It's all come to a head

GeorgeUK

Having no income for 6 months is just not viable. Are the other directors in the same boat, or has the company taken out loans to help pay them? If the company can't help you then i'm afraid you will need to help yourself.

We don't even know what sector your business is in, but if it's been hit by the current credit crunch then there is no guarantee that it will pick up for quite some time. You aer taking a hell of a gamble if you continue hoping things wil improve. Even selling the house may not be worthwhile with the current drop in property values. You will need to take a long hard look at this especially as your sisters are now subsidising the mortgage for you. Do you know how long they can keep this up for?

inthecrap

They can keep it up for another 2-3 months. The buisness is a performance car tuners.

inthecrap

I think i will call national debt line tomorrow going on what you guys have said. I suppose what i really want to know is weather or not the card company's will freeze the accounts to stop the interest flying up and accept token payments until im back up on my feet and back in control because if they keep coming the way they are they will force my hand and i fear bankruptcy will be the only option.

GeorgeUK

(Taken from Fermi's signature)

Professional, free and impartial advice on debt problems can be obtained from several charitable and 'not for profit' organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart. You can contact:

Your local CAB Office and ask to speak to a 'money advisor'
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
Payplan - Tel: 0800 917 7823

These are the free debt charities normally recommended here, but they may not be able to help as you have zero income. It usually takes a few months for the banks etc to freeze interest, but you've nothing to lose by trying. There are a few on the board that are doing it themselves, and there is a letter you can send then - you may want to search for the DMP support thread in here. Not too sure of its proper title though.

http://www.nationaldebtline.co.uk/england_wales/temp/3887_25691.pdf
http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6