Wowzers! debt a lot worse than we thought ....

plzhelpmesave!

Oops! Car insurance is annually for 2 cars with breakdown cover

High enough for annual insurance-- would def be walking if insurance was 2000 a month!

quintwins

plzhelpmesave! wrote: »

Oops! Car insurance is annually for 2 cars with breakdown cover

High enough for annual insurance-- would def be walking if insurance was 2000 a month!

Thought so you'll have to redo your soa and post it again

[Deleted User]

plzhelpmesave! wrote: »

Oops! Car insurance is annually for 2 cars with breakdown cover

So it's actually £167-66?

That alone reduces your shortfall to about £1,134.

plzhelpmesave!

Sorry for the confusion about car insurance! Updated SOA at the top and changed all figures impacted by it.

EyeOpener - thanks for your reply

Family money - helped out DH's parents a few times they live abroad so we've probably spent about £15K on them and his siblings over last 6 years - partly why we are in this mess :-( No one has the money or the inclination to pay us back, so a no go!

Overdrafts - I have £1k and £500 available on my 2 current acounts, DH has a £5k overdraft with his bank. he rarely uses his and I dip into my main £1k overdraft every couple of months - costs about £5 a month.

Spending Diary - I have tried to do this and can never stick to it! have an app on my phone, bought a diary, a note pad and never manage to stick to it. Will try harder as I know that is key to knowing where the money is going!

Merlot - business is a unit with a 24 month lease. I hope to start making a bit more from it in the next month or so - but a lot less than initial figures projected.

Childcare is for 3 kids a couple of days a week - have no one else who can help out and the're the days me and DH both have to be at work. Was the cheapest I could find where i'm happy with the childminder, and have some flexibility.

thank you guys - really helpful

plzhelpmesave!

So would it be better to use the £6k overdraft that we have access to to clear up some of the cards?

all cards are at 0% but we're only paying minimums so its never ending!

merlot123

Personally no, I would continue as you are paying the 0%, the problem is you are over spending each month by over £1K, you are not ever going to sort this problem out if you don't take drastic action....now having said that, it's easier said than done with the economic climate etc.

You cannot continue to pay business rates (units - how much are these per month?), petrol, insurance, childcare costs, it is actually costing you money to go to work unless your OH finds a better paid job in the very near future.

Sorry to be so blunt, I admire anyone trying to get a business off the ground but you do need more income to break even.

Whats your OH profession? have you tried job site, monsters jobs etc on internet? Recruitment agencies can be useful too.

Normally I would say Ebay/car boot stuff, but your deficit is too high each month, something has to give.

merlot123.xxx

plzhelpmesave!

Thanks merlot - youve said what I needed to hear...

business costs are about £1600 a month (rent, insurance, staff etc and it is covering itself - just.

I am looking at doing other things from the building too to get as much income as possible out of it. January should be busy, weve got new marketing stuff out and Im getting some business coaching too, to try and get things in place to make as much as I can from the business.

DH is applying - in mid 40's with lots of relevant experience and willing to do anything, but proving hard just to get through to interviews. He is on all the job sites and applying every day. At the moment, as were on a low income, its the tax credits that are keeping us going.


We have been ebaying and made a bit from it which went to pay off one of the card balances. Have a lot of stuff that we could ebay - nothing of any real value but loads of small bits, old clothes etc

We owe £6k to family & friends too (interest free but still a debt had it earlier this year to set up business)

eyeopener2

This is the crux of the matter. Something has to give and you have to ask yourself what would happen when/if the 0% goes? Or you are declined a balance transfer.

My nemesis came when that happened and I went down the payday loan route and that caused untold misery that I am only now seeing the end of.

So please take a look at everything you spend and do it now before it too late. Be harsh, be critical, be tough on every penny.

Of course the job situation could change things dramatically but i'm looking on the dark side here as I know what its like.

somethingcorporate

This is only going to go in one direction.

You have so little income getting loans is not going to happen and soon you will also run out of 0% BTs to transfer to.

You need to increase the income substantially - you may both need to take second jobs delivering pizzas or working behind a bar - whatever you can do to start making a dent.

pleasedelete

Why does your business have staff if your oh doesn't have a full time job and you not make any money? You can't afford to have staff if you are only making £400 a month. What is the business? How many hours a week do you work at it?