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Oscy
Junior Member
United Kingdom
173 Posts |
 Posted - 06 April 2008 : 22:36:02
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Hi
I was a sole trader with a company loan of £25000.00. The business was closed down as I could no longer afford to keep it going. My bank recommended I turn my business loan into a private loan and am now really struggling to make the repayments. I am married and live in rented accomodation as we were both divorced previously so money has always been tight. Can you recomend anything to get me out of this mess?
Thanks
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melanie_giles
Senior Member
1191 Posts |
Posted - 06 April 2008 : 23:54:25
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Hi oscy and welcome to the forum
Is this the only personal debt that you have?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Oscy
Junior Member
United Kingdom
173 Posts |
Posted - 07 April 2008 : 06:35:26
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quote:
Originally posted by Oscy
Hi
I was a sole trader with a company loan of £25000.00. The business was closed down as I could no longer afford to keep it going. My bank recommended I turn my business loan into a private loan and am now really struggling to make the repayments. I am married and live in rented accomodation as we were both divorced previously so money has always been tight. Can you recomend anything to get me out of this mess?
Thanks
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Oscy
Junior Member
United Kingdom
173 Posts |
Posted - 07 April 2008 : 06:36:50
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Hi
I have a credit card for £4500 with the same company TSB and 1 other card debt for £3000.
Thanks |
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melanie_giles
Senior Member
1191 Posts |
Posted - 07 April 2008 : 07:26:25
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As a sole trader the fact that the bank altered the description of your loan is not relevant, as you were presonally responsible for it in any case. If you are struggling to pay you basically have three options:-
1 Enter into a DMP with creditors to pay reduced amounts over an extended timeframe.
2 Offer an IVA to creditors to pay reducted amounts over a fixed timeframe - usually five years.
3 Declare yourself bankrupt.
It would be sensible to recruit the services of an insolvency practitioner now, who can explain the advantages, disadvantages and implications of each option to enable you to make a reasoned choice.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 07 April 2008 : 08:55:29
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Hi Oscy,
Welcome to the Forum,
As Melanie outlines you have a few options, which one you take would very much depend on your personal circumstances i.e if you have any assets of value like a Property and what level of disposable income you have after your bills and living costs are calculated.
As Melanie says you should seek some advice, may I suggest you contact Melanie as she will be able to go through your particular circumstances and point you in the right direction.
All the best
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Oscy
Junior Member
United Kingdom
173 Posts |
Posted - 10 April 2008 : 18:54:13
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Thank you both for your advice.
Also my partner earns a good salary but he also owes approx £35k. I want to try my best to keep him out of this as he is in a job where he is not allowed to go bankrupt.
Therefore can I be dealt with seperately without involving him? |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 10 April 2008 : 19:47:52
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Hi Oscy,
Be it Bankruptcy or an IVA you will be able to do these in your sole name, With an IVA you can have a joint one with your husband if you so wish, but Bankruptcy deals only with an individuals debts so would only involve you.
Hope this helps
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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recomend anything to get me out of this mess?
