Sick of everything, any advice?

garysumpter

and I have apologised for seeming short both on here and in a private message.

Looking for practical advice really

Kevicho

garysumpter wrote: »

Monthly Outgoings

Rent / Housekeeping £100 - i know its cheeky, but do your parents know about the situation you are currently in? Ask if you can put this on hold while you get your finances back on track
Food / Eating - £30 check out the old school board for ideas on cheap cooking tips, doesnt seem like you spend much anyways, also try and mooch off people for food
Petrol - £40
Car Insurance £85.00 do you really need the car? being a home based web designer id imagine you only use this for work when visiting clients, can you not get the bus? or set up a webcam to speak to clients with? That way you save on travel and look hi-tech

It may be worth negotiating the following over a longer term to at least get the monthly payments down while you sort this out (Note it will mean more interest but will save your credit rating)

Ford KA Payments – £70.00
Ford Puma Payments – £155.58
Personal Loan £200.00
Fiesta Payments – £270.00
Fiesta Shortfall Loan £57.07

Clearing HSBC Overdraft £600.00 £50.00


Total currently is 1057.65

Monthly Incomings

This is a very grey area / difficult subject.

I run my own business and I just about break even but things are getting better and better so i will not be abandoning it (currently partnering with other companies so hopefully lots more work).

I want to be taking home £1000 per month minimum but I would say that £600 is a more reasonable figure at the moment. Depends how well I am doing each month.

Also have £500 owed to a family member that I need to pay ASAP.

Do you have anybody who could invest in your business?
It sounds like you can offer them financial incentive, and you will offer a share of the profits, it will mean you take less cash in the long run but will get you out of this hole.

Also do you have specific business bank accounts?

Justin_GB

Hi Gary,
This site has a lot of useful info and helpful people, I have found that just reading other people posts has help me loads. I am still looking but do find this site has changed the way I look at my debt, I am still very worried and sometime just plain scarred that I may loose everthing, my home business and friends, but this forum has helped put ME in the driving seat, it is up to me to seek advice, most days I see it as a challenge not a hopeless mess.
Justin
Debt 20-50K

garysumpter

Kevicho wrote: »

Do you have anybody who could invest in your business?
It sounds like you can offer them financial incentive, and you will offer a share of the profits, it will mean you take less cash in the long run but will get you out of this hole.

Also do you have specific business bank accounts?

No I dont and I dont really want to go down that route anyway. I want to start from scratch and keep my business COMPLETELY clean.

Yes it is run from a Business Account.

It will get better soon im sure, lots in the pipeline.

I hate owing people, but it always seems to be the same.

I wish a nice loan company would just give me a loan to pay everything off and then I pay >£300 per month to clear it, wont happen though!

Gary

Jacks_xxx

garysumpter wrote: »

Do I just manually write out the list like the one you posted? I have used the online budget planner (the excel one has a glitch).

Yep honey.

The budget planner is just to prod you to think of all the things you'll need to include.

Even without seeing your SOA I'm thinking that you need to take on another job in addition to your business - at least for a while.

and *ducks* give the current car back - unless you really really really need it.

BTW... Did the relentlessly moneygrubbing IVA company you spoke to tell you why you wouldn't be eligible for an IVA?

Love Jacks xxx

garysumpter

Jacks_xxx wrote: »

Yep honey.

The budget planner is just to prod you to think of all the things you'll need to include.

Even without seeing your SOA I'm thinking that you need to take on another job in addition to your business - at least for a while.

and *ducks* give the current car back - unless you really really really need it.

BTW... Did the relentlessly moneygrubbing IVA company you spoke to tell you why you wouldn't be eligible for an IVA?

Love Jacks xxx

Because my main debt is HP.

I am planning on giving the car back.

I did my SOA a bit further back

I am also looking for an evening / weekend job.

Gary

Jacks_xxx

garysumpter wrote: »

Because my main debt is HP.

I am planning on giving the car back.

I did my SOA a bit further back

I am also looking for an evening / weekend job.

Gary

Yep sorry honey, I was on the phone whilst I was typing that last post and I got a bit left behind.

I'm glad about the car though. I sold my car when I had my Light Bulb moment and realised that I couldn't afford to keep it. My OH still had a car until recently though but it's a battered old heap as we sold his shiny lovely one to help pay off some of our £97600 debts long ago! :eek: (someone just wrote the heap off by driving into it so I guess we'll be shopping for a new rustbucket soon.)

Once your car is gone CCCS will help you out on the other debts front and it will all start to get better I promise.

I mean look at me: we still owe £30,000 but I'm pretty optimistic cos I know that we've already paid off £67,000 and we have a plan in place to deal with the rest.

Once you feel back in control you'll feel much better I promise.

Love Jacks xxx

garysumpter

Certainly hope so

Gemmzie

Okay, so if car goes that means your insurance can be cancelled - do you pay monthly? Maybe ask your parents if you could pay £85 instead for a few months.
Then you have £85 (from car insurance) + £15 (from rent) = five months you can pay back your relative, then start on the overdraft

garysumpter

Thats certainly an option