Question

Hi Jon,

I have been borrowing money to keep my business afloat now for the past few years. The business was struggling before the virus, and is really struggling now. It is a cleaning company and I employed 3 people, including myself, however, lately I am the only on working. I owe in the region of £10,000 for 1 loan and about another £5,000 on credit cards. I cannot keep up the payments and am just lost as to what to do.

Bern

Answer

Bern,

Have you discussed your situation with the bank and credit card companies?

They may be able to modify or reduce your monthly payments to make things more affordable. You may want to look into a Token Payment Plan with the credit cards to make things more affordable.

Keep in mind, anything you do outside of the original payment agreement can affect your credit, and credit score.

Keep me updated with what you decide, and we can look further into your situation.

Regards,

Jon

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