nebie - be gentle !

Sailorgirl

Hello £135K,
So to summarise - you have a cash flow problem immediately (and then longer term, you may have a deficit, depending on how much you can realise from selling the assets).
So, the key strategy here is that you need to take the immediate pressure off, so you can focus on finishing the boat and turning that profit.
Approach (my opinion for what it's worth)
1: If you can get cheap credit do - OK it may not be 0% but would help you shuffle rather than end up on double figures interest. Can you take a payment holiday from your mortgage? I think here, you need to do the best you can with your existing debt with the options available to you (there is no magic bullet). If you're confident that you can make money from your boat, this is a business decision that is OK. Plus, try and negotiate with your creditors....nothing ventured, nothing gained.
2. You need to get cash - some options:
a) do you think you're owed tax from last year, if so, self-assessment online pays out almost immediately.
b) Sell stuff - not just the big assets, do you have other things that would shift quicker to make cash?
c) Earn more - the trade off here is that you don't want to leave yourself with no time to finish the boat. So, if the boat were a regular job, how many hours a week should you spend on it. How much time does this leave for earning cash? What skills do you have that will get work/ cash in quickly - focus on these.
d) Thinking laterally, can you get an investor for your boat project?

Hope this helps.
SG

mrsmortenharket

seriously, do you not work at all????????

This is probably one of the most bizarre posts I have read on here!

So u have kids, do you have a partner?

Where do you live? is it an owned house or rented?

How do you pay your everyday bills such as water/gas/electric/council tax etc etc?

Lisa

misspoppy

Hi I am very concerned about your plans, you say you need £5k and 4 months to finish the boat but who will buy a boat in December? I don't know much about the boating world but surely summer is the best time to sell a boat so you need to plan on selling your boat in april or may to realise the best price.

Can you research classic car rally's and take your cars there you might be able to drum up business to sell them there.

I think unlike the RobF you really have had your light bulb moment and you realise that things aren't going the way you had hoped so its time to change tack. He kept asking for help but ignoring it and so people got really frustrated that he wasn't changing his mind set. People are very supportive if you are really interested in clearing the debt, they will suggest things that you don't want to do but it might be in your best interest.

quantumleap

I think you have to accept that your plans are flawed - seriously flawed. As others have asked, how do you pay your everyday bills? Are you going to let us know what your assests are? If you don't reveal as much information as possible how can you expect constructive advice, it's impossible.

The reality is that YOU think you have assets worth more than you debt. However the assets you've mentioned are only worth as much as someone is willing to pay for them which might not even be enough to touch you debts.

Based on the very basic information you've given thus far, it is my view that you need to get these "assets" properly valued and then sell ASAP. Pay off as much debt as you can and get a proper job and begin sorting what is left.

I mean at the moment you've 135K of debt and you are asking us to recommend ways to increase it so that you can finish a project that may or may not realise the profit that YOU expect - that's just crazy, you must see that.

[Deleted User]

You could transfer all the assets into comeone elses name, selling for £5 an item. You could then file for bankruptcy, you get your friend to sell off your assets and transfer teh money and transfer the money to a cayman island account via a fake bank account in nigeria. You can make up a leaflet about some charity so if you ever get asked you can say you donated it to a fake charity and must have got conned.

You then get a job and a basic bank account in the UK wait 6 years till your bankrupcy clears then emmigrate with your savings meeting the rest of your money over there. You can then sip cocktails on a beach, problem solved.

moanymoany

135K, the answer you are looking for doesn't exist as it comes pretty near wanting a miracle. To be blunt you are living in cloud cuckoo land. Sell your assets that will easily cover your debts, pay your debts and if you can run a business in boats, start off with a proper business plan and save up some cash to start it off.

Highly geared companies hit the skids very quickly when interest rates rise. Your own spending and saving you can control, interest rates you can't.

Can't help wondering what your history with money is, have you been in this ... just another few K and everything will be peachy ... mindset for very long?

[Deleted User]

Im suspecting he used to be on a high salary but now has hit the real world somewhat.

chevalier

Hi 135
Since your original post have you sold the car you had up for sale?

In the meantime, is there any space on any of your lower apr cards that you could balance transfer any of the higher apr debt onto?

The other thing as someone mentioned was to ask your mortgage company for a payment holiday. This would probably be enough to sort the boat out (assuming you sold the car too).

And guys please remember Martins post about not being judgemental. 135 has came on here asking for help. Their circumstances may be some of the most unusual we have seen, but that shouldn't stop us being helpful
chev

135K

Morning all .

OK . where to start.

the start of this thread was, I guess only a half lightbulb moment. I now want to make meeting my outgoings without borrowing off my cards / loans a proirity.

I can only hope that you can believe me that I am not the other guy.

I read his thread - thinking thats exactly how I used to think. shuffling and using the last shuffle to pay into my bank to keep the min payments going. The only difference emerged that I could see he was still stuck in his mind set, I guess , If I am honest - I was too when I 1st started this thread.

Ok - the way it all started... I'll try and keep to a minimum.

My ex got me into debt, so I got a second job. then, when I could afford to borrow no more - she left me and the kids (3 kids). Luckily this happend before the houses started rising about 8 yrs ago and I ended up keeping the house as it had no equity.
Anyway - the house prices rose and I worked self employed whilst looking after the kids - just keeping every thing payed upto date.
I met my new wife - she has a son too.
We bought a house, and we both worked for ourselfves so we could look after our children.
The house move released a considerable amount of equity and I payed off alot of my debt. this seemed like easy money and we looked for another house to move to.
I had a call, and we were investigated for benefit fraud AND council tax (I am guessing thanks to the ex wife) anyway it was a long and very stressfull time, even though we knew we were upfront and not doing anything wrong. They eventually agreed all was in order and thanked us for thier time in thier 'routine' investigation.

This did affect me in a most irrational way though, and I quit work - in my mind I thought - and still do - if I am not earning anything and not claiming anything then it cant happen again.

the cards were too easy to shuffle and live off, and the thought of moving house in a year or two to pay off the cards seemed like a plan.

ok - we moved to the house we are in now, by shuffling cards I got enough to put a deposite down and we moved in before getting the old house ready to sell.
When the old house sold, I foolishly (I know now) bought some cars, and didn't pay off my debts. I though I could sell them again when things got tight.
This house if a 'dream house' by the canal, with a large garden. So instead of planning to move , I bought a boat, and thought I could fit it out and use it for holidays and generaly having a good time, whilst , in theory, it was going to be worth so much afterwards that it would pay off any extra debt that was building up.

Last december the 1st of the credit card companys reduced my credit limit. this started ringing bells and the plan was to get the boat done and sell it.

I started to do up one car at a time and sell it to help pay off some debts, but every couple of months cc companies reduced my limit.

I borrowed some more money from the halifax - I told them my plan - and they lent me 13000.

this just seemed to dwindle away real quick, and this is where I am at.

realisticly, I could get about 25k for my cars as they are. a few need about a weeks work to increase thier value alot, some are rust buckets.

I guess I would get about £25k for the boat as it is too, or 80-100 when it's finished. poss 120-130 if I had time to make a real good job of it and find the right buyer.

I will get some better figures for you all in a bit.

Thanks so far

135K

Yant1 wrote: »

You could transfer all the assets into comeone elses name, selling for £5 an item. You could then file for bankruptcy, you get your friend to sell off your assets and transfer teh money and transfer the money to a cayman island account via a fake bank account in nigeria. You can make up a leaflet about some charity so if you ever get asked you can say you donated it to a fake charity and must have got conned.

You then get a job and a basic bank account in the UK wait 6 years till your bankrupcy clears then emmigrate with your savings meeting the rest of your money over there. You can then sip cocktails on a beach, problem solved.

that's not really on is it !