Doomed...i think.

baxgttdi

Hey all thanks for all the replies. I didn't update this post over the past few days as nothing had really happened but now I have a bit of news. My loan with Zopa was approved and been completed which will slash my loans from a shocking 32% to 11%ish, which was a positve move. I've used the first of the cash to pay off the existing Orange bill, and am in the process of paying off the 2 smaller loans I had now, followed by closing the unneeded (4!!) excess current accounts and clearing my overdraft.In celebration I've even booked myself a haircut lol!

Thanks fro the info George I'm reading through it (slowly) lol it seems you've had a far worse time of it than I have, I applaud you for the progress your making

Thanks for the support Lula much appreciated .

Dave

baxgttdi

Woo..sold my first book! Lol it may sound like nothing but I sold the first book of my new little scheme after 2 days on buy it now at a 50% markup woo!

Anyways sorry for my little outburst it's just nice to think thatsomething I'm doing to save money might be working hehe

baxgttdi

Right little bit of an update....

Paid off the Orange arears - [STRIKE]126[/STRIKE]

Paid off the overdraught with the loan
and the TSB loan
and the Barclays loan
and any other smaller debts

So now I'm off to close all of these excesive current accounts as although it seems to work for other ppl it just ends up getting me into charges, so we'll have no more of that lol. The total should come down by about £2000 by Feb if I succeed.All my debt is now divided into 2 places, my car loan and my zopa loan which suits me better as I cna hopefully pay off more on the zopa loan when I have it available and the dbit is set up for the monthly payment as well which should help alot, cos alot of my charges and debts have been due to my lack of organisation which is shameful really. So looking at it now I appear to owe £300 more than when I had my LBM lol but in reality what I did was give myself a bit extra when taking the zopa loan to ensure I hae a small confort zone to stop me going into my overdraught which I intend to close now that it's A) no longer free and not in use. This will make me be more thrifty as I won't have a choice lol and to be honest I shouldn't need me overdraught it's jsut spent on luxories. The next bit of the plan is that I'm going to use most of what's left over from the loan to pay off my car insurance for the year which costs me £126 a month (points, crashes etc so not complaining). This £126 is then goin to be paid extra into my car loan over the next 6 months which whiel it doesn't seem like much is almost an extra £800 off the car loan, meaning it will end in theory about 3 months earlier in about Feb 2010 instead of May.

With the extra money I'll have from not gambling (yes!!) I should be able to start hopefully building up a positive balance in my current acount with my aim being a months emergency funding by Feb 2009, it was going to be May but where's the challenge in that?

Any other money made from my other schemes like the book selling etc is going to be stored somewhere safe for a rainy day. The plan is to take enough out of each sale to buy the next book and anything left is going in small savings account, that way I can't make a loss .

Looking past Feb, if the emergency fund is successful, I'll try and raise the same again to have in my current account by May. [STRIKE]If[/STRIKE] When that's done it's all hands on deck with the Zopa overpayments which are thankfully fee free. Can you tell I'm feeling motivated?

So I think that's pretty much it for now I got some serious saving to do , thanks for reading (if you do obviously, if not that's ok too hehe)

tyllwyd

baxgttdi wrote: »

Woo..sold my first book! Lol it may sound like nothing but I sold the first book of my new little scheme after 2 days on buy it now at a 50% markup woo!

It's great to see you seem to have things back on track - good luck for the future!

I expect that I'm teaching my grandmother to suck eggs, but you haven't mentioned registering as self-employed for tax on your book-selling business. You need to register within 3 months of starting your business, and if you don't you will be risking a fine.

Jesthar

Wow, sounds like you're doing really well, Bax! :T

About the charges you mention - forget about HOW you incurred them, see if you can claim them back! Not sure how or if it works for loans, but it does for bank accounts (though that process is on hold for the moment) and credit cards...

~Jes

baxgttdi

Hey, thanksfor the replies

tyllwyd - thanks for that. I've only sold 2 lol as I'm just seeing as it's viable at the moment, it would never be a big timething though I know that. If I manage to sell a few consistently for a short period I'd consider it but I'm only looking at £5-10 a week though hehe so I'm pretty sure I'm not gonna be stung big time. I'll double check though.

Jesthar- thanks for the support. The charges were through banks accounts rather than loans so I have my initial letters typed up and ready to go out but I'm a bit put off by the fact I think I'll just be referred to the test case so =o/ I dunno.

Jesthar

Oh, look - spam for a company wanting to charge a fee for what you can do very easily yourself for FREE! :rolleyes: And all your other posts are the same, too. Let me just put two and two together here - reporting now...

Bax,

Get the letters in anyway, that way the process is started and even though it will go on hold for a while as soon as they lose the test case you'll already be under way.

~Jes

GeorgeUK

You mean where you request the customer credit agreement (cost £1) and if they cannot provide it or the prescribed terms are not there, it's unenforcable? Yup, i've heard of that one.

tyllwyd

baxgttdi wrote: »

tyllwyd - thanks for that. I've only sold 2 lol as I'm just seeing as it's viable at the moment, it would never be a big timething though I know that. If I manage to sell a few consistently for a short period I'd consider it but I'm only looking at £5-10 a week though hehe so I'm pretty sure I'm not gonna be stung big time. I'll double check though.

Yes, the figures aren't going to be big - but assuming that you are paying basic rate tax already, on profit (?) of £10 a week, that's £520 per year at 20% tax, that's £104 you'd owe the tax man plus probably a bit for NI. Its a bit of a grey area, but once you are buying and selling stock, not just your own second-hand bits & pieces, you are running a business and if it comes to the attention of the Revenue they are going to want to know about it.

baxgttdi

tyllwyd - Hmm when you put it like that I guess I'll have to tell...that's a shame lol =o/.

Jesthar - Letters, finished and being posted tommorrow

Not much else has happened over the past few days really. Ironically some bets I'd put on ages ago had won so I withdrew the money and closed down the account leaving me with £35 not exactly for nothing but it feels like that at the moment .

I decided to take part in the £10 (weell only £5) a day challenge for December as well, lets see what we can do . On a side note I'm finding it amazing how much money I seem to have at the moment compared with before. It probably sounds silyl but for me you forget how much you throw away with online gambling it's just figures and you sort of come to accept that there's just nothing in your bank account lol. Granted I'm by now means flush (I wish), but I've certainly noticed a difference so far, I've been able to buy things and not worry about having nothing to fuel the car with etc and I'm sure if I keep it up there'll eventually be a time when I might actually (shock horror) have some money left over at the end of the month hehe. All looking A ok so far anyways thanks for viewing