Can't believe the mess!!!

LittleL_4

Hi,
First of all, finding this forum has been a godsend, you're all wonderful!

My 'lightbulb' moment has kicked in!!!! I've been setting up a business for about a year and a half now, and have used credit cards to finance it. I think you know where this is going. Well long story short, I'm now paying over £280 per month in interest alone!!! I will list it all in detail next week but today I'm sitting here so ashamed and taking major panick attacks coz I feel it's all a mess. The business is doing ok, improving on a monthly basis, but any money coming in is goin straight back out again.

I checked my credit rating with equifax and it's good, sitting at 907/1000. But i don't know where to turn. I want to apply for a c/c (0%) but am so scared I get turned down as I now have 7 in my posession mainly all maxed up. I so need your help as I'm really confused as to where to go from here.

Hope to hear from you all very soon

Kind regards
lesley

Kevicho

Hey welcome to the forum, dont worry about it, you are now on the road to turning it around.

It will take time, and there will be times you feel like chucking it in, but that will be outweighed by the limitless accomplishments that you are about to achieve, and us all on the forum will be glad to help you along the way.

Enjoy the weekend, and get us your SOA together, then we can start making a dent in you payments

All the best

Kev

LJD1_2

Good luck with becoming debt free. Isn't that lightbulb moment fantastic, scary but the only way is up! Hope the business continues to go from strength to strength.

Sea78

Hi,

Welcome to the board - it is great, isn't it?! Have you maxed out all your cards? Maybe some of them would have a good transfer rate (you could ring and ask?) and then do some swapping around. i swapped my HSBC (14.9%) balance to citibank (5.9% for 6 months) this morning which cost £75 but will save that in a month on interest Worth checking that out.

Def post a SOA up here and everyone will try to help!

Sea xx

beanielou

welcome to MSE
you have come to the right place for lots of help and support
See u later

Queen.Bess

Well Done LittleL for having your lightbulb moment! And you're right: this website has been brilliant! I have found some many great ideas, of ways to save (and make) money and comfort in the fact that there are others in the same situation.

GOOD LUCK!!:beer:

ms_london

Welcome to MSE!! Taking the first step is always the hardest so a big well done to you & a huge pat on the back :T !!

Firstly, so that you can help yourself, you need to know EXACTLY where you stand financially.

Dig out all of your paperwork. What do you have coming in each month? What do you pay out? Do you have savings? Any arrears that need paying? What debts do you have/whats the balance/minimum repayment/APR?

If you post this we might be able to help you further. Sometimes it helps having a fresh pair of eyes looking over your budget, you might be able to save money without realising it!!

Facing up to my debt was the best thing I ever did, and although it is scary, it will be worth it & you should definately be proud of yourself for making the first move in dealing with it.

Enjoy the rest of your weekend & we look forward to seeing you again soon.

xx

Emmzi

Hi LittleL! Lots of people here to help, lots of people with their own businesses too.

Write your list as soon as you can, it will help you manage your anxiety when you know just what you are dealing with. Remember and include any rates, rent, tax etc you have to pay. It might help to sort things out into 'business' things and 'personal' things.

Looking forward to seeing more of you.

domestic_goddess

THe good thing about here is whatever you are going through someone has already been there done that and got the t shirt.

Post your SOA. I did this and I thought I had already cut back loads and these guys helped me reduce it by even more!!!

Good luck and I know this has already been said but 'The only way is up' is that a song???

LittleL_4

Wow, just logged on and 8 replies, so pleased!

I'll post my SOA ASAP, but not sure I can face it head on...

I haven't told anyone about this mess, not even my boyfriend who I live with. In fact, this week I withdrew money from a c/c to help with the bills etc... so ashamed you've no idea...

I'll speak to you all very soon

Cheers!
lesley

nadnad

hi there - its probably not as bad as you think - and businesses do take a while to really get going.
you are probably best to speak to your OH about the bills - you'll probably feel better - but maybe you should wait until you post your SOA cos then you'll know exactly where you stand and you'll be able to have a plan and tell him what you're going to do about it.
you will need his support and believe me once you get it all out in the open you'll feel sooo much better and things won't seem as bad once you have shared a bit!