Loans/credit Cards

NEVERAGAIN_4

Please can anyone help? I am new to the site.

O/H business gone bust which has left us in a mess, he borrowed money of credit cards and loans to support business. It adds up to £80,000.
These are all personal loans & credit cards in his name. The business has gone bust, no wages and no job!

I am very worried about how the companies will react when we tell them we cannot pay. Even when he gets another job we will not be able to make the repayments (prev the business use to pay them).

What is this voluntary payment agreement thing? What are the good and bad points going on one of these?

How will the debt affect my credit rating? Will I be dragged in to all this?

My O/H trying to sort business side of it out and I am trying to sort personal side of it.

This is a very scary time, any help would be welcome.

Thanks.

tealady

Hi It depends if you were a limited company or a sole trader as to who owes what to who. I would suggest that you contact a FREE debt advice service such as business debt line on 0800 197 6026. They may be able to help.

NEVERAGAIN_4

It is a limited company and O/H is getting advise on all that side of it.

All the personel debt I am trying to go through until he has time to look at it. I think it is going to snow ball very fast as he has had no wages and no idea when we will have any money coming in as we both need to get jobs.
I am so scared about the situation.

Thank you for your reply and tele no, I will do that tomorrow.

Bismarck

Sorry to hear your news, we have our own business and I can understand how these things can happen...try posting for advice on the small biz forum as there are some clever bods on there too who know a bit more about the business side of things - also look at the employment & jobseeking boards as they could help regarding jobhunting etc...

When you say the business has gone bust, has your OH actually seen an insolvency practitioner or is have you just got to the point where you know you're bust?

take care...

Bismarck

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