not enough to cover the minimum payments

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pinklemonade

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Post by pinklemonade » Mon Jun 30, 2008 12:55 am
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hello, i own a buisness and am now nearly 90,000 in debt due to mortgage ,loans, overdrafts etc the buisness does not take enough to cover these minimum payments is there anything you could suggest to help
i have a young family and many sleepless nights of worry!!
many thanks
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MelanieGiles

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Post by MelanieGiles » Mon Jun 30, 2008 12:59 am
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Hi there and welcome to the forum

You ought to take advice from an insolvency practitioner about your options - which are likely to be bankrutpcy, IVA or a DMP. IVAs were originally designed for small businesses, so if you have sufficient income to make a realistic offer of settlement to your creditors this could well be worth looking into along with the other two options.
Regards, Melanie Giles, Insolvency Practitioner
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