Thanks for the reply
Business debt of $525k
smilearchitect on 29/06/2014 - 21:21
Last edited 30/06/2014 - 07:30
Last edited 30/06/2014 - 07:30
Comments
I wouldn't talk to a bank - they will definitely have their own interests above yours. Also, financial advisors are very limited in the tax advice they can give.
Speak to an accountant.
Sounds like declaring yourself bankrupt may be a positive option in your current situation.Your local Community Advice Centre may offer free financial advice.
i would go see your business banker and consider transferring your business credit card debt onto a loan type facility so you're not smashed with interest of 20% every month. then with both debts consolidated into a single loan i would probably consider fixing a part of it (as business rates are cheaper than home loans at the moment provided sufficient collateral is held to mitigate the bank's risk) and start paying down the unfixed portion. unfortunately there's no hard or fast way of getting into debt unless you declare yourself bankrupt and thats hardly worth the trouble it causes. speak to an experienced broker, they might even suggest you refinance business to home loan debt to take advantage of lower rates in the long term
I think bank or financial advisor is your best bet… There's heaps more details you would have to share before we could give any meaningful tips