Finding the way through a £100k hole

supersaver1000

Pleased to see you posting Isitdoable and sorry that this has hit you so hard.  You sound pretty organised, I hope that everything works out.

PurpleFairy26

Sorry it’s so tough for you. Lovely to see you posting. Hang in there. 

Isitdoable

Last day of the month......credit card analysis.  I will confess, I did not do this last month.  The enormity of what was hitting us was very overwhelming and I honestly felt like I couldn't face it.  As I mentioned, we basically have had to live off our credit cards in terms of buying food and paying our essential bills.  The grant we got in, was for essential business bills, but I have drawn on some of it, essentially a salary for us for March (we've had no income since mid-March), I have also made sure I have paid us back for any business expenses, as I think the separation of funds will be crucial in the next few months.

Me........
AMEX - 6404
AQUA - 1626
BARCLAYCARD - 6424
NATIONWIDE - 3965
CAP 1 - 239
TOTAL - 18658

OH......
LLOYDS - 988 (Yay.....under a thousand!)
BARCLAYCARD - 191
VIRGIN - 4268
M&S - 797
TOTAL - 6244

That is a net increase of about 1300 from my March figures, which given the disaster we're going through, I'm not too horrified, but I can't pretend I'm not disappointed that our efforts feel in vain.
Our only income now until the June self employment assessments for assistance is whatever Universal Credit we are eligible for.  UC have advised that the June payment will not be considered as a backpayment and we must just declare it in our June income.
So my immediate priority is to set a food budget for the coming month.  I am sure everyone is sharing the challenge here in shopping on a budget - right now I feel like I am just buying what we can get, so I don't need to worry about feeding my family, I don't care what it costs!

shoppingobsessed2020

Just read your diary, wow what a go getter you are!  I’m tired reading your diary.  I’m sorry that covid has hit your business hard, like yourself this has given me pause for thought into looking at our finances to see they are an absolute mess.  I look forward to seeing how you get on and turn this into a positive

Isitdoable

Government Bounce Back Loans went live today.  £50,000 approved in the space of about 10 minutes for our business.  On the advice of our accountant - we have some expensive borrowing which can be transferred straight to this.  The interest rate is very very low, and the difference it will make to cash flow is enormous in terms of repayments.  It felt counterproductive to go for more debt, but I feel like it is a positive move in terms of survival and how we can come through this crisis.  VAT return is done and now parked until March 2021.  Nearly all suppliers are paid in full.  Still we wait on insurers.  This is a massive thing for us, I just want to know either way.

Personal finances wise.......I had accrued £212 in cash back on my AMEX card which was deducted from my balance....small wins!  They have obviously decided to rein in their risk massively though with the current crisis and reduced my credit limit right down.  I feel oddly insulted but I know it doesn't matter as I don't want to use the £12k they had given me!

IrishSean

Your diary is gripping stuff!

A few thoughts; imagine how much more stressful lockdown and subsequent impact on the business would have been if you hadn't begun to budget early?
You've the tools now to weather the storm; with some luck and ML's fav word, lots of forbearance from HMRC, you'll hopefully thrive on the other side.

I've no chance getting my regular reading down now, theres about half a dozen diaries I look forward to the next installment on (mine is boring as sh1te as a result, lol)

Good luck with it all 💪😀

brizzlegirl

Best of luck, keep on plodding 

Isitdoable

Thank you everyone for popping in.  Managed a restart of sorts work-wise.  Absolutely NOWHERE near a level we were at (we are one of the businesses not allowed to fully open), literally maybe 2% of our normal turnover, but our costs have drastically reduced, and we did actually MAKE some money.  After 8 weeks of not having a single penny come in the door, that was a relief, and I hope it is something we can build on.
I have spent quite a lot of time working on my second business which I feel now I really need to crack on with, as I really don't know what the future holds for our main business anymore.  Sometimes I think what is the point, and let's just jack it all in, but my stubborn little streak just won't quite let me give up yet.  We STILL wait on the insurers - getting this payout would make a very big difference - I can't stress how much!

I am considering spending some money on myself in the form of some mindset coaching - I can't decide if its worth it (and I need to work out how I would pay for it!), but I feel like I have a real issue at the moment with my confidence, business-wise - I never used to feel like this and its something that has crept up on me.  I feel like it is really holding me back, I feel like I have imposter syndrome, when really I know I am very good at what I do.  I've never gone in for something like coaching - but I have found someone who I think would really make a difference to me, is very very highly recommended by people I know, and who I feel could help me really turn the corner in getting business number 2 off the ground.

I do feel like I am in survival mode at the moment and its exhausting.  There is so much uncertainty at the moment, I veer between being positive, and between lying awake worried I will get to a point where my children are starving.  If anything, it has made me even more determined that our financial stability has to be our top priority going forward.

IrishSean

Its interesting reading these diaries. You can read between the lines and read tone and work out pretty accurately whether the OP is committed to DFW or not. You are definitely in the first group. It will be difficult for a while but i'm totally convinced you will find a way through it. Keep the discipline and the solution focus; the advice available here is amazing, i've learnt bucket loads.

Don't forget the small treats; french toast, pancakes with the family; a movie on netflix with a big bag of popcorn i'm having a go at French Madelines this morning so say a wee pray for my poor culinary soul I don't burn the house down😂

GL, you've got this.

Isitdoable

IrishSean said:

Its interesting reading these diaries. You can read between the lines and read tone and work out pretty accurately whether the OP is committed to DFW or not. You are definitely in the first group. It will be difficult for a while but i'm totally convinced you will find a way through it. Keep the discipline and the solution focus; the advice available here is amazing, i've learnt bucket loads.

Don't forget the small treats; french toast, pancakes with the family; a movie on netflix with a big bag of popcorn i'm having a go at French Madelines this morning so say a wee pray for my poor culinary soul I don't burn the house down😂

GL, you've got this.

Yes definitely in agreement on the small treats - it makes all the difference, and does not have to cost a lot at all!