Desperate

Bestthingsinlifearefree

Hi Tileland,

Could you post a statement of affairs ?

Then MSE er's will be able to give you the best advice that relates to your overall situation.

Post all:

Incomings
Outgoing
Debts

Best,

Tileland

Monthly Incomings:

My salary - £2,000 (for a while now this has been paid from invested money in the businesses but we can no longer do this so 'real' income at present is £1300 from external source. A lump sum is due in the next 4 weeks of £50,000but as an investor requires the cash back this will mostly go and the rest will ramp up the current business debts so I am no further forward)


Total - £2,000

Monthly Outgoings:

Mortgage/Rent - £725
Council Tax - £131
Insurance - £32
Oil - £90
Electric - £34
TV License - £10.99
TV - £34
Car - £296
Phone - £30
Food - £300
Car Insurance - £45
Car Fuel - £120
Pet Insurance - £20
Mobile - £40
Total: £1908

Debts

Egg Loan
Balance £6466.27 (monthly £175 late 1 x payment)
Egg Card
Balance £8299.45 (pay minimum at £162 late 1 x payment)
Halifax Card
Balance £5802 pay minimum at £115 (late 2 x payments)
Mint Card
Balance £3500 pay minimum at £80 (late 1 x payment)

Action

Am distching car as is long term rental will save £296 pm and have use of another.

Biggest problem recently has been I have used the cards to pay the cards and sometimes money out of the business as extra earnings. Now thje balances are reached and I have been late on a few payments I cannot continue this (even if I wanted to).

Bit of a mess really. The business debts and position I will leave separate as these are separate issues

angelavdavis

As well as posting your SOA, can you include information of whether your debts are secured against your property, etc?

Are you able to sell your property to clear the worst of your debt off? This might help give you some breathing space so you can continue the business if it has the likelihood of now getting investment.

You also need to consider whether the business really is worth continuing, particularly if this "friend" is still in the picture.

Would there be any sense in selling the business? Would it have any value that you could also use?

Starting again isn't failure - it just means you will be wiser the next time round!

Good luck!

Tileland

There is nothing secured against the house and the 'friend' is long gone. The business is online based and I am currently stripping all non neccessary cost to reduce running costs and the business can sort of run itself with no further investment so reduced debt but also a chance to develop on lower outgoings so may just take longer. Looking at other ways to increase income also.
The business isn't really worth anything yet as it has not been going for too long so no assetts there to speak of.

I would not want to sell the house as we would be worse off as a move would cost more and we have worked hard to get here

Bestthingsinlifearefree

Hi T,

Good start.

The 50K that is coming to the business in a few weeks where is that coming from ?

Is it worth putting more money into a loss making business ?

At the moment the business has not paid you any "real" salary but has costed you time / effort.

You need to be brutallly honest with yourself.

If letting the business go means you can get out of debt etc it's worth considering.

I know having a baby is very hard work (Mrs Best had out first 2 months ago)
but is there any chance your wife might return to work / bring in any income in the near future.

Keep posting and looking at all your options.

Bestthingsinlifearefree

If you spent all 5 days working on your job (rather than 3 days what would this boost your real income to ? ).

why does the business need additional investment ?

(sorry for the interrogation, i'm just throwing a few thoughts around).

Bestthingsinlifearefree

Hi T,

Is it possible to put ALL your debts into your SOA and maybe be highlight what is business and what is personel ?

"As a result I owe personal on cards and loan £24,350, business bank loan £16,000 and £6900. A further lump "

Have you got an accountant ?

Best,

Tileland

Hi all and thanks for the advice so far. I have decided I need to deal with this messa nd speak to my wife, but the way I see it is that it is my mess and not ours so I want to sort out what I am going to do before I discuss it with her. I am currently being chased by my debtors and I have been bluffing through it a bit but I want to take positive action now. How do I start?

I have looked at the sites for cccs and payplan, are these organisations different in what they do and if so is one better suited to my needs than the other?

I know I need to sort this and I need to do so whilst it is still manageable for me to do so which I believe it is. I am going to sort out the busienss mess also by shelving one of the companies and if I have to wrap it up to do so then I will, due to the money I have got coming whch we were planning to invest some of into the business, if we do the bare minimum then we can survive on supplemented income for another 6 months or so to allow some space to get better sorted. Att least the mortgage and other vital stuff can be paid but I want to change. I no longer want to be the 'secret' person that I am but I do need help. I am thinking also of proffessional help so I can try to understand why I hide things and find the subject of money so hard to talk about.
It has been help coming here as I have been trying to for months now and I cry every day now thinking about this crap mess I have made. My wife is so lovely it makes it harder as I hate myself more and know I am going to rip away her security again as she has never had debt and dislikes it so much and I have tried to succeed in all the wrong ways. The stupid thing is I am good at what I do in busienss I just find it hard to make it pay and am crap at admin and money. Thanks again and sorry to ramble but it feels better even typing this to people I will never meet

Tileland

Hi all and thanks for the advice so far. I have decided I need to deal with this mess and speak to my wife, but the way I see it is that it is my mess and not 'ours' so I want to sort out what I am going to do before I discuss it with her. I am currently being chased by my debtors and I have been bluffing through it a bit but I want to take positive action now. How do I start?

I have looked at the sites for cccs and payplan, are these organisations different in what they do and if so is one better suited to my needs than the other?

I know I need to sort this and I need to do so whilst it is still manageable for me to do so which I believe it is. I am going to sort out the business mess also by shelving one of the companies and if I have to wrap it up to do so then I will, due to the money I have got coming which we were planning to invest some of into the business, if we do the bare minimum then we can survive on supplemented income for another 6 months or so to allow some space to get better sorted. At least the mortgage and other vital stuff can be paid but I want to change. I no longer want to be the 'secret' person that I am but I do need help. I am thinking also of proffessional help so I can try to understand why I hide things and find the subject of money so hard to talk about.
It has been help coming here as I have been trying too for months now and I cry every day now thinking about this crap mess I have made. My wife is so lovely it makes it harder as I hate myself more and know I am going to rip away her security again as she has never had debt and dislikes it so much and I have tried to succeed in all the wrong ways. The stupid thing is I am good at what I do in busienss I just find it hard to make it pay and am crap at admin and money. Thanks again and sorry to ramble but it feels better even typing this to people I will never meet

bank_of_slate

Wishing you lots of luck with telling your wife Tileland, you know we are always here with friendship, support & advice!
Let us know how it goes.
...Linda xx