Positively On My Way To A Positive Balance

Helen105

Well, the upside to listing all of your debt, is that next month it will show a much bigger reduction which will give you a good feeling.

REDMADCURLS

Glad it makes sense now Pickle - business in credit, LOL not until debt is cleared. I am going to speak to accountant about recalling our personal investment. In other words make sure there is no profit to be taxed by putting a debt to business, which is afterall how we got into this mess, setting up a business on credit cards...........I know I know...mad, but back then I didn't

Helen, thats a good point, thank you!

Helen105

Yes, indeed, if you could get a business loan so that the interest would be tax deductible and use it to pay off the credit cards (if allowable) that would be much better.

I assumed that with your level of debt, you would find it difficult to borrow more but the business does sound to be flourishing so maybe not.

REDMADCURLS

LOL I wouldn't imagine anyone would lend us a penny.

Sorry, I was unclear again. What I mean is alot of the cc debt is down to business start up costs but we don't show it as that, rather it stated on initial balance sheet as capital introduced. Now because the business is practically in profit I want to take back that capital introduced by us personally (in monthly instalments, thus reducing both profit in business (and the tax liability) and the cc debt as I will use the instalment to pay cc bills. Thats the theory anyway!

REDMADCURLS

And so ends another weekend.....................I have played with figures all day and as always, the proof is in the pudding but we will see.

I have not included any travel expenses, cash sales or VAT return in what I need each month, which will hopefully give me a cushion and allow us to eat!

Bit of an emotional rollercoaster working out total debt but feeling I will sleep better as its now out there and I can see it.

Hope you all have a glorious week x

taxi73

great news that you've included everything and that the business is making more money.

dentonemma

This way you will be able to see the amount decrease by more each month. You know where you stand and you have a plan to get to where you want to be.

REDMADCURLS

Thanks Taxi

Detonemma - thats the plan and hopefully this will keep me motivated.

Finally paid DH's Halifax today today...................three months late, you may remember I had mentioned it to him several times but he kept 'forgetting'......... anyway £505 paid and wait to you see how little comes off the debt, but sure it will be something and this is the card that's being attacked with the vengence. only £7800 to go.

Also cashed in my change I had been saving, £168 but used it to pay bills, not good but at least when I get paid, its only following months bills to pay rather than the usual trip to bank of mum to borrow 'a few quid to cover d/d's' until payday.

Had to ring re my Halifax card, system showed I had paid £12 more than I had (that bit I didn't notice) but also showed extra interest of £12 - thought they had charged me fee which wasn't on the statement. But it all worked out fine. Wouldn't have even noticed in the past.

Had another looksie last night and to be at £25k debt in 12 months, I need to pay approx £2200 per month....................it's gonna be very tight!

Woowoo

That's a lot of money Red, the results will make all the effort worth while though x

I can't believe you managed to save all that change without cashing it in sooner, you have much more patience than me

Herewego

Watch out Halifax shes onto you, well done on the payments