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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by Mr.E.Guest[/i] [br]Hi All, My first day and first post on the forum. Hello [:)]. Up until a few months ago life was OK - business wasn't great but we worked hard and plodded on to make a living. However - the sh!t is about to hit the fan and I'm very unclear on what to do - let me expain. My wife and I run a small Ltd company. Our 2 yr fixed mortgage is about to go from £1220 to £1700 - so tried to remortgage but self employed - and it isn't happening - therefore we are now up for sale - owe £197K up for £200K but lets face it we are not going to sell anytime soon in this environment. I have £23.5K personal debt (£20K split over 5 cards) a £3.5K unsecurred loan - we have an investor in the business albeit for only £15K and we are £15K into our £20K overdraft with HSBC We have drawn approx £3500 per monthfrom tghe business to cover our outgoings of £3498. The way things stand and with sales due in even if we exhaust our overdraft we will only survive for another 2 months. Do we go IVA (not even sure what one of these is???)or do we go Bankrupt - again I'm not sure what this is in full or what the implications are??? My wife has now got a new job but it only brings in around £1000 per month (but it eases the cashflow a little) - from the business we are getting also around £1000 per month in commission. Its not difficult to see that with almost no overdraft left, no savings, no increae in turnover likely and £2000 coming in vs £3500 going out that we are dead in the water very soon. Can anyone offer any advise as to which way to turn - run away and hide is my gut reaction but I know that at some point a knock will come on my new door and I don't want my 2 young children or my wife or myself to live in fear of every knock, call or piece of post for the next God knows how long. PLEASE HELP [V] [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.