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ES19901990
Posts: 87 Forumite
Hi All
Sorry for the long post but I want to give as much detail as possible.
I have started my own business and unfortunately it looks like it will not make it. I have a start up unsecured personal loan with £24000 outstanding and a business loan with £12000 outstanding which is personally guaranteed. So currently £36000 total debt.
Should the business fail I will go back to my old job with an Income of around £2750 including benefits (UC, SMI) per month after tax.
Realistically need £2450 per month to support myself and family and cover essentials.
What are my options?
Is a DMP realistic, it may take longer than 10 years could they go 15 years?
Is an IVA possible? We do get SMI currently so not sure if this would work. My Equity in my half of my house is around £30000.
I really need to protect my family home and avoid bankruptcy at any cost.
Has anyone recovered from a mess like this?
Thanks all
Sorry for the long post but I want to give as much detail as possible.
I have started my own business and unfortunately it looks like it will not make it. I have a start up unsecured personal loan with £24000 outstanding and a business loan with £12000 outstanding which is personally guaranteed. So currently £36000 total debt.
Should the business fail I will go back to my old job with an Income of around £2750 including benefits (UC, SMI) per month after tax.
Realistically need £2450 per month to support myself and family and cover essentials.
What are my options?
Is a DMP realistic, it may take longer than 10 years could they go 15 years?
Is an IVA possible? We do get SMI currently so not sure if this would work. My Equity in my half of my house is around £30000.
I really need to protect my family home and avoid bankruptcy at any cost.
Has anyone recovered from a mess like this?
Thanks all
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