Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • immoral_angeluk
    • By immoral_angeluk 13th Dec 17, 2:20 PM
    • 23,754Posts
    • 22,635Thanks
    immoral_angeluk
    Hope someone kept my seat warm..
    • #1
    • 13th Dec 17, 2:20 PM
    Hope someone kept my seat warm.. 13th Dec 17 at 2:20 PM
    I take no pleasure in coming back to DFW, which sounds horrible but I'm sure you all know what I mean.

    Thanks to a failed business, I'm now back at square one with my debt. Probably worse, and have come to the point of no return. I can't try and carry on as if it is all going to work out fine if/but/maybe. It's time to accept that I screwed up and that I need to sort it out.

    My business lasted 14 months, earning 100k in revenue in 6 months. It took one month to kill it entirely, as is common with startup businesses.

    Will get on with doing my financial statement and put in a separate post.

    Ugh. I feel sick.
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
Page 2
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 15th Dec 17, 6:33 PM
    • 2,875 Posts
    • 16,682 Thanks
    HairyHandofDartmoor
    You've had some good suggestions, which I don't think I can better at the moment. I like the suggestion of trying to earn some money while you still have the van.

    It can be hard to get a job when you've been self employed, but if you persevere I'm sure you will get one eventually and then you can go the DMP route.

    Galling I know, but it's never to late to change your life. I'm 53, my DC are grown up and I've only just become debt free. You have time to turn things around and get back on top and in time you will see this as a bad patch that you got through.

    You sound like you're doing all the right things at the moment. Creditors can't take money you don't have, so they will just have to wait.

    Is all your tax and VAT up to date as GTQ asked? As I'm sure you know Inland Revenue definitely won't wait and get nasty very quickly!

    Good luck with the job hunting .
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund. Then save up for repairs to the house.
    Emergency Fund 1 = £818/Emergency Fund 2 = £110.76/Loss of Income Fund £0
    • immoral_angeluk
    • By immoral_angeluk 4th Jan 18, 12:46 PM
    • 23,754 Posts
    • 22,635 Thanks
    immoral_angeluk
    Hi all, it's been a crazy few weeks, what with Christmas and everything. I've been busy jobhunting and have so far had a few interviews with mixed results. I'm not giving up just yet though.
    There's been a lot of progress so far, so bear with me as I think it needs some bullet points!
    • I've cancelled direct debits on my personal and business account, transferring the essential ones over to my fella's account (With his permission of course!). The bank who have my business account and overdraft were really sympathetic and have frozen the account for the time being.
    • I've contacted the digger lease company and it turns out I have a flexilease so can send the plant back at any time. I'll just be liable for anything left over on the agreement due to depreciation etc. I'm waiting for them to get back to me with a settlement figure and value of the plant now. They didn't bother me over christmas, even though their direct debit bounced. They've been really good about everything.
    • I sent out holding letters to the trade creditors, which has gotten them off my back long enough to properly assess the situation and speak to one of my old CAB colleagues to get a second opinion.
    • I'm looking at the possibility of doing an IVA, to protect our home and get things done formally, rather than slog it out in a DMP with the ongoing threat of court action/charging orders etc. I'm just waiting for an appointment with a contact I have from my CAB days that works for a reputable IVA firm.

    I've got to be honest, all of this has been just awful, but the kinks are slowly being worked out and I know that things will improve, even if it does take time. Just got to keep on plodding forward with one step in front of the other!
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
    • immoral_angeluk
    • By immoral_angeluk 5th Jan 18, 12:02 AM
    • 23,754 Posts
    • 22,635 Thanks
    immoral_angeluk
    More progress today, I've rejigged my financial statement in line with bankruptcy allowable expenses. Waiting for an appointment with the IVA contact I have who will go through it properly with us, but I'm expecting to have to contribute about £1000 towards household bills which should leave about £200-£300 for an IVA. It wasn't exact, but I worked it out at that level about 75% of the debt would be repaid.
    I've also applied for a new bank account so I've got one away from my business and personal creditors.
    It's with the same bank as the mortgage, but as that won't be affected it should all be fine.

    It's very refreshing to be starting to (slowly) get back in control...
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
    • Gettingtherequickly
    • By Gettingtherequickly 5th Jan 18, 12:49 PM
    • 3,531 Posts
    • 15,366 Thanks
    Gettingtherequickly
    Glad you are feeling a bit more optimistic about things, just proves the point that as long as you keep in contact with creditors, the better it is.
    Did my LBM in reverseFinally debt free with money in the bank!

    I know I am getting old, but there is no need for my consultant to age me by another 10 years 😉
    • immoral_angeluk
    • By immoral_angeluk 5th Jan 18, 3:23 PM
    • 23,754 Posts
    • 22,635 Thanks
    immoral_angeluk
    It really is true. The thought of something is always 100x worse than the reality.

    I've had confirmation of my new bank account today, so I can get away from the bank linked to one of my credit cards just in case. Better safe than sorry!

    Have 3 interviews/job open days in the next couple of weeks, so I'm staying optimistic. It's been suggested that I look at doing the basic adult learning teacher training (PTLLS or something like that) but it's £500 :O Shocking!!
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,932Posts Today

8,346Users online

Martin's Twitter