Please help with my SOA

Wobblydeb

pinkreadingcat wrote: »

I'm a face painter, just been really quiet over the summer and I've actually lost money on pitches where the festivals/events have been dead. People maybe aren't spending as much money. I'm trying to market myself for kids parties more at the moment :-/ I'm looking for a part time job too, just so I have a definite income rather than so up and down as I'm the only one earning...

How about sports clubs and events? Some places will have a team of facepainters there for match day.

bradleigh1977

How about kids party's? if you lived near me you'd be round all the time, my kids love having there faces painted.

I have 4 children too, and i get tax credits and things. I am the only breadwinner, and i'm self employed, and i've been made BR. I have been through all what your going through, i had many questions and they got answered on here, and i'm still amazed how much the government pay out!!

I'm REALLY going to consider my situation.

I hope you get everything sorted out, as you will feel a 1000000% better aftr you have gone BR.

Yo are paying 500 + 800 for mortgage and rent a month? Will the OR not tell you to get rid of one of them? i know its half owned by your ex? if you lived in your house you would be saving £800 a month in rent, then you wouldn't need to go BR? Isn't this what the OR may say? or will they not be bothered by it? ( asking this to others as i don't know the answer)

pinkreadingcat

somethingcorporate wrote: »

What do you do self-employed? why not pop over to the small business forum to see if there is anything that you can learn to help expand your self-employed income?

Edit: benefits may not make you rich but you bring in more than many working couples, which I find quite shocking really.

A working couple with 4 kids bringing in tjis much would *also* be entitled to a significant amount of benefits. My husband and I earned 26k a year brfore he left and still got tax credits and child benefit... Prob about hald what I get now but that is because we didn't get housong benefit...

Anyway, I digress... Maybe if I paid someone else to look after my kids full time and worked full time and was in the same position there would be less outrage. I didn't choose to be a single mum of 4z.

bradleigh1977

Its not directed at you, but you have highlightened what this stupid and previous governments pay out.

Anyway lets get away from that, your asking for advice on BR.

As i said before your paying out £1300 in rent and mortgage, is your husband paying half that mortgage, as you put it down as £500 odd?
Or is that £500 each?

tigerfeet2006

First observation is you won't be able to carry on paying your mortgage when BR so that will come off your SoA straight away.

I think you need to take advice from one of the debt charities before you go any further

The first step make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another.

Please don’t do anything rash take your time and weigh up your options and read everything you can x

For ‘essential’ BR info this is Fermi’s sticky - Click here

Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111

Others:

• Business Debtline - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

pinkreadingcat

Thanks everybody who has contributed. Good news. My ex just contacted me to say it might be possible to transfer the mortgage to him so I have my fingers crossed!

Yes, will definitely go and get some proper financial and debt advice.

IF

pinkreadingcat wrote: »

Thanks everybody who has contributed. Good news. My ex just contacted me to say it might be possible to transfer the mortgage to him so I have my fingers crossed!

Yes, will definitely go and get some proper financial and debt advice.

Hi Pink, Got my fingers crossed too. And I'm pleased your going to get help. When you have come back start a new thread and we will all support you.

Best wishes
If...x

coolcait

pinkreadingcat wrote: »

.... Plus, I have my kids at home with me 24/7 and am self employed ....

If you have the kids with you 24/7, why does your SoA show Childcare/nursery....................... 242?

You don't have to answer that question here, but I'm pretty sure your OR will ask it. You will have to answer him/her

Your SoA at the moment shows that you are spending far more than you are bringing in. You've already explained why you are paying mortgage and rent.

But there are quite a few other areas where your OR is likely to cut back. If you tried cutting back on those areas just now, would that help you deal with your debt without needing to go bankrupt?

That's the kind of thing which you can consider with an adviser when you're taking money advice. I can't recommend money advice strongly enough to anyone!

Cross posted! Glad to hear that you're going to get some financial and debt advice - it really is the best starting point! Good luck.

kepar

Pink a few questions.
Is your business registered with the tax man?
Is the £100 income what you make or what you pay yourself every month?
Is the fuel listed private miles, or business and private?

Because thinking about it last night you seem to have business and private expenses mixed. A SOA is for private spednding only. You need to take out any business expenditure. They will fall under your business.

pinkreadingcat

£100 a month income is my average at the moment take home minus pitch fees. Fuel is total fuel bill...

Didn't think of that so thanks!