Pay off your mortgage in 2 yrs - Episode 3

hwolseyottaway

Hi everyone,

This is Heather of Heather and Chloe (we were episode three of the series). I have been following a lot of the posts about the series, and thought I would reply to a couple of your queries. Firstly, yes, we pay tax on all of our businesses (am just recovering from filing our tax returns!). We have been helped in these types of business-related matters by our business advisor locally (from Business Link), as well as Rene. Our business advisor has been absolutely invaluable, and I would recommend this service to anyone starting up in business. Although it has not been portrayed in the programme, everyone gave us clear and helpful advice regarding the tax implications of making a lot of money quickly.

Chloe and I used last year as a learning process about what business ideas of ours would work, and what wouldn't. It became clear to us over the year that providing services which relied on us being there was not going to make us enough money to pay off our mortgage in two years. We have therefore been working on a more product-based business - more news about that in a few weeks!

Basically, we decided to take part in the programme so we could work towards paying off our mortgage and getting the life we want. This will enable me to work part-time on a self-employed basis as a life coach, and give Chloe more time to devote to her art and writing (she's also a published writer). It will also give us more time to be able to spend together doing the things we love to do. Even if we don't pay off our mortgage in two years (and we will continue doing our best to achieve this!), we will certainly do it much more quickly than the 22 years of the term, which means we will be free to do the things we want to do with our life sooner. As they say, you only have one life so make the most of it!

Best wishes,

Heather Wolsey-Ottaway

D&DD

Hi Heather and Chloe!I did enjoy your episode but would like to ask where do you get your energy from You were on the go from start to finish lol..It was lovely to watch the pair of you thanks for some great viewing and the best of luck for the future :T

Hywel_2

Hi Heather,

Thanks for the update. I must admit that I'm looking forward to seeing the follow up to your program. I think that the teaser at the end of the show with the possibility of a very successful money making idea has me hooked.

I think that most people are asking about the tax implications simply because, they're alll keen to do something similiar. Maybe not in the same timescale but would like to know how they stand with the taxman if they took on extra jobs or started new businesses. I must admit I would be curious to know if I earned say £50K from a new venture how much would I have left after the taxman had his share. Would I only realistically be paying off £30K to the mortgage as a result? I wouldn't know and it would be great if Rene or the BBC could include some more information with regards this in future shows.

I wish you well for the 2nd year! Good Luck.

caseys

Nice to see someone else off the programme on here.
Good luck to you both, and hopefull y we will actually get to meet you when we have all finished filming.
Take care
Sean Casey-Poole programme 1

caseys

What did you think of last nights episode then?
I felt sorry for his girlfriend and the children who must have thought he was a good catch at the time, with his chocolate business and nice house, but now..............
The business has gone, the house has gone, they argue more than we were portrayed to do in Programme 1 and he now thinks he is Cliff Richard !!!!!!
Lots to talk about here me feels!!!!!

Sean Casey-Poole programme 1

Hywel_2

I'm in agreement with you Sean. By the end of the show I felt they had gone backwards. The new house looked a right state. I do feel sorry for the girlfriend and the kids as he clearly has no concept of reality, he seems to live a Peter Pan lifestyle. He needs to take some responsibility for his actions. I was surprised that Rene didn't pull the plug on it. I don't think that they stand a chance of making £130K to pay off their mortgage. £1800 for a wig!!!

The only positive I saw was the repayment of the £65K worth of debts.

aimingforadebtfreelife

reading through the posts its a programme I would love to watch but unfortunately it falls at the wrong time of night as another programme which my wife watches and with only 1 tv guess who wins. if anyone has got any of the programs recorded on dvd please pm me - will glady cover all expenses. many thanks

Xenomorhic

I found this episode of the programme quite difficult to watch and frustrating. I was really getting worried about how things were going for the family.
I was wondering why they were not shown a yellow card like the ballet dancer in the last episode? They were surely ending up in as much trouble as he did..

xlt_hunter

I've recorded this onto the PVR and need to sit and watch it though properly. Had little sniplets during the evening but to downsize the house behind the Industial state is a smart move in my books, as he did say that a private builder is buying up the estate to build expensive houses on there. Maybe the builder might buy him out at a price to knock a further % of his debts and move again?

zar

Xenomorhic wrote:

I found this episode of the programme quite difficult to watch and frustrating. I was really getting worried about how things were going for the family.
I was wondering why they were not shown a yellow card like the ballet dancer in the last episode? They were surely ending up in as much trouble as he did..

It was slightly car-crash TV wasn't it? Even if things weren't as bad as they were portrayed, its not going to be nice for the family to watch it. Perhaps he didn't show them the card as he was worried about how they'd react and if it would make things worse. I think it bears out what Martin said about it being a "potentially dangerous" programme.

Will keep watching though... I don't have a mortgage to pay off yet but its interesting to see the ideas for making money even if most of them seem pretty silly.

I was a bit confused as to whether there was actually planning permission/building going on to turn the industrial estate into residential or whether it was just his rose-tinted view of the world coming into play again.

p.s. Perhaps the Cliff thing was all an elaborate way for him to justify getting an expensive wig?