"Simply not solvent!

Seaxwyn

Hello everyone and thanks for the lovely messages. What a lot of really solid advice and support you get on here.

I'm OK and mulling things over. Bountiful your comment really hit home and made me realise what a mess I'm in.

But I've been thinking about work more than money. Because I've realised my working situation is a bit untenable. Sure my well-documented time-wasting habits don't help. But even if I were superhuman, I have taken on too much. This week I have worked for 11 different clients (I just counted them) and they are all completely different kinds of work too. And all these clients are constantly ringing me asking me to do this and that or what I think about the other.

Today I was interviewing people for a magazine feature and I noticed that while each person I spoke to could say what they did, eg "I'm an investment banker" or "I'm a journalist", I really couldn't! Because I do so many different things, but none of them really properly.

So I need to work out what I do that I enjoy and charge for and just do that, and stop all the running around being all things to all people.

That's not really addressing my debt problem, but I guess if I value my time and skills properly, the money aspect might start to follow.

Otherwise nothing to report. I'm broke and waiting for cheques to arrive. Wondering where to borrow the money for my tax bill and feeling gutted that I fixed my stupid mortgage rate earlier this year. Taxi, you were so wise!

hypno06

Seaxwyn, the very fact that you are starting to recognise what you want, truly want, and where you currently "are" (if that makes sense) is a really valid step in the right direction.

It is only when we acknowledge where we truly are, that we can start making the right moves forward, and it seems to me as if you are doing that.

As for the fixed rates - there will be times when it IS the right thing for you to have done - there is a lot to be said for certainty, even though it may not feel like it right now!

taxi73

Totally agree with Hypno above .She's said what I was going to say but so much better.
You really do seem to be getting to the root of it all now which can only be a good thing.
As for mortgages it's what suits at the time.I have a relatively small mortgage and as such even at extortionate interest rates I could afford the risk of a tracker.If I had a large mortgage I would've fixed ..the same as you decided to fix.

bountiful

chevalier wrote: »

So now you can plan on how to pay the tax in the most interest efficient way possible. So NOW is the time to research 0% cards so that you can have the money for the tax at the best rate.chev

Is more debt the right way to go? Is it the only way? Sounds so depressing to have to borrow again. What else could Seaxwyn do? We can all solve each other's problems so much easier than our own, can't we!!!! :grouphug:

Seaxwyn

Well I finally updated my signature and the total is £93 lower than on 1st Nov - but only because I transferred my savings from my ISA. So my net position is worse.

And I have £500 on a credit card which will start charging 15% interest if not cleared by 22 Dec - that's after 2 years of paying very little interest on cards. That's a priority for clearing when the next cheque comes in - and there is quite a lot of money due but all in small amounts or from clients who are slow payers.

We haven't caught up after October, when my earnings were very low and OH's all but non-existent. We really are hovering on the verge of managing at all.

On the plus side, I've done my Christmas shopping without spending any actual money - thanks to my Qype voucher and a carboot sale where I sold a lot of junk and came home with a pink Gameboy for DD, a Nintendo DS for DS, and a few other things. I was really pleased with that.

Numero uno priority for the new year has to be sorting out my work situation - charging more and getting through more. I've already decided to drop one contract which brings in £350/month but is time-consuming and not what I want to do. I need to streamline so instead of doing bits and pieces for lots of clients I concentrate on keeping and doing more for the most lucrative.

Verbatim

Hi Sea,

Good to hear from you but sorry things are heavy going atm. I know the tax situation will be looming. Are you affected in a good way by the pre budget report announcement about helping small businesses by giving more time to pay tax? Have you spoken to your tax office so they at least know you're having problems? It might take some stress off and give you a better time over xmas.

Well done on the xmas shopping. Here's to a much better 2009 for you and your family.

V

ShelleyC_2

Just wanted to say quick hullo! Yours was one of the first diaries I followed when I first came to MSE world. When I returned after a small spending lapse I couldn't remember its or your name. Sorry to here things aren't going so well but I still think you're doing an amazing job. Here's to a Divine 2009 :T

taxi73

Nice to see you about Seaxwyn and looks like you've had a serious think about which way to head which can only be a good thing.Nice to see you've managed to get your christmas pressies sorted so one more thing off your mind.

Karmacat

Taxi's right, those Christmas presents are good - I guess we have to look on the bright side whenever we can. Sorry to hear about the work and debt situation - things are rough right now, I know, and I'm feeling it too, tho I've still got a few savings to call on, my incomings aren't matching my outgoings. Very scary. Seaxwyn, I hope you can pull back from all of this, and get clear in time for the tax bill. Take care.

Seaxwyn

Thanks everyone. Verbatim, I did call the tax office about the getting more time to pay business - Taxi suggested it (thanks Taxi). They gave me a number of an office to call, but when I called the number the message said they can only talk to people whose tax is actually due. So I will call again in January. The very fact of there being a number is encouraging, though I don't know if I'll qualify as I'm not a 'business' but a sole trader.

I need to work out my projected earnings for the current tax year as I suspect they are less than last year, in which case I can claim for a reduction in payments on account, which will help a little bit.

I have a lot to think through about this self-employed business. I'm clearly not earning enough to meet our outgoings plus tax, however I think it's very unlikely that I could earn as much in a job. So raising my game as a freelance seems to be the only option. I think I've said that regularly ever since I started this diary (possibly in post no 1 even), but I hope it's belatedly sinking in.

Anyway, I forgot to mention another piece of good news - I won a Christmas tree in a raffle at the weekend for a £1 ticket. It's a beautiful tree, about 6' tall and a lovely shape. It's in the garden now as I don't know how long it would last indoors, this morning it was all covered in frost and looked absolutely magical.