Hi Guys
Happy new year to you all.
We are a small business that are in big trouble.
Mortgage 240K left have it on fixed 5.1 apr for the next 18 months 1120 a month repayments
Credit union loans 60K at 800 a month repayments
GE Money 25K left at 560 a month repayments
Credit cards 10K at 500 a month repayment
Overdraft at 4K at 100 a month repayments
Family 11K payable in 5months time.
the above does not include our day to day expenses such as phone bills etc.
Due to lose of clients (construction) and ill health we are up to our eyes in debt. My partner has started to get some new contracts back on board but we wont receive payment for a month or two. so we will be able to meet our monthly commitments then but our worries are for the monthly commitments that we cant meet between now and then. I know my partner is getting very depressed with the whole thing and im worried that he might do something silly, as he keeps saying he worth more dead than alive.
any advice would be great.
M