SOA and Unsecured Debt Advice

nethesi

hi dave,


firstly well done on coming on to this board, i'm relatively new to posting myself, but this is a great board with a real cimmunity spirit.

A lot depends on what your goal is. If you want to go for broke on expanding your business then you've got one set of straegies, while if you truly want to be "debt free" you need to stop thinking in terms of 'I have £6k at my disposal'. You don't: you have minus £34,700 (ignoring your mortgage!!). \this is what the brave souls on here call the light bulb moment...:idea:

I would agree with selling your selling your flat whichever way it goes though- as someone else pointed out it's draining you every single month and effectively the cost of this is the interest on your most expensive card! Additionally since you don't live there and wouldn't be buying most of the cost of selling is your estate agent and solicitor: agecy fees shd be about 2% at most (although haggle them down), solicitors a few 100 pounds, so i guess your flat is worth no more than £200K so selling it would leave you at least £7K right?

I know we can all get attached to things but this is'nt your home - its a place you are renting out. if your business is your baby, and it sounds like it is I'd focus on building that up rather than pooring money into your flat.

the other thing I'd question is whether you need the £3k savings for your business orwhether it would be worth knoking £3k off one of your high % debts?

anyway let me know what you decide, the board is full of great money saving and making ideas!

nethesi x

dmo73av

thanks again for the replies.

from what i can tell, i could follow claptons dvice and run the deficit until business turns up towards middle of 07?

in 6 months time i should be bringing in 1600 and also 450 in rent = 2050 in total.

my soa is 1100, leaving a surplus of 950 to repay debts

if this didnt work out, i could then look at following the dmp or iva option?

even though the flat is a drain, id still like to keep my foot on the property ladder, if that makes sense?