Basically I have incurred a large amount of secured and unsercured debt for personal reasons and for my business. I was in full time employment when I did this, as I was getting my business up and running.
I made the move to full time self employment 6 months back, and although the business has been going well, my personal finances have caught up with me and my business battles to pay me what I need to keep things going.
My wife works full time still (thank god for small miracles) and we are home owners (with a nice fat mortgage)!!
I am considering seriously considering debt management as an option, but am unsure how this effects my business. I essentially need a few months break while the business goes through a refinancing period, and DM seems the route to take. I do not know all the reprecussions of how this all works between my business and personal finances. Do the banks try and go after my business profits (or losses ) or do they only look at our household income?
My business can afford to pay me a salary of say £2500 per month and not the £5000 I am currently drawing.
I have asked CCCS for help, but am yet to hear form them, perhaps they are very busy these days.
Any honest and impartial advice would be greatly appreciated for those who understand all the angles I need to be considering at the moment.
Thank you and nice to be able to talk about all this with people in the know.