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My debt - this doesn't look good

24

Comments

  • i_am_debt
    i_am_debt Posts: 18 Forumite
    it is not an overdrawn account and it is our basic co-op account because we are on a DMP.
    £33,000 DMP with CCCS, £10k secured loan, and not enough income.
  • pure_dead_dopey
    pure_dead_dopey Posts: 2,215 Forumite
    why are they charging you? i have a basic co-op account and there are no charges on it and no overdraft facility? I think you need to have a wee look at that?

    How did you get on with CCCS?
    More than Two Years in

    Doing it the Niddy way:j:j:j

  • i_am_debt
    i_am_debt Posts: 18 Forumite
    We get charged for going overdrawn when there is no facility.

    CCCS are awesome. They are really good and very helpful.
    £33,000 DMP with CCCS, £10k secured loan, and not enough income.
  • theoretica
    theoretica Posts: 12,691 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    How are you accounting for work/personal expenses? I hope your work car and phone costs are included in your accounts on the most tax efficient way. Have you read the article about driving style to cut down on fuel use?

    You say your business is only just covering costs, yet also present the SOA with a monthly salary to you of £1300 - is this accurate? Would it be feasible to consider getting a part time job for a secure income and developing your business part time?
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
  • i_am_debt
    i_am_debt Posts: 18 Forumite
    Ian full time employed and part time self employed, my work assets like car and phone are my own. And yes I do all the tax benefits I can, I drive a low powered Volvo and have no choice bit to drive economically.

    Thanks for the thoughts though.

    If anyone knows about starting a business I would be interested.
    £33,000 DMP with CCCS, £10k secured loan, and not enough income.
  • alnumber4
    alnumber4 Posts: 16 Forumite
    I think you should get in touch with tax credits and check they have all your details correct. We have a similar income and receive much higher TC award than on you.
  • i_am_debt
    i_am_debt Posts: 18 Forumite
    Thanks I will make contact and see what they say.
    £33,000 DMP with CCCS, £10k secured loan, and not enough income.
  • beanielou
    beanielou Posts: 96,636 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    I dont think this is a good time to be thinking about starting your own buisiness I hate to say.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • i_am_debt
    i_am_debt Posts: 18 Forumite
    True but I do computer repairs and am cheaper than most, however it generally pays mOre than a part time job, I just need to get the word around.
    £33,000 DMP with CCCS, £10k secured loan, and not enough income.
  • i_am_debt
    i_am_debt Posts: 18 Forumite
    Basically I have been doing he business for a few years and keeping it fairly small, as costs have sky rocketed and I under estimated our outgoings I now need to increase the size of the business. When I do work for people they are very happy and will refer me, but things are fairly quiet at the moment. If I could do one job an evening and work four evenings a week we could easily survive.
    £33,000 DMP with CCCS, £10k secured loan, and not enough income.
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