taxi driver needs help

basher30

hi im a taxi driver have had a run of bad luck i have run up debts equalling the following:
barclaycard 2500
owe my parent 5000
i have no savings and need to find a 500 pound excess for a motor accident i have had that wasnt my fault
no one will lend me any money as my outgoings or basically maxed out
if i cant fix my car i cant earn money so then i cant pay my monthly outgoings of 1400 pound + pay my dad and my visa
any help or advice would be greatly appreciated as my head is in bits
am i bankrupt do i need a iva????
thanks
Basher!

Horace

Hi basher and welcome.

Can you post an SOA (statement of affairs) to see what you have coming in, what is going out and to see if you have money spare to chuck at your debts. https://www.makesenseofcards.com/soacalc.html - there is a button on it for MSE (it formulates it or something allowing you to copy it and paste it here).

taxi73

Hi there Basher..I'm a taxi driver also.
I think the first thing you need to do is a SOA..this lists your income/outgoings including the interest rates and amounts on loans and cards.You haven't given us a lot of information to work on.
Are you a taxi owner or are you just a taxi driver? Why if you have a no fault accident do you have to pay a £500 excess?..this to me sounds like your are an owner.
You are not bankrupt at this moment in time and you probably don't need a IVA either.
Please can you answer my questions then I can probably help you further.

determinedtodothis

:santa2: Hello and welcome
don't panic do a statment of all your incomings and outgoings and i'm sure one of the geniuses on here will be able to help - they have certainly helped me in the last 18 weeks - yes i've managed to pay of £3k in 18 weeks!! and theres mo way i would have thought that was possible in July before i found these guys...

I'm sure we can find a way x

basher30

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 3200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3200
Monthly Expense Details
Mortgage................................ 478.92
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 32
Gas..................................... 32
Oil..................................... 0
Water rates............................. 22
Telephone (land line)................... 20.5
Mobile phone............................ 36
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 600
Road tax................................ 10
Car Insurance........................... 125
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 22
Buildings insurance..................... 41
Contents insurance...................... 0
Life assurance ......................... 29
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1818.42

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 104000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96000....(478.92)...4.5
Total secured debts........... 96000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................11000.....290.......15
loan...........................7000......201.......10
barclaycard....................1800......50........19
owe parents....................6920......500.......0
Total unsecured debts..........26720.....1041......-

Monthly Budget Summary
Total monthly income.................... 3,200
Expenses (including secured debts)...... 1,818.42
Available for debt repayments........... 1,381.58
Monthly UNsecured debt repayments....... 1,041
Surplus(deficit if negative)............ 340.58
Personal Balance Sheet Summary
Total assets (things you own)........... 104,000
Total Secured debt...................... -96,000
Total Unsecured debt.................... -26,720
Net Assets.............................. -18,720
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

means not alot to me help plz what do i do !

plus i pay £90 a week rent to my taxi base!

basher30

Are you a taxi owner or are you just a taxi driver? Why if you have a no fault accident do you have to pay a £500 excess?..this to me sounds like your are an owner.

iam a owner who pays rent weekly to a company the accident happened there were no witnesses and there is a argument over liability!!

if my dad hadnt lent me 2000 pound to see me over to i get my car back i dont know what i'd of done

thanks taxi73

basher30

My task in life when i get my car back is to clear my barclaycard and what i owe my dad my loans i am happy with just paying them over the terms and also id like to save some money for if anything happens like this again ideally i wud like £2000 in a bank just for emergencies how would you go about saving this money???
thank you all

taxi73

Hi there..thanks for answering my questions as they are relevant.
You are the same as me an owner and pay subs to a firm.
So next step in your budget is to put the rent figure in as a monthly sum...you can put it under any heading ie holidays and then just write subs in brackets next to it.
Next is your £3200 p/m after tax or before..if after tax then fine but if before you either need to alter the top line to reflect this or use another category to put the tax intothe equation.
We also need to put a little away for badges,pit tests,tyres and maintaainance and then that will truly reflect what you really have to budget with.
Also put some away for tax each week.
I keep my tax and car maintainance money in a seperate account so it's there when I need it.
Just post this before I lose it and then will carry on.

taxi73

OOOh while I was posting that you are already thinking along the same lines as me.
It's so hard to work out the budget when self employed as you never know what's going to come in or the exact amount going out.
Shame I couldn't have helped at the time of your accident.We have just been through one in May and coming out the other side now.
Do you get your insurance through a broker?..if not you may find them cheaper.Also ours was invaluable at our accident as they put it straight through claims handling,sorted out replacement cabs etc and got everything sorted .All we had to do was inform the insurance about the accident telling them it was for information only..the other side were completely at fault in ours even though there were no witnesses.

taxi73

If there's anything I can help with anytime just let me know.You sound a lot more positive this evening as well so that's good as well.

basher30

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 3200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3200
Monthly Expense Details
Mortgage................................ 478.92
Secured loan repayments................. 0
Rent.................................... 360
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 32
Gas..................................... 32
Oil..................................... 0
Water rates............................. 22
Telephone (land line)................... 20.5
Mobile phone............................ 36
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 15
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 600
Road tax................................ 10
Car Insurance........................... 125
Car maintenance (including MOT)......... 200
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 22
Buildings insurance..................... 41
Contents insurance...................... 0
Life assurance ......................... 29
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2378.42

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 104000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96000....(478.92)...4.5
Total secured debts........... 96000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................11000.....290.......15
loan...........................7000......201.......10
barclaycard....................1800......50........19
owe parents....................6920......500.......0
Total unsecured debts..........26720.....1041......-

Monthly Budget Summary
Total monthly income.................... 3,200
Expenses (including secured debts)...... 2,378.42
Available for debt repayments........... 821.58
Monthly UNsecured debt repayments....... 1,041
Surplus(deficit if negative)............ -219.42
Personal Balance Sheet Summary
Total assets (things you own)........... 104,000
Total Secured debt...................... -96,000
Total Unsecured debt.................... -26,720
Net Assets.............................. -18,720
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.


Updated version with maintence of car and stuff and my rent and also taxi 73 that is my income after tax