Unsure what to do

MamaMicMack

*I have posted on DMP post but realised here was probable better upon further reading*
Good evening/morning everyone, I have never actually written anything on any of the forums before, I'm a big time lurker in lots of threads, however I really need help.
My last baby is almost three years old and I haven't worked since i went onto maternity with her. I really struggle with depression due to trauma in my childhood so I now claim Universal credit, something I never thought I would do (I have worked since I was 13 and I am now 36).
My husband almost a year ago became self employed, as an executive bus driver (airport runs, wedding etc) although this has been successful, most of the money he has made has gone to paying straight back into his bus as it has had problems since buying it. There has also been instances where, things around the house have stopped working, the roof needed repaired after the big storm early this year and other emergencies. In amongst all of this we have brought forward debt and accumulated more.
Between us we are in around £46k of debt, give or take. I am now at a complete loss of what to do as most months we end up having to borrow money from parents. I am at my wits end and this is becoming increasingly difficult to deal with. I don't like over talking it with my husband as he feels bad enough going self employed. But his business is successful, if it wasn't for everything else that has happened, plus the debt we were already trying to pay off. I feel very alone and at a total loss. 
If you have managed to make it to the end of this thank you so much for reading.

Domsjo

Hi, I'm also a new poster in despair today! I'm not an expert, and youre probably already doing this, but I think the bus costs can be deducted from taxable income. And Business Debtline can help you budget all income and outgoings then help prioritise debts. Some organisations accept settlements if theyre fair

fatbelly

We would need a lot more information to help you but the principle is that if you cannot afford to service nonpriority debt, then you stop doing so

Stop borrowing from family and concentrate on paying the essentials

You can give us a joint statement using this

https://www.lemonfool.co.uk/financecalculators/soa.php

ManyWays

The recommendation to talk to Business Debtline is sensible. But posting a joint Statement of Affairs here first will let you get some useful thoughts that may help with the conversation with Business Debtline

Brie

Domsjo said:

Hi, I'm also a new poster in despair today! I'm not an expert, and youre probably already doing this, but I think the bus costs can be deducted from taxable income. And Business Debtline can help you budget all income and outgoings then help prioritise debts. Some organisations accept settlements if theyre fair

Good advice - thanks for adding this.

You say you are also in despair so why not fill out a statement of account too and post it back to this forum but on a separate thread.  That way any advice given won't get mixed up between you and the OP.  

MamaMicMack

Thank you very much for the replies. The only debt we have for the bus itself is £13,000 loan. The rest has all been personal, taking out credit cards to cover things, to buy xmas presents, to get things for the house etc so I am unsure what is for the best.

fatbelly

So the 46k is mostly credit cards. The question is whether you can afford the minimum payments, plus a bit extra, and still afford to pay regular bills - food, fuel, council tax, housing, blah, blah, blah.

If not then you will need to stop paying them, let them default and adopt a strategy.

To avoid a drip-feed of questions and answers, the best thing is to post a joint statement of affairs.