This is it!!!

Obsessedwithdebt

Where to begin? We are a family of 6, my husband works very hard, sorry we both work very hard! We both have our own businesses, which over the last few years have been very testing. Infact, for several months my husband had no work at all. During this time we had to use our credit cards to pay some business suppliers etc, whilst chasing his customers for money. We lived very frugally, as just the essentials are bad enough! Whilst trying to maintain all commitments. Well things became even tougher, my oh became very depressed as he had always looked after his family and was not being able to do this. I took more and more on, and didn't tell him things to not make it any worse. (stupidly).

My oh isn't stupid, he acts it sometimes and likes to blame things on me, but he does have some moments where he seems completely on the ball!

Anyway during this time I am not straight, but all the credit cards are with debt collection agencies, mortgage is ok. Having realised that I have actually paid off over half our debt, during a very hard time. £46,000 ish and we are now down to £21,000 ish!, really pleased about that, although a long way to go.

The problem I find is trying to keep all 3 entities separate as I seem to deal with finances for all three( 2 businesses and our home finances) any advice?

Having our own businesses, makes it very hard to commit to paying things on certain dates at the moment as customers are very slow at paying more often than not! And as my husband was so quiet,the accounts he had with suppliers have been closed as he did not use them, and as a business the credit score has taken a battering, therefore we have to fund the work, which at the moment is flowing quite nicely, so the money he had in has been spent, not wasted though on materials for the work he is carrying out at present, to be invoiced tonight, which come the end of September should start getting us on the straight and narrow as they say. Before this recession he would pay £2400.00 into our bills account a month without a problem. It is trying to dig ourselves out of the hole, as debts have accumulated for 2 businesses and us at home.

I am so sorry to ramble, but have to get a lot off my chest!

I have a soa, which I shall post, this has taken me quite a while to work out as our money is not regular really as sometimes my oh doesn't get paid for 3 mths.
I hope this makes some sense to you. My eldest son and I have been on mission today- the eBay mission have listed some items, and have plans for many more, we have been rounding up mobile phones old games consoles etc etc...
So feeling very positive.
have also compiled a list of companies to write letters to re: ppi, although I don't think we are going to have much luck there, there is no harm in trying.

The more I think about what we have achieved in the last few years, I am proud of what we have accomplished, as we have been living in a construction site. As when we were in a better situation we started building works and we didn't want to extend the mortgage or home improvement loans so we have done all the work ourselves and we have bought materials as and when we could or we would find materials that were being thrown away on building sites. We have nearly finished the brick built shed, just saving some money for the floor and then we can finish it. we have also done a loft conversion, at the point where we need to plasterboard and electrics, dormer roof etc done, then decoration! It has taken us 6 years so far but we are getting there, without a loan. Thank you for listening, and giving me the courage to post on here. Your stories have done that.

DizzyDizzy

Gosh you have certainly have A LOT on your plate! Running two business (between the two of you), a home, and all the house extensions you have been doing.

I wondered if it would be worth one of you maybe closing or putting on hold a business and getting a paid job for the time being, just to make sure you have a regular income coming in? I know it can be hard to let go of something you have spent so many hours building up. But if you're OH business is slow, can he put it on hold and then start again?

Hope things work out for you x

Obsessedwithdebt

Yes lots, life is extremely busy! I know what you are saying, and believe me we have considered it, my business has kept us going, while my oh was very slow, and he did look at all options even though he has never worked for anyone, but his industry was hit quite badly over last few years and jobs not there. However oh is really busy at mo, everything he is quote seems to be coming off(touch wood). Come beginning of October we should be back on track. We still are considering the job option and are still looking for that position that is going to support our family.

Thank you x

jellybean39

Hi obsessed and welcome to thr forum

I am in exactly the same situation as you. 2 businesses and a big reduction in income because of the recession and a few other factor. dont want to go into them as people would know who i am!!! anyway its been difficuly but your are going the right way by selling wht you can on ebay.
We have done a carboot (which i hated but got rid of alot of stuff i would have normally taken to the tip!) We over comitted when things were good they were good but lucky ew havent defaulted but our credit rating is very low which iw as shocked at cause a year ago it was 999. I suppose they just look at what you have comitments to then theres no cheap credit.
Things will get better you have your head screwed on by the sounds of it and are doing fine just keep at it. if you feel a bit down pop on here for a chat lots of people will help. if you want pop on your soa and people can take it apart for you lol its good because sometimes they wil come up with wher you can save which we would never think of.
Have you thought about the one mortgage? i have just looked at it and if you did have proof of income and they werent to bad for last 3 years this is good as it is a good mortgage interest is lower than alot i have looked at. i know were looking at debt free without borrowing but being self employed income can change so this mortgage was a bit more flexible.
We never saved when we had the money coming in and i have kicked myself since but i have paid off so much in 7 weeks by putting my mind to it and all the help from peeps on here has been incrediable. At least you have a light at the end of the tunnel dont be to proud to let your husband know you are scared and need help. that was mine and his problem we didnt tell each other. i told him and then he was scared to tell me and i just found a nother 30k debt that he hadnt told me about cause he new i was so worried. but hey it is getting sorted and will be debt free within 3 years maybe 2 so it can be done and you will get there keep your chin up. if the worse comes to worse he could take a job until things improve or do a bit of both. it wil get better!! i dont think we will ever be back in the good times like before but it will improve. good luck hun xxxx

Obsessedwithdebt

Thank you jellybean, reading your story and others has encouraged me to join. You are doing so well, in such a short space of time!

My jobs for today are to list some more items on eBay, hopefully deal with my lapsed endowment, I've already made some enquiries about this so hopefully supplying me with £2000 ish to clear off our debts.

I am going to print my ppi letters out today, and purchase some stamps and post( don't think I am going to have any joy here but might as well give it a try).

My spending diary is going well, really makes you think about every penny you spend, whether it is really necessary.

Was saving all my small change and going to use it too pay off a debt, however yesterday had to change it up and put in my purse as things are a bit tight, as waiting for oh to get a payment and tax credit is due next week.

Work is quiet, as it is holiday time!

Roll on children back to school, so we can get back to normal.

Although that means purchasing new school shoes, and some new uniform, have got most of it though.

Going to browse the forum for some more money making ideas and do some comping and see if I have any surveys to do.

I am also going to sort out my soa to put on here today, back later, have to go to work today as well.

jellybean once again thank you, and good luck with everything I shall continue to read your thread with much encouragement. Good luck:T

Obsessedwithdebt

Oh god, what a day have been soaked several times, bloody rain! On the bright side it has been quite busy today at work. On the down side, I have not been able to complete my tasks today, so far. I shall get them done at the weekend though!

Looking forward to next week, so I can pay some bills and go forward with my plan of action.

Haven't heard from any of these endowment companies yet with regards selling my lapsed policy, hope they hurry up, well I'll give it till Monday and I will get on the phone.

Well another hour then home time, what shall I do for dinner tonight?

jellybean39

Hey well that sounds a little more promising with the endowment. The ppi thing most people seem to be getting something back at one time or another so hopefully you wont get fobbed off.
Dont forget to do your soa asap so we can help where we can. I love this site now its my new best friend lol You want to read millionareintraining and skintbutoptomistics diary they will crack you up!! so inspiring they def got me hooked.
My problem before i came here is i wanted everything paid NOW!!!! it took me a while to realise it wasnt going to happen overnight, and i think the snowball really helps as everytime u make a payment you can enter it and see your debt will go down. that is really inspiring.
Hope u had a nice dinner adn have a good bank holiday. im decorating my bedroom so excited(sad i know)