I found this site about a month ago and found it of great use, simply knowing there are so many others who have the same problems and worries with debt.
When I made a posting a month ago, I was still commited to developing my business and believed I could straighten myself out through that. Not the case at all. Last week I nearly had a breakdown from the worry and pressure of the business and have found myself in a situation where I can no longer cope. With the business debt combined with my personal (I'm gurantor for the business loan) I'm £30k in debt. I have no intersest in the business anymore, indeed the sight of the logo makes me feel sick. I've been working a minimum of 15 hour days , 7 days a week for 18 months and have struggled to get my rent money (£437) each month. I've given everythign to it but have reached burnout. I believe in the idea but no longer have the motivation nor desire to forfeit any more of my life. The result? I'm 33, single with £30,000 owing.
I had wanted to avoid bankruptcy but think it's perhaps the best solution to start off with a clean sheet. My concern though, I'm a lodger, on the electoral role and am concerned that the adress will have bad credit against it? I share with the landlord, he's my flatmate and we get on very well - I would hate for him to have to suffer any consequences for my going bankrupt. Does anyone know if this will happen?
I'm at a stage that I need to find a new career, have no money, am looking at my business going bust (if nobody has the desire to develop it to its' potential) and much debt.
£25k is with HSBC - does this make any difference when it comes to sorting out the debt at all?
Thanks for reading this.
We'll all be OK - at least we're in this forum and are talking about it instead of hiding away. That's what I keep talling myself anyway.