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| The independent answer to your debt problems | login join |
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Golfmad
| 03-05-2007 09:35 AM |
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Joined: 03 May 2007 Posts: 2 | Hi, I don't really see that I have a lot of options left to me but can you help? I have been running a restaurant for the past year and in that time I've run up loads of debt, most of which is on credit cards and the rest is owed to our suppliers. In total, I now owe £120,000. We had to close the business as we couldn't afford to keep it open any longer which leaves us with a massive debt that we just can't pay. With no income coming in I don't see what else I can do but go bankcrupt but what are my options? What's the best thing to do? Thanks |
| DW George | 03-05-2007 10:30 AM |
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Joined: 01 May 2007 Posts: 174 My Profile | Hi Golfmad I'm sorry to hear about your problems. In the words of Henry Ford "Failure is the opportunity to begin again, more intelligently". You mentioned bankruptcy which means that you are in quite an extreme position and you are probably thinking that this is a terrible thing. It's not! Bankruptcy is a good way to clear your debts and start again. It only takes a year to be discharged from your bankruptcy once you have the bankruptcy order has been made. I know you may be feeling overwhelmed by it all. Try and concentrate on the next step rather than the journey. Next step is contact either your accountant or an Insolvency Practitioner who will advise of the next step to take. See it's simple. Hope this helps. Please update us on how things are going. I'm sure your experiences will help others who are going through the same process. |
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Golfmad
| 03-05-2007 10:36 AM |
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Joined: 03 May 2007 Posts: 2 | Brilliant, thanks for your help, I'll speak to an insolvency practicioner and let you know how I get on. Cheers |
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Jontysmumblings
| 10-05-2007 02:48 PM |
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Joined: 10 May 2007 Posts: 1 | Hi Golfmad, I was in a similar situation to you not so long ago, I had enourmous debts. It nearly ruined my marriage, we just didn't know what to do. I spoke with an insolvency guy and they told me to look at and IVA. I really considered it but in the end I decided to go bust! Two years on I'm really glad I did - I don't owe anybody anything now so things are great. You can't get credit you understand but do you really want more credit anyway? I know I didn't. That said, we're just about to sign up for a mortgage which I really didn't think we'd be able to do. Good luck mate anyway and chin-up! Remember, if money can fix it, it aint worth worrying about. |
