Can't believe the mess!!!

In_Search_Of_Me

Welcome! You're in great company 'cos we all know what it feels like! I know exactly what you mean about feeling ashamed...I felt the same but did confront things head on (having done a brilliant impression of an ostrich for about 32000!!) and now feel absolutely fab! I know exactly what money I have (& dont have!) & feel in control of my money. Setting up a business is always hard...have you had any advice/grants etc for setting up? I dont know about setting busines up as never have but sure someone will be able to advise you! Please speak to your OH...a problem shared etc...big hug as that "oh s****" phase is awful (I cried for 2 days) but people here will support you...most speak from experience (usually painful experience) and want to help & are also wonderful examples that it CAN BE DONE!! Somehow - its just about finding the best how! So a big hug from me & welcome on the first step toward a debt free life!! Join the revolution (no I have not been drinking but feeling slightly euphoric because I've just looked at my ebay listing at its nearly 300 for various stuff & still 18 hours to go!!)

Katharine

Join the club. Only a week since lightbulb myself but feel alot better for it, as will you. You've done the hardest part and asked, now just the discomfort of the SOA and list of debts and everyone will dive in to help, you will feel alot more positive.

LittleL_4

Hi,
I was lying in bed this am worrying my little socks off. I have figures going round my head and feel like cracking up! Logging on here is brilliant as I feel I'm not suffering alone.

The thing is, my business has the potential to grow by at least 50% in the next couple of months, I have an excellent product and have been told can get it into all the big stores, but I have no means of financing it. My mum just sold her house and has alot in the bank, but for some reason I'm too embarrassed to ask her. I dunno where to turn....

If my credit score is good, can anyone recommend a 0% C/C provider? I don't need masses of money, about £1500, for certain products. My O/H wants to book a holday for July and I have no money and can't tell him. Gawd why is life so difficult?

Please help!
lesley

Sea78

Hi,

It's really hard, but you must really think about telling him, he will have guessed something is up probably anyway. If you're at the stage of having to use credit to pay credit, you can't afford the holiday. Doing a SOA will help stop the panicking about figures and will get it all straight in you head too. Get everything together and then post on here. i promise it'll help. It might be a shock, but it'll help.

Sea xxx

CosmoCat

hi there

welcome and well done on your lightbulb moment!!

like you i realise lightbulb moments came in stages...realising something is wrong, then looking at exactly what is wrong. but believe me it is a wonderful thing when you can finally look directly at the numbers, because then you (with the help of all the wonderful people) can plot a direct path out of the trouble.

As for telling your other half, that's something you must deal with forthwith. money is the number 1 reason that couples have problems. you don't want him thinking that there are other reasons for your not wanting to go on holiday. if you explain to him exactly your position, that you are trying to make yourself a little more financially secure now that you are at a turning poing in your business, at least he can see that it is a good reason (even if he doesn't agree). i find this part difficult as well - i don't know how to be around my old friends who i used to spend alot with and be a dfw. i too have a lot to learn

all the best with it. looking forward to seeing your SOA so that we can find a way out for you, together.

In_Search_Of_Me

I agree with sea..once you've added it all up (even though mine was horrendous!) I felt 100% better because at least I knew what I was dealing with! You need to tell your OH - even though this is hard relationships are built on trust & the longer you leave it the harder it will get!! Have you had any advice from financial adviser banks etc or about getting a starter grant? I think you need to break this into chunks...firstly try not to panic (reallyhard I know!!) (1) tell OH (2) sort stuff (hopefully with OH's help!! (3) Ask about business acounts/grants (next week obvously!) & terms & conditions (4) set yourslelf up a system for managing accounts/paperwork (I just use lever arch file & a ledger & little day to day accounts book!) - ie are you keepig personal & business stuff seperate? YOu should be able to claim stuff back (offset) from tax for business stuff...Good luck & big hugs!

Chortle_2

LittleL wrote:

Hi,
I was lying in bed this am worrying my little socks off. I have figures going round my head and feel like cracking up! Logging on here is brilliant as I feel I'm not suffering alone.

The thing is, my business has the potential to grow by at least 50% in the next couple of months, I have an excellent product and have been told can get it into all the big stores, but I have no means of financing it. My mum just sold her house and has alot in the bank, but for some reason I'm too embarrassed to ask her. I dunno where to turn....

If my credit score is good, can anyone recommend a 0% C/C provider? I don't need masses of money, about £1500, for certain products. My O/H wants to book a holday for July and I have no money and can't tell him. Gawd why is life so difficult?

Please help!
lesley

Do I take it from this that the 0% CC would be to finance expanding your business? If it is... think VERY long and hard before you do it.

If you're already having to use credit to pay bills etc, then I suspect that your finances are in more of a mess than you are willing to face up to at the moment, and I'm afraid, that until you've done that, you really can't afford a holiday, OR to finance growth in the business, no matter how good the potential returns.

I know it isn't what you want to hear, but maybe it is what you need to hear?

OberonSH

Hy lesley,

welcome to the board. I have my own business too, own a craft shop, and I had to put myself in serious debt to restock when the guy who sold me the shop screwed me royally, leaving me to open with none of what I know now are the basics.

My advice would be to try your hardest to keep the business and personal money separate - difficult but I found it a great help psychologically. And paperwork. Do get it in order, cos it's a major pain in the bum to have to spend a weekend staring at last years invoices.

Post your SOA and we'll all chip in to try and help you cut out stuff you don't need to spend. Business SOA's are a bit trickier, so if I were you I'd focus on one at a time, get your personal stuff sorted first then worry about everything else.

Good luck, and remember- there will be a DFD (Debt Free Date) and this won't be forever.

LittleL_4

I'm gonna spend all day looking at everything and try tackling this mess. I'll post my SOA later today, my gawd, I'm so nervous...

Do I post it here or on a new thread?

Thanks

Lesley
x

Sea78

You could start a new thread so that it's easy to find and then comment on?
You can then update us with progress within the thread.

Good luck hon, it'll be hard but you will feel so much better.

Sea xx