A downward spiral

Empty_pockets

Browsed this site a few times. Some great people on here.

In a bit of debt myself, its affecting me badly. Suppose i feel its easier to post on here as i dont personally know anybody and guess some folk may be in the same situation.

im about 2k into my overdraft. not a lot my i keep taking loans to pay it off and then get back into debt. My mortgage was 41k when i took it. I think its closer to 80K now.

Im self employed, taxi driver, and having a hard time at the moment. work is crap and i end up just coming home and drinking everyday. I'm not qualified to do anything else. cant focus, knocked someone off their bike last week. doubt i'll get insured again.

I have to pay the tax office 3.5K plus some of next years in jan. £5100 in total. Dont know what i'll do. Toying with the idea of maxing the credit cards and dissapearing. dont see any other way out. Will mean selling the house and cutting ties with my family. maybe then i could delcare bankrupt. sound pretty bad, not as bad as the other option.

immoral_angeluk

Have you called the inland revenue and explained your concerns? they may be able to give you a bit of leeway.
What's happening about the person you knocked over? is it going through your insurers? Is there excess to pay?

Empty_pockets

I thought about calling them this morning. Looked at their website. Seems only thing they can offer is a payment arrangement. basically installments i think. Its no good. i'm just not earning enough to pay bills.

Yes its going through insurance. Actually think it was her fault as she was overtaking and clipped the front of the car. Don think i'll have to pay an excess as im not having a repair. cars dented, but ok.

I just cant live like this. its ridiculous.

Think i'll sell the house. dont know what else to do. Spent years getting it decorated and finally sorted so im happy with it. !!!!!! area though so worth 110 at most.

millionaire_in_training

my brother was on taxis also and ended up going back into a full time job as he wasn't earning enough to live on. By the time he paid for cab and petrol etc there was hardly anything left. The councils have just allowed too many taxi licenses and everyone is scrabbling about for the work. Dont make any rash decisions as there is always a solution, you just haven't found it yet. Put up your SOA and see if anyone can help you out. Chin up and take care x

immoral_angeluk

The housing market has slowed riiiiight down at the moment so before considering selling up it would be an idea to talk to the CCCS, payplan or the citizens advice bureau. Also you need to look at getting another job. Even if its stacking shelves you need to get some money coming in.

GettingThingsDone

Hi Empty Pockets, welcome to DFW you're in the right place for sure. Sounds like you've got a lot going on at the moment, so it might be a good idea to start untangling all of these things and attack them one at a time.

An SoA is a good place to start - scary as it is to see those numbers, it does give you some clarity.

Good luck and keep posting!

gtd

yellowmonkey

Echo what everyone has said so far. You sound like you are at rock bottom. The good news is that you can now start climbing back up. It is only money at the end of the day.There are a lot more important things in this mortal coil.

You are on the bottom rung of the ladder now try to start climbing up one step at a time.

The very best of luck.

ym

chloebelle

OP, someone I knew went down the disappearing road. Unless you intend to not live again they will find you. Its scary but the debt won't magically disappear.

I think citizens advice is a good idea, will help you weigh up your options.

Well done for facing up to the situation, its the hardest step but its gotta be done

Empty_pockets

Thanks all.

Well i've just booked a valuation. Will let you know what they think.

Account balance £2217 in debit

Bills due
Mobile £34 due now
Garage rent £25 due now
Credit card (£2045) - £76 Min. due now
N.Insurance £214.40 due now
Exam fee £60 due now
Tax bil £5100 due jan
Chile credit overpayment £1000
Old business bill £700
Ive no building or contents insurance
Ive no breakdown insurance

Hmm, paying out....

Mortgage £275
Equity 1 £35
Equity 2 £125
Equity 3 £120

Council tax £71
Gas £39
Electric £30
Water £30

Bt line £10
Pipex calls £2
Mobile £35
Pipex internet £20

Life insurance £5
injury insurance £12
Training fees £40
Child maintaince £150
Food £150

Work subs £450
Fuel £400


also annual bills like Car insurance (went on the CC this year), taxi licences, car repairs and tax, accountant fees all need paying. My car is on 170000miles and will need replacing in the next year. Of course there is a social side as well, that needs paying for, as does christmas. birthday presents for kids etc.

Assets wise i have the house and i have my motorbike. Dont really want to sell either as thats all i've got.

How much am i earning? Last year after tax about £14k. this year, a lot less. I guess about 10K for the year. (edit - this is after work and car costs, its a net take home)

I know there are lots of little savings to be had on this site but they seem so small they would make no difference.

any cash i have gets spent on the lastest disconnection notice and then usually on drink. i know it no fix but i just cant see a way out.

Thought about doing different jobs but i've no qualifications. I applied to tesco and asda and got turned down. Most dont pay anywhere near what i would need anyhow.

Seaxwyn

Hi Empty pockets

I'm sorry to read of your troubles. It looks like you're in a tight spot, but as Martin Lewis says, he's never seen a debt problem that can't be cured.

One thing jumps out - why is your tax bill so huge when you are only earning about 10k? I'm self-employed, earn more than you and my tax bill is much smaller. Ring up the Inland Revenue and tell them your estimated earnings and that you want to 'reduce your payments on account'. I did it last year and they reduced them with no questions.

Then go along to the CAB and see what they can advise. It may be that selling your car or your bike is the best option, but don't assume so until you've seen what else they can offer.

As for jobs - the Royal Mail is recruiting for Christmas - pop along to your nearest sorting office and ask about that. I also saw ads at my local Argos - again just til Christmas. And maybe you can earn lots in the taxi over Christmas and New Year.

Good luck with it and keep posting on here

huxley

Hi sorry things seem so glum for you at the moment but there are lots of friendly folks on here that give good advice. I dont post alot but do read alot! My DH is self employed and i'm on dissability benefits he doesnt earn alot but we are surviving with our debt at present (it may even start going down soon!) which is amazing as our income has halved since he was made redundant and the debts were run up on the higher income! I have only managed this due to the info i find on here, dont give up;) . You say you have just got your home how you like it, did you do it? How about advertising your painting and decorating skills/handyperson skills lots of people dont want to do these things anymore and lots of the bigger companys dont want to take on the smaller jobs, DH is a gardener he takes up all the little jobs the big boys dont think are worth bothering about but he makes a living with them.