L
layla
Guest
Hi,
Im looking for a bit of advice. My husband started a small business about 3 yrs ago and to make a long story short he is now roughly 100,000 in debt.
As we had more than one baby recently we are now under huge pressure. I cant go back to work as I need to be with the babies and he is now unemployed. For the past year we have been getting letters and now he has two judgements against him plus letters coming each day. It is awful and am even afraid to answer door or phone anymore. He hid alot of it from me as I was pregnant at the time and spent months in hospital. Had I known about him getting big overdrafts etc then I would have put a stop to it as I am not one for huge loans anyway and always pay back. He could not work then either as he spent a lot of time up and down to me. We have been to Mabs but there is only so much they can do. The payments they have come up with are still high and we cannot see a way out of this.
Previous to his business not working out we always payed our loans and I am up to date on my own two small loans but because we are now in arrears in our mortgage Im sure this has affected my credit. We have reduced outgoings where we could and I gave my car back to bank so presume my credit history is now shot. It would not worry us so much except for the little ones. We are really stuck now and dont know what to do and are just getting deeper and deeper as arrears are building.
What we would love to do is consolidate loans for a lesser amount each month but obviously another loan to cover that is not the answer to such an amount of debt and plus we would have no hope of getting it anyway.
We really dont know what to do now. I dont know if anyone will have answer and I know heaps of people are in the same boat.
Im looking for a bit of advice. My husband started a small business about 3 yrs ago and to make a long story short he is now roughly 100,000 in debt.
As we had more than one baby recently we are now under huge pressure. I cant go back to work as I need to be with the babies and he is now unemployed. For the past year we have been getting letters and now he has two judgements against him plus letters coming each day. It is awful and am even afraid to answer door or phone anymore. He hid alot of it from me as I was pregnant at the time and spent months in hospital. Had I known about him getting big overdrafts etc then I would have put a stop to it as I am not one for huge loans anyway and always pay back. He could not work then either as he spent a lot of time up and down to me. We have been to Mabs but there is only so much they can do. The payments they have come up with are still high and we cannot see a way out of this.
Previous to his business not working out we always payed our loans and I am up to date on my own two small loans but because we are now in arrears in our mortgage Im sure this has affected my credit. We have reduced outgoings where we could and I gave my car back to bank so presume my credit history is now shot. It would not worry us so much except for the little ones. We are really stuck now and dont know what to do and are just getting deeper and deeper as arrears are building.
What we would love to do is consolidate loans for a lesser amount each month but obviously another loan to cover that is not the answer to such an amount of debt and plus we would have no hope of getting it anyway.
We really dont know what to do now. I dont know if anyone will have answer and I know heaps of people are in the same boat.