Taxis back to basics...debt and mortgage free before 50(feb 2014)

taxi73

Feeling okish ..but the big day is dawning so keep thinking about it.
Haven't done much so far today.
Went to the bank,been to shops,cooked a chicken,brought washing in etc....done internet banking etc.
I will be doing some washing and doing some bits in the garden later and that's it.

macgirl

Good news on the car loan going sub £20k :T
Hope the Sun is still shining so you can keep busy in the garden

mum2one

Wow, congratulations on the sub 20k, can't believe how quick the 20k mark has come along.

Ur a true inspiration, and I know my payments are a fraction to yours but its great to get the news when you hit a new target fig..... xx

InaPickle

Blimey...under £20K...you'll have busted that before I've busted £2K!

Well done, Taxi. You are debt busting at a phenomenal speed. I bet your bank manager can barely believe what (s)he sees.

taxi73

Thanks all...I pay a lot out monthly on minimum payments.That's why it looks like it's going down quickish.

All my seeds and plants are now planted ..(except JJs as I want to get him a nice pot and my potatoes as I need to drill holes in the bin..so those will be done tomorrow).

REDMADCURLS

Taxi - sorry to trouble you but you are the only one I 'know' on here who is self employed.

Since I am trying to tackle all debt together now, I am wondering how I can best manage the monthly stuff - obviously household bills and cc but should I also pay (from my wages something to business debt- kind of lend business money at start of the month from my salary and then have it pay me back weekly from cash sales. I am hoping that will stop the robbing Peter to pay Paul scenario we find ourselves in constantly. Business debt is hard to pay chunks off because each week the money has to go to something or another. We also get abou £5k in account sales each month but God, how slow are they at paying, although we are now manic about chasing. I was thinking that money should also be thrown at debt rather than day to day expenses.

Sorry didn't even breathe for a paragraph!

Hope you are feeling ok and congrats on sub £20k

You are in my prayers x

taxi73

Thanks RMC.

That is a really hard one for me to answer as my business doesn't incur debt as such..only the car loan.

I would firstly look at your accounts and see if you are actually making a profit.

If the answer is NO then maybe it's time to do something else or put up your prices.
DO YOU GIVE THEM A 7 DAY NOTICE TO PAY AND IF NOT CHARGE THEM INTEREST?
That may make them pay up.

You could make a loan to the business but make sure it's well documented(incase you are ever investigated by HMRC)..also the same when it pays you back.

If the cash flow was sorted would you still have enough to pay the debts?..if so then it can be sorted.

REDMADCURLS

Thanks Taxi - yes it is making a profit, not much but it is and in this economy thats not bad. We have noticed profit fall because cost of ingredients has gone crazy and the market dictates the price of pies so couldn't raise prices to cover costs.

Yeah need to think thru the loan business and see how best to do that

And I do think it comes down to cash flow and the fact that he didn't pay everyone every month and so it accummulated and of course now we have to pay it back and try and live

But upwards and onwards

Hope today is good for you and you can relax a little xx

hypno06

taxi, well done on getting below £20k!

:j

Karmacat

Morning Taxi. Keep going sweetie, just one more day.
xxx