Really need to clear my debts but debt charity cant help. What next?

BeingMe

Is it? I've no idea on what's reasonable in terms of paying it all off. I feel a bit daft now because I should have done this years ago but then I wasn't working until last year and my circumstances have changed a lot over the last few years.

I do worry about losing motivation and sticking to it until all my debt is cleared. There's always stuff that needs paying for. I'd love to redecorate my home but until the debt is clear there isn't a chance I can afford it. I would have put it on credit in the past but very determined right now to become debt free.

lovinituk

BeingMe wrote: »

I work part time as an employee. It is a fixed term contract and I won't know until later this month whether I will be employed next year. Without the security of my salary, I couldn't afford to start up the business. I agree I need to get to grips with the finances for this though. I am calling my bank today about opening a business account or should I wait to find out about the credit card?

Are you putting sufficient funds away to cover your self employed tax bill at the end of the financial year?

BeingMe

I only started the business three months ago and do not expect to make a profit this year once all the business expenses are taken into account. I need to get some financial advice with regards to the business but can't afford it at the moment. I predict that I will be making a profit from next year but I'm afraid I don't really understand the tax implications sufficiently.

Grumpelstiltskin

Don't even think of paying for financial advice. Most areas of the country have some form of help for people starting new businesses, Google is your friend there.
I'm sure you will find something but and a big but you must understand what you are getting into financially with the business otherwise things could go very pear shaped and your present financial troubles could seem like nothing.

heartbreak_star

Make sure if you do get that 0% card that you balance transfer then cut up the card AND CLOSE THE ACCOUNTS.

Don't just cut up the card. Call them and close it.

That stops you using the card again, ever

HBS x

Grumpelstiltskin

OP Just a thought, have you got or had PPI on any of your cards?


http://forums.moneysavingexpert.com/forumdisplay.php?f=169

BeingMe

Thank you, I shall look for some free business advice locally. I have had bits here and there on another forum. I won't say what the business is but I basically make something. Customers pay a 50% deposit which more than covers materials and then the balance is purely profit. I've done a few orders now at cost for friends to get my name out there and it acts as free advertising. Other costs are equipment, website hosting, advertising, domain names and at some point I need to trade mark my business name. I do not need business premises yet as I am doing it from home.

I've just done the food shop and took the children and made the saving money into a game for them as suggested by a poster up thread. It was quite successful and took their minds off nagging for extras and treats. I spent £57, I would normally spend £70. However, this wasn't a full shop as my cupboards are looking quite healthy at the moment. I bought done reduced mince and a pie and have frozen these, the mince into three portions so I will get three meals and it cost £5. I am realising that I could save further though. I buy my daughter juices for packed lunches but she has a flask I could make squash in. I buy cheese strings when on offer but I could cut up cheese cubes if I was more organised. I find the packed lunches expensive because the children eat the stuff I buy for snacks when it is meant for their packed lunches.

BeingMe

Unfortunately I have already started a claim for PPI with iphonics. They called me just after I had separated from my husband and I was in a bad place and gave in to their sales pitch. They've not been very good though as they initially lost all my information and have been very slow. They also charged my credit card by £200 to start the claim. They will take about 40% of any money I get if I've got their rates correct.

BeingMe

Just to add, my credit cards have already expired and I haven't activated the new ones so I will close the accounts if I can transfer the balance.

lovinituk

BeingMe wrote: »

Customers pay a 50% deposit which more than covers materials and then the balance is purely profit.

How many of these have you done? You say you 'think' you won't end up being in profit but you also say you are rubbish with money. If you haven't already, then you should get your book-keeping up to date for the business to see if you really have made a profit or not. The last thing you need is an unexpected tax bill and then potential fines when you can't afford to pay it.