.

Borders2017

Also please dont feel like a failure. A lot of this has potentially been due to health and circumstance. the best thing you can do for yourself and kids ongoing is to seek help and move forward. Its a new chapter and can hopefully only go upwards from where you have been. Best of luck.

Gilbert001

Hi, thanks for the reply.
I was seeing a doctor, just before covid, but what they prescribed me at the time just made me worse, lots worse. I'm trying to arrange something with a councillor, as the negative thinking is getting really bad these past few months, thanks. 

The staff have long gone, it was a electrical contract business, with mixture of staff and sub contractors. I wasn't in my right mind at the time with everything happening at once, my anxiety left me paralysed with fear that i couldn't even answer a text or call, and considering i was ploughing through 100s of phone calls, emails etc each week some months before, it amazes me how a breakdown/ depression can effect you...still to this day, i struggle to open emails/texts make phone call. 

I managed to arrange a telephone conversation with a solicitor at a cost of £120, last year, which i can could barely afford. i explained the situation, for which she managed to search something and said, a company had put a charge on the house, and two more were pending. She said i need to find out what's going on with the companies closure, before i deal with the divorce, but I'm struggling to enquire, as to much bad news pushes me into a dark place, which I'm trying to avoid. I know I'm the only one that can sort this, as i cant afford solicitors at there costs, but everything out there to help you just give you template letter to send out and sign you up for 6 year IVA etc, even just applying online, opens up a wave of spam calls all trying to help.

I think the ex wife knows some, but is trying to stay strong for the kids, and has probably gone through hell and back, with her own mental health after me leaving the home, i can never make good the pain i have caused through my own mental health.

Most of the paperwork has probably gone or been returned to the creditors, and I'm to ashamed to ask family, friends have all gone when i left town and become homeless.

I just need someone legal minded, that can help and enquire, possibly negotiate for me, without it costing me thousands to do so  someone, where its a bit more personal and stop my head racing about it. Is there such a company or charity?

All the best