Z
zaor
Guest
I'm new to this forum and hope someone out there can tell me where to go next.
My husbands business has recently gone into liquidation- it was a limited company so I'm not overly worried about the debts there. Its mainly the revenue.
But he has loads of other debts which he has given a personal guarantee for. He owes 15k to car finance (car has been stolen and insurance paid up so this is the balance and he doesnt even have a car now). He has a credit card (Ulster Bank - v high interest rate) of about 9k - mostly used for business expenses but not a company card. He has business loans/overdrafts with the 3 main banks - I'm having difficulty finding out how much from him, had it out with him today and told him I want the balances and interest rates of them all tomorrow. Also credit union of 11k which was a home improvement loan. Hes behind on everything except the credit card which I am paying.
I've phoned MABs but it will be weeks before anyone can get to him.
Has anyone heard of lenders freezing interest on debts? On the Credit card I'm paying 340 per month and over 100 of this is interest (lots of cash advances).
Can any of them take our house? I'm paying the mortgage out of my money as hes currently not earning anything.
If we try to arrange repayments with the lenders will they want to take my salary into consideration or just his? I've never been involved in the company and we have no joint bank accounts.
I have 25k in savings which I have been dipping into each month for the past while just to keep things going despite major cutbacks in the household. I really dont want to use this to pay them off as I feel I would have no safety net.
I dont know what to tackle first so any advice would be appreciated.
My husbands business has recently gone into liquidation- it was a limited company so I'm not overly worried about the debts there. Its mainly the revenue.
But he has loads of other debts which he has given a personal guarantee for. He owes 15k to car finance (car has been stolen and insurance paid up so this is the balance and he doesnt even have a car now). He has a credit card (Ulster Bank - v high interest rate) of about 9k - mostly used for business expenses but not a company card. He has business loans/overdrafts with the 3 main banks - I'm having difficulty finding out how much from him, had it out with him today and told him I want the balances and interest rates of them all tomorrow. Also credit union of 11k which was a home improvement loan. Hes behind on everything except the credit card which I am paying.
I've phoned MABs but it will be weeks before anyone can get to him.
Has anyone heard of lenders freezing interest on debts? On the Credit card I'm paying 340 per month and over 100 of this is interest (lots of cash advances).
Can any of them take our house? I'm paying the mortgage out of my money as hes currently not earning anything.
If we try to arrange repayments with the lenders will they want to take my salary into consideration or just his? I've never been involved in the company and we have no joint bank accounts.
I have 25k in savings which I have been dipping into each month for the past while just to keep things going despite major cutbacks in the household. I really dont want to use this to pay them off as I feel I would have no safety net.
I dont know what to tackle first so any advice would be appreciated.