How to build a life!

Arcticfox

Hi mse'rs long time lurker who has decided he needs the help of the great members of this forum to keep on track and motivated (if you'll have me). And thought the best way to do this is through a diary.

A bit about myself, i'm in my very late 20's and run my own business, i have an amazing girlfriend and we are at that stage now where we are thinking about building a life and family together. At the moment we are both still at home.
There's just one thing holding us back and that is.....me!

She has a squeaky clean credit history and mine is truly appalling :eek: i wouldn't mind so much if it was because i spent my money on a flash car, clothes and holiday ect (which i havent lol).
But rather it is because of a combination of investing in my business, poor cash flow and even poorer money management.
Silly little things really like missed cc payments and dd's they all get paid eventually but oft times a month or 2 late (which also lead to bank charges which at 1 point were really crippling me i had no money coming in and charges ate up what little did) and this has really affected my rating there might even be 1 or 2 defaults but tbh i don't 100% understand defaults yet (i.e last year i missed my phone payments by 3 months and the bill got passed to a collection agency) would that be classed as a default?(i paid in full as soon as i got the money though)

I understand that a mortgage is probably a long way off now and will maybe start looking at renting next year but even that worries me about getting accepted with a poor credit history.

on the bright side though my hard work with my business is paying off and i'm starting to earn good money and plan to pay of all my debts by may next year, sooner if it keeps going this way :j

I will do a SOA asap but roughly my debts are £2200 on cc's £2200 bank of mum was £5000 at start of year , no overdraft though but zilch savings at the moment, i have quite a bit of spare cash in the business account (i'm a sole trader) but have to pay tax with that and am going to use some of it to pay off debts over the next few months but also have to keep some in there for the business.
(note to self learn to delegate money and pay yourself a proper wage rather than just taking cash when its needed)

Sorry for the long post but i'm glad i got that off my chest

And i hope you will follow me in my quest to become a MSE and finally build a life

AlexLK

Self employed here too (though ltd company), will be following your diary and chipping in bits of advice re. your SOA.

You should probably be able to rent somewhere if you get a guarantor.

Arcticfox

Thanks Alex, i will follow your diary with interest too.
In a strange way it feels good letting strangers know my situation and admitting it to myself.
Hi my name is arcticfox and i have money management problem :rotfl:
But i suppose The first step in sorting out a problem is admitting you have one.

AlexLK

:rotfl: Do please join the "fun" over on my diary.

As for letting strangers know my situation, it seems to be working for me, though I have many more problems than just money management.

brightnotes

Good luck, ArcticFox! I second the guarantor suggestion, obviously it's not ideal but it would get you a rented place while you sort your credit rating. Sounds like things are turning around for the better for your business though!

Arcticfox

Thanks for the much needed support I feel better knowing that renting is a viable alternative. I could stay at home and keep saving but if i do have a couple of defaults it could be a few years before i can apply for a mortgage, and it would mean other half and me would be at home still ,going into our 30's :eek:
Off to work now, long day ahead i dont expect to get home much before midnight!