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Debt help. Unsure on what to do
GunstarZERO
Posts: 2 Newbie
Hi all,
I've had a read through the forum and can't see anything like my particular situation. I've read up on consolidation, IVAs etc..
Quick version. I've been self employed/company director for 20+ years. No debt. No loans.
With no debt I found it hard to get credit. I opened a new business in a different industry and because I couldn't get backing I self funded. The new business opened Feb 2024 then April 2024 work dried up within 8 weeks for my long standing company. I ended up having to liquidate.
With my savings gone I quickly got into debt. Currently at the point outgoings exceed income.
I have 80/90k equity in my house. Bank refused a remortgage twice, nobody is willing to give me any type of loan.
I'm just a bit lost now. I want to keep my house and make repaying the debt affordable but I can't work out how.
Thanks in advance.
I've had a read through the forum and can't see anything like my particular situation. I've read up on consolidation, IVAs etc..
Quick version. I've been self employed/company director for 20+ years. No debt. No loans.
With no debt I found it hard to get credit. I opened a new business in a different industry and because I couldn't get backing I self funded. The new business opened Feb 2024 then April 2024 work dried up within 8 weeks for my long standing company. I ended up having to liquidate.
With my savings gone I quickly got into debt. Currently at the point outgoings exceed income.
I have 80/90k equity in my house. Bank refused a remortgage twice, nobody is willing to give me any type of loan.
I'm just a bit lost now. I want to keep my house and make repaying the debt affordable but I can't work out how.
Thanks in advance.
0
Comments
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Two strategies we are not very keen on.GunstarZERO said:Hi all,
I've had a read through the forum and can't see anything like my particular situation. I've read up on consolidation, IVAs etc..
.
You are not giving us much to go on. To avoid a dripfeed of questions and answers, do you feel like doing a statement of affairs?
https://www.lemonfool.co.uk/financecalculators/soa.php0 -
Yep, a Statement of Affairs would really help. That way we can all see what your resources and liabilities are, spot anything for which you haven't budgeted and those where you might need to address spends. Can you provide basic context re other commitments, for example if you are listing half the family spends, what costs you pay, your partner pays and you share?
It's better to drag up your last 3-6 months and spend time over the weekend allocating all spends to budget heads than to rush to share something based on aspirations.
Although if you discover a "latte habit", deciding whether you want to spend that much or allocate some to debt busting can clarify priorities.If you've have not made a mistake, you've made nothing0 -
Meanwhile - have a read of the debt solutions from DebtCamel - it makes the options very straight forward.
Debt solutions - what is your best option?I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions 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.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇🏅🏅0 -
Thanks all, I hadn't even heard of an SOA. I will take a look at that and the link. Thanks!0
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