Debt Free diary - newbie

jaw1970

Hi All, just a bit of an intro to you all. I have been struggling with major debt for the last two years following a divorce. I'm a 38 year old living in a council house. I guess all in all I owe about 44k and have had help with a debt management plan, a little too much really and have no assets left to show for it.
To top it all off, last Tuesday I was handed a 90 day redundancy notice - after working for the firm for the last 16 years i'm pretty much in the do do big time.

I have done a few odd jobs over the years and always have kept my hackney carriage licence on standby by helping out a few friends over busy periods in the summer. I guess having read a few posts on here I am kinda inspired to go into it full time now if I can buy a plate and car etc. Working for a large company for a long time, in a senior role as well has left me feeling very disheartened to be made redundant now and I don't feel that I can work 'FOR' someone else again and need to rely on myself for making as much money as I can to get rid of these debts over the next four years or so.

The one good thing is that I am getting just enough money to be able to buy a cab, plate and insurance but that clears out my redundancy package completely ( Dont get much money when you worked for the public sector despite what you may hear in the news!)

I have set bills like everyone else as well as £250 a month child maintenance to pay so going to have to do a lot of hours to be able to get the cash in.

I live in the South west as well - so not as busy as some of the bigger cities so earning potential may be limited but I don't see many other choices for me in this ever decreasing job market.

I won't bore anyone with starting another full on dairy about becoming a taxi driver - but if any one has any words of wisdom or advice - I'd be really grateful to hear it.

regards

J

hypno06

Good luck with your new venture - I am sure the taxi drivers on this site will be more than happy to give you any advice they can ..have a look on taxi73 diary for example.

llamahead

Just wanted to pop in and wish you all the luck in the world, you have a plan, stick with it, you'll soon get into the habit of paying down those debts as quickly as you can.

Lemon_Tree

welcome to the boards, as hypno says take a look at taxi73's diary she's really inspiring.
Sorry to hear you've been made redundant, it's a real kick in the teeth isn't it. I've been there and in hindsight it made me make the changes to improve my life but that doesn't mean i'm not now terrified that it will happen again (as you say public sector isn't as secure as many think). I hope your investigations into getting a cab work out for the best.

jaw1970

Thank you for the messages so far. Got to say for the last 12 months I have been made to feel like a criminal by the people I owe money to - mainly 3 of the big chain banks...........so getting through all of this should be a good thing for my state of mind.

Steaming on with the the taxi business enquiries......all being well and i receive the redundancy payment next week which is what I am hoping for, I could even be up and running for the 1st Aug. Fingers crossed!

Fire_Fox

It might be worth looking into what financial help and general advice there is for you to start your own business (try Business Link). It may be you can use the redundancy to make Full and Final offers, then public sector money to buy the cab etc.? If the cab were purchased with a low-cost loan that might be tax-deductible.

Also you might look into getting a taxi that runs on bio-diesel (if they exist!) as it's cheaper than normal petrol. The taxi drivers round here are really feeling the pinch as petrol is more expensive but they can't put their prices up in a credit crunch.

Do also look into what benefits you are entitled to whilst you are getting your business off the ground - perhaps working tax credits or council tax benefits.