Where to start?

slowlyfading

:hello: there, you're in the right place

Something else just occurred to me - do you have lots of spare things in your house? I'm just thinking about raising money in the short term - got anything you can stick on Eb@y/@mazon? Anything that you don't need/no longer use etc. can be sold, especially at this time of the year

I think that you could manage to do this without declaring bankruptcy, but you will need to make drastic changes, and fast. It isn't going to be an easy ride, so to speak, but you can do it, if you try stay on these boards, they will really help you

theoretica

Noctula wrote: »

9.99 is insurance for my husbands mobile phone (he took it our with the contract) - it's been handy because he's managed to break it 3 times in the last 12months. The remainder is a policy I can't actually identify so I've got to look into that asap. I'm also going to check our contents insurance covers mobile phones so we can cancel that 9.99.

This doesn't make financial sense to me. I buy a basic phone for £20 from my provider whenever mine dies. So he would need to break his phone 6 times a year to be worth insuring it for so much as you can't afford more than the cheapest option at present.

Noctula

theoretica wrote: »

This doesn't make financial sense to me. I buy a basic phone for £20 from my provider whenever mine dies. So he would need to break his phone 6 times a year to be worth insuring it for so much as you can't afford more than the cheapest option at present.

Actually, thinking about it, it makes no sense to me either because the last couple of time's he's gone out and spent £40 on a replacement phone :eek:

!!!!!! I'm really starting to realise the levels of stupidity. Well, it's more a case of "not thinking"

traycee

Baby steps Noctula and you will make progress. Sometime as these last couple of posts prove we are just too close to our own situation to see the bad choices we are making. Keep posting and I'm sure you will continue to receive the help and support of those already on the DFW journey.

mum2one

Just wanted to send a big hug, you've taken the 1st step, and that is the hardest, can't really add any suggestions as you have recieved some brilliant advice.
Just agree re spending diary, its all the little things that add up. x

Norfolk_Jim

Just a thought about renting your Welsh property. Try having a chat with one of the agencies, often an estate agent has such a service. If you are getting less in than its costing you then you are making a loss - you dont pay tax on a loss. It might even be the case you could offset some of that loss against your PAYE, but you'd need to ask an accountant. I think theres a board here where you might get some advice on that. IR wouldnt accept a loss forever - you need to show a genuine attempt to profit and there may be capital gains tax issues - but if your negative equity there wont be any CGT.
Long ago I had a bit of a similar problem with a flat I'd bought at the top of the market and then could not sell in the bubble burst. I rented it out through an agent to cover the mortgage while I tried to sell. I had no tax to pay because I had no profit. Equally I couldn't claim any back from work as I was breaking even after management fees. Really, having picked a good agency I just let them get on with it. When I did get a sale there was no CGT as there was no Capital gain.
I'd not thought of any of that till the Vicar pointed out that my biggest assett was not being put to ANY use to help my circumstances and that Something was better than nothing until I could find something better,
You might like to ask for some advice that way from Christians against poverty - dont worry, they wont try to make you become a Jesus fan or even a Christian, but they can be good as they face a lot of rural folk with difficulties.
I'm in the doo doo just like you so you have my sympathy - things change but sometimes an idea can get you through a mental block thats stopping you making progress.
Cars - sometimes it can cost less to just buy an old but sound car than to fix the car you have - very much so if you need a whole engine. Have you any friends who know a bit about cars?
Could your partner advertise for a car share at all. Sometimes its surprising how the neighbour drives right past your work twice a day and you never knew - thats happened to me before.
Just a thought

tangyfog

noctula,

have you tired setting yourself up as a limited company and running your cost through the limited company as you pay less tax and can offset alot of you expenses.



Tangyfog

Norfolk_Jim

tangyfog wrote: »

noctula,

have you tired setting yourself up as a limited company and running your cost through the limited company as you pay less tax and can offset alot of you expenses.



Tangyfog

Thats an awful lot more complicated than you think Tangyfog and comes with onerous accounting requirements. Theres no need to go to those lengths. Have a look at the buying,renting board

Noctula

I wouldn't want to register as a limited company because if we did go bankrupt then the company would be affected as you can't be a company director if you're a bankrupt (which is what I would be as the only "employee" and company "owner") but you can still trade as a lone trader (which is what I currently am although I work under a company name).

As to the other suggestions regarding the renting, it's definitely something to look into again. The most frustrating thing is that the likelihood is that those wanting to rent our house would be claiming housing benefits (not a criticism, it's just the way it is) except the mortgage lender won't allow us to rent to benefits claimants. It reduces our pool of potential renters quite dramatically.

The debt thing is on a bit of a back burner right as this second as my gran had a stroke at the weekend and the doctor explained there's no hope of recovery so we're playing the waiting game. Additionally a family friend finally succumbed to cancer on Sunday and his funeral is this week. It's all a bit crap atm but it does put things into perspective a bit.

Roll on 2011 - I hope I can start my 30s in a better position. My 20s have been a roller coaster, I'm hoping my 30s will be calmer and eventually debt free.

charlearose

he can def drive a 125 as long as he dose his cbt which takes a day cost around 100 pounds
my nephew has just done this and he bought a bike insurance is 20 a month and he puts a tenner in it

have you thought a rentting welsh house as a house share rather than a whole let

Ames wrote: »

http://www.direct.gov.uk/en/Motoring/DriverLicensing/WhatCanYouDriveAndYourObligations/DG_4022547

According to this he can ride up to a 125 (my sister had one, it went up to 60mph), and as far as I know learners can go on dual carriageways, the same as car learners can.