Thats another fine mess I got myself into

REDMADCURLS

My plan was to start on personal debt as soon as business debt was caught up - i.e no old debts and just monthly accounts but have been thinking that I need to give myself a cushion.

We have a busines o/d of £5000 and of course it is max'd several times a month and then we find ourselves waiting for cheques to make payments (rob Peter to pay Paul etc). I think I have to get that o/d down first, not that I can clear it but I need to give us a cushion of generally being £2k o/d, at least that way if the business needs machinery repairs or van breaks down we can pay it. Depressing as currently personal debt is costing me £600 in interest and I dont want to have to pay that 'dead money' one second longer etc etc but I do think it is best to give ourselves some breathing space.

So that means not starting on personal debt until January which pee's me off but needs must...............I think!

taxi73

sounds like a good plan as you need to keep business going in order to pay personal stuff...the joys of self employment..eh

InaPickle

taxi73 wrote: »

sounds like a good plan as you need to keep business going in order to pay personal stuff...the joys of self employment..eh

And you should know!

Is there any way you can use the money to pay off something which you could possibly get back out in case of business emergency? It would depend on how your debt is structured, of course. *Sighs*

Woowoo

It is frustrating not to be able to start bashing Ricardo as soon as you hoped, but you might be thankful for that cushion one day x

REDMADCURLS

InaPickle wrote: »

And you should know!

Is there any way you can use the money to pay off something which you could possibly get back out in case of business emergency? It would depend on how your debt is structured, of course. *Sighs*

Well in a way we would be paying off something because I would be reducing the o/d, so while we don't need the money the interest charge on the o/d would be less but LOL DH knowing there is available money is dangerous :rotfl:

REDMADCURLS

It's my 3rd Wedding Anniversary!

Due to the current financial constraints, a no gift policy was invoked (on our first anni he bought me a £1000 weekend break! Now you know how we got here). So I got a truly beautiful card, a mini chocy bar and a scratch card! He got a card and breakfast in bed! All are happy!

taxi73

happy anniversary xxxx

Woowoo

Happy Anniversary Red, you can never go wrong with a choccie bar!

Herewego

Happy Anniversary its my sisters today too so celebrations all round. Can you not allow a small overpayment to personal debt say £10-£20 so you feel like you have started on it.

savingmore

happy anniversary...its my sister's too!