credit card debt to fund company

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vin

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Post by vin » Sat Sep 01, 2007 3:31 pm
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Hi,

We have credit card debts of £40,000. My husband and I started a company two years ago, and it has been slowly growing and getting better, but in the mean time we have aquired this credit card debt to fund the company and also our cost of living. We do have about £80,000 equity in our house. What should we do to clear these credit cards?

Thanks
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MelanieGiles

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Post by MelanieGiles » Sat Sep 01, 2007 3:35 pm
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Hi vin and welcome to the forum

I suggest you consider re-mortgaging the property to pay the debts. Interest rates on mortgages are cheaper than on credit cards, and you are not insolvent so an IVA or bankruptcy proceedings are not appropriate.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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iva_squirrel

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Post by iva_squirrel » Mon Sep 03, 2007 12:19 pm
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Welcome vin,

It seems that remortgaging your house is the best solution for you right now. You cant apply for an IVA or Bankruptcy because you are not insolvent.

Regards,
Michelle p.
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