Author Topic: Advise please  (Read 2122 times)


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Advise please
« on: Jun 20, 2013, 06:16:46 PM »

It feels like I have sleep walked into debt,   when I was starting out in business I used cards to purchase materials and equipment and instead of paying them back i used the income (turnover) to keep the family going, not wise in retrospect but at the time I felt i had no options (my wife was having a breakdown at the time and I was the only breadwinner).    The business can now make a reasonable (ish) profit but everything seems to go down a debt hole,   last year I thought I did the right thing by moving most debt to one loan (at 7% instead of credit card rates),   but still find myself paying £700-£800 per month.  I'm managing the payments but at a cost, my health is shot and our relationship is falling apart because of the stress. The final blow has come from the Inland Revenue,   I have a tax bill of £3K,   on paper it looks good for them to take my money, but in fact half my actual  income goes on paying my debts.   Can the tax be written off too?  I have paid some tax using a credit card!!


James Falla

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Re: Advise please
« Reply #1 on: Jun 28, 2013, 01:29:42 PM »
Hello ahchee
If you have HMRC debt then the best solution for you would probably be an IVA. HMRC debt can be included in an IVA. Can you tell me a little more about your situation? Are you and your wife homeowners and if so is there any equity in the property. This would affect the suitability of an IVA and its potential length. In how much do you feel you could reasonably afford to pay each month towards all of your debts. I know you say you are paying £800 a month but I assume that this is not sustainable?
Debt Expert & Author