serious debt ......... serious trouble

hi all

my business is in trouble close to closing actually, im not ltd.
owe revenue around 40 k
leases around 100k
creditors around 100k
bank loans around 60 k

when i close i cant meet these repayments around 5k per month


have a mortgage of 1000 per month

wife working and we have baby at home

one creitor already has judjement against me court coming up soon

working with mabs on trying to handle this

under severe pressure

what im wondering was anyone of ye in same position and if ye were what happened and what solution did ye get?

cant remortgage house wont get it


in short i have to repay 300k but cant

Hi...MABS was a good start. You may want to check out "debtbreakers". They specialise on brokering debt arrangements with your creditors.

Hi- this is might not be of any help but just to let you know I'm in the same boat as you and plenty of other people are as well.( even if they don't admit it)I have found out a few things since all this started though.

1 - The revenue will accept installment payments.They will tell you no at first but will then go for post dated chqs or similar.Be honest with them, the revenue are a very hard creditor to work with but the are not out to damage you, they only want what they are owed.The worst thing you can ever do is lie or bulls**t the revenue.They have seen everything and will make you suffer if you try to take them on.
2 - Try to seperate yourself from your business . I know it sounds easier then it is , but you have to be able to pay to live and the revenue , creditors , banks and the court do understand this.Ultimatly you will have to pay the business debts but in the mean time if you establish what is your bills and what is the business bills, you will be able to see if its just the business that is at fault or maybe its your own lifestyle costs as well.
3 - Contact any one you owe money to .Make a small weekly offer to each of them and remind them that anything is better than nothing.
4 - Don't remortgage your house or secure anything against it.Putting you and your family out of the house is the very last thing anyone will do to you.They will do everything else before they get to that.
5 - Something that is rarely mentioned when it comes to debt problems is the emotional effects it has on you.Don't view it as a personal failure ( even though you probably will) I know from my debt problems that it was very easy to use my fustration and anger on my friends and family.This will obviously cause much much more serious problems down the road so try not to do it.
6 - Debt management companies and similar , in my opinion are not neccesary as most business people are astute enough to do whatever these companies will do for you.I don't know for sure , but I would assume that creditors would rather deal directly with you.

The main thing to remember is you cant get blood from a stone.So long as you dont try to run from your debts or ignore them they can be solved.Admit to creditors that you have a problem and that you do want to pay your bills.If you have these debts because other people hav'nt paid you , remind your creditors of this.The revenue will help you to get paid from other people although it will be through a notice of attachment.

Sorry if i've gone on a rant , this might be counselling for me !!