Sick of everything, any advice?

chevalier

Yes they are the people who might help with the uninsured claim.

Before you start offering lesser payments, then please open another bank account. You can get cash back too if you go via www.quido.com. That way if HSBC cut up rough, then your wages are yours and you can decide how much to pay them.

You don't put in the SOA above how much you earn a month, and whether this income covers these loans. Also do you not pay any rent, utilities, council tax etc. You need to also be putting away money for tax etc. Are you doing this?
best of luck
chev

garysumpter

My business is completely separate. That side of things is fine.

My wages vary from 500 - 100 per month, depends how much i can take.

I have already set up a bank elsewhere and closed the hsbc one.

Gary

millionaire_in_training

Hi Gary
I count your debt payments as about £900 per month and if you are only earning between £100-£500 per month wel hmm!!
Any chance of doing a second job that will bring in a steady income as this is only your debts and not your day to day living expenses. Have a look at the post from Southern Scouser about SOA's and complete a full SOA so we can have a wee look. Good luck x

solventguy

garysumpter wrote: »

My business is completely separate. That side of things is fine.

My wages vary from 500 - 100 per month, depends how much i can take.

I have already set up a bank elsewhere and closed the hsbc one.

Gary

Hi Gary -

Welcome to the forum!

For the most useful advice, you might wish to post what you spend each month, and what you bring in. The quote above doesn't make sense.

Here's my personal view on your situation, for what it's worth. Your car wrecks, etc., are a sunk cost. In economic terms, they no longer matter. In psychological terms, you should try to start seeing them in the same way. What matters is today. You may have been dealt a bad hand in the past, but I would try to put it out of your mind. Pay the debts, get rid of them forever, and don't let them bring you down.

You are a young guy! You have the potential to do good work. You are going to be a parent - I suspect you'll see the world in a very different way when this happens. Focus on the positive. Do what you can do today; don't worry about the rest.

I wish you the best.

garysumpter

That should have been £500 - £1000.

garysumpter

I have been told to look at declaring myself bankrupt.

Is this a viable option?

Kevicho

I think with the bankrupcty option it will affect your ability to run your own business, id check with the CAB first about this.

The second is have you considered part time work to supplemement your income?

It sounds like the web site business is doing ok, and yes it does take time to build up a small business like this, but in the mean time you have skills which employers will likely pay for even on a part time basis.

I assume you are programming as well (asp/php?) so maybe look at intranets as well as web site design as many companies would love this, but dont have the time, or expertese to do this in house.

Kevicho

Also being under 30 have you looked at grant money from the likes of the princes trust?

Gemmzie

It depends, I would say that you're debts aren't high enough and it may affect your business

garysumpter

Ooh nice update. Due to arrears etc looking like British Credit Trust are taking my car away, leaving me with about 8k left to pay.

So thats paying for THREE cars and owning NONE.

Why me.