Advice needed please

[Creme Brulee]

First of all a big Hello to everybody here. I have been hiding in the wings for a while now, and have decided to register.

 

Anyway, i really need some advice on what to do.

 

A little background information.

We run our own business, and it is doing very well. The problems i have are my outgoings are more than my incomings, this is due to debt carried over from another business that i had.

 

Un-Secured Debt

 

CC debt is £37,000, some in my name, my wife's name and in my mother in laws name.

Loans totaling £30,000

Business O/D from old business £16,500

Personal O/D total £2,750

Loan in MIL name £7,500

And owe about £5,000 in money lent from family.

 

Secured Debt

£50,000

 

Also have a van lease that is paid monthly, insurance policies, utilities, ect ect on top.

 

I have at the moment about £35,000 equity in the house, after the mortgage and secured debt.

 

We have let two staff go, and i am currently doing all the work, 6-7 days a week, while my wife runs the office.

 

We are always treading water, and to be frank have had enough. We always manage to move money around to pay things, so credit rating is good, but we can not carry on like this as we can not see a light at the end of the tunnel. I know its all our fault, and we only have ourselves to blame for the trouble we are in, just wish i had blown all the money on holidays and nice things, but we haven't as its all been used to keep the business running.

 

What is the best way to sort this out? Ideally we would like to keep the house. We don't want to go the Bankrupt route if we can help it, so would an IVA be the best option?

 

Any advice greatly appreciated.

 

CB

[rebel11]

Hi Creme Brulee

 

Welcome to CAG

 

I think you'll find that people hear aren't out to judge folk, only help them

get back on track. Other's will be along to advise. What you could do is

claim back any Penalty Charges with interest, also have you been mis-sold any PPI that you could claim back. You can claim these back for at least 6 plus. You just need to obtain bank statements. The other thing you could do is send CCA Requests to establish if the agreements a enforceable, if they aren't you could put the credit card account in dispute.

All templates are found on this website with spreadsheets.

[Creme Brulee]

Hi Creme Brulee

 

Welcome to CAG

 

I think you'll find that people hear aren't out to judge folk, only help them

get back on track. Other's will be along to advise. What you could do is

claim back any Penalty Charges with interest, also have you been mis-sold any PPI that you could claim back. You can claim these back for at least 6 plus. You just need to obtain bank statements. The other thing you could do is send CCA Requests to establish if the agreements a enforceable, if they aren't you could put the credit card account in dispute.

All templates are found on this website with spreadsheets.

 

Thanks for the reply Rebel11.

 

I think i only have one or two credit cards that were taken out previous to 2007, but i will have a look and double check.

 

CB