First Steps to Solvency

Willowtree222

You've had a blip and now need to deal with everything else as well as the stuff from the blip.

It's done and you can't change what you did yesterday but you have the chance to pull out so if it is a bad decision from yesterday then you know what you need to do to take the steps to counter it. 

I agree with Warby about people not mattering. You're self worth is decided on what you think is important and not others. Does it matter if they know about your debt? You have already said that the people you should have surrounded yourself with have long since gone and would it be a huge thing if these people who do care decide they are no longer interested? Surely that would be better for you in the long run?

Hopefully you can get your head a bit better today so you can start to process and get back to where you want to be. 

getmore4less

Back to spending it before it is earnt.

You know property projects take time and need visibility of completions to fund any future ones
The hall and that  joint development was probably enough in the pipeline till the units in the big place start to sell. 

Using up ALL the BTL retained is a big mistake as that was  mainly there to manage risk on the income stream
Suspect not only have you committed the current pot to deposits the income is also committed to the projects

Looks like you going out for these projects on your own? 

Perhaps you need to bring them in house and have a project team that reviews the property and project plan before jumping in head first, 

EDIT to add.
I don't think you can trust yourself, you need to put protections in place within both business that manage the situations that require sign off for certain types of transactions.

I recall they are both Ltd,
Time to review the share holding and management of the business particulary for property transactions.

 

getmore4less

alt80 said:

Yeah one point 2 cars outright. Never had all 3 together, had already bought the jag. .

I might have this wrong

I thought all three, current  RR, ftype, 440i were all swaps  from basically paid off different cars to ones on credit

There may have been an overlap but a one for one swap.

We have been over the car history and you know the costs/value,  I just think it is time to give it a rest, be sensible for a while(at least a year) fix the other stuff first, the cars will come, use covid to your advantage here.

Not so sure why you are so bothered by borrowing cars you have effectively been doing that for years.

I would tread very carefully with the MG mate, reading between the lines he is one of the better ones you have and pretty grounded not someone to lose as a mate.

If things open up enough and you do decide to take him up on his kind offer(for your son by the looks of it) don't be a d**k and crash the thing.

Date nights are about repair, don't mess them up, you might get some bedroom action on the 3rd date.
 



 

alt80

@Humdinger1 thank you for your post. Glad to hear you got through through the other side of the !!!!!! times. Yeah think you’re right re self worth really trying to sort myself out might not seem like it. 

I find the relaxing stuff ok for a while but get bored quickly with it. Don’t get a hit from it tbh.

@ryanm8655 it’s property mate nothing through until it is. Verbally agreed to make an offer that’s all. Can pull out annoying thing is it’d be decent to add to portfolio 100 would if I didn’t have the block. In two minds to ask if FIL or my sister wants in tbh can’t think anyone else right now. Both will probably tell me to !!!!!!.

You sound like my dad telling me not to chase old losses haha. 

@Nicnak you’re right mate I just can’t !!!!!! help myself.

@getmore4less 100 you’re right mate why I can’t sleep. This is how people !!!!!! it up overcommitted I know that. Already stretched enough shouldn’t have gone for joint flat conv either tbh thinking of pulling out of that too.

All the investment/ development stuff my own bit of a hobby as much as a business for me. Shouldn’t be and could bring in house as you say.

I don’t think I trust myself tbh just going from one stupid thing to another.

Cars yes all three swaps from paid off cars. Nearest I got to owning all the cars on the drive outright was just before I bought the jag, months left of payment on the sport other two outright. £55k of cars in total. Lost entirely now. Feel sick just thinking about it and want to chase the money lost in those and the refinancing. Might not seem it but I used to have my head screwed on.

When I’m not being a !!!!!! about it that’s exactly what I think - give it a rest. Just can’t seem to do it though. Want to give it all a rest tbh just deal with day to day business/ life be more balanced about stuff just lasts for all of five minutes, think I’m getting there then some massive binge on something.  

MG I know what you’re saying. You’ll probably remember cars from the 60s lol I quite like it in an odd way but weird to drive. Crunches like a !!!!!! going from 2nd to 1st at any speed or maybe I just can’t drive lol. Actually don’t want to break it lol and yeah he’s a good mate tbf.

Re wife haha who knows. 

maddiemay

@alt80 My heart sank when I read your post earlier about the possible new project, please put your sensible business head on and really look hard at what is realistic and perhaps accept that something might be a brilliant opportunity at another time, but is not ATM.
I worked in property related stuff from 1981 to 2011 (yes I really am that old LOL) during that time TSHTF bigtime in 1987 - Black Monday, Lloyds 1990's and the Banking Crisis of 2008 even in my rural backwater I saw the catastrophic effect on several business and the fallout which many never recovered from.  Some might say that it will be a miracle if this Covid-19 lark does not engineer another one, these new variants are really worrying, even if the UK and a lot of Europe get ahead with vaccination it still leaves a lot of the world with the opportunity to spread disease here and **** many economies.
You have a lot to sort out, but you have made so many positive changes, keep moving forward.

getmore4less

Stick with those dates nights might be the only decent thing she gets from IG.

Borrowed a midget of a mate one summer between cars, reminds you how far cars have come in 
When he was down a few years later he built a replica etype to keep him busy.

I also recall 4 of in a XJS going from Stanley Common to Santa pod must have been early 1980s, I moved away not long after.

Years later I squeezed 4 of us into my SX200 London to Newcastle glad I was in the front
Best fun car I ever had even though it did two turbos in the 10+ years I had it.
That was also the last car I did a lot of my own work, got fed up of the knocks.

One thing that occurred to me is your hobbies are all(both) based on spending money now and not spending the time.
If you were managing your cars even cleaning/detailing your own RR and doing more on the property projects  you would not have the time to go off on benders

On the property I think you have just gone in to quick, you have one near completion which needs focus  one a couple of months in is that breaking ground yet(planning sorted) with a visible time line, probably room for one more early starter while waiting for that block to offload.

I think bigger projects are probably better brought in to get more heads on them as well as any external partnering up, this could be a way to scale up the business and give a more diversity on the development side.

Definitely time to review/reflect on those you have in mind they may stack up as good deals once given proper thought. 

alt80

@maddiemay the Valuer side of me is saying stop being a !!!!!! 100%. I was and tbt am still very concerned about the long term impact of covid. I have allowed myself to get excited by the current situation- it’s mad in a really good way. Crazy busy especially December absolutely buzzing. What goes up comes down though I know that. I was around during 2008 not the easiest of times.

All the older guys with similar experience to you are extremely cautious - seen it all I know. Worked with guys who never quite financially recovered from the impact of recessions just on wrong side of it !!!!!! awful. Go through days where I am willing to take stupid risks to right past stupid decisions. Can’t face the slow payback and the not having stuff makes me feel like I’m losing in life. Madness especially as I don’t know what I’d become if things went properly wrong do feel I put myself at risk of that when I’m making bad decisions.

Feeling exhausted tbh so need to sleep on it make some better judgements over the next few weeks, months, years. Yeah I know why not looking for sympathy. Just hope I can get to a point where the better decisions are here to stay. Right now concerned they won’t, hardly got a decent track record of staying away from being self destructive.

RelievedSheff

You need a hobby, you need something to pass some time and to keep you occupied at weekends. 

You love cars. 

Have you considered buying a relatively cheap but fun project car that needs a bit of work and tinkering? 

Something that will appreciate in value for a bit of work and fettling.

JGB1955

RelievedSheff said:

You need a hobby, you need something to pass some time and to keep you occupied at weekends. 

You love cars. 

Have you considered buying a relatively cheap but fun project car that needs a bit of work and tinkering? 

Something that will appreciate in value for a bit of work and fettling.

How about a kit car?  You wouldn't be able to leave the garage for 12 months+.  Our immediate neighbour changed a Ford something or other into a kit car - all in a single garage.  He's now graduated to a Morgan.....20 years after we did.....

alt80

Variable spends £640

Shouldn’t have made that extra payment to the M&S. Took variables down by £350 so now got £175 to last until 26th to stay in budget and car needs filling FML. Probably just dig the M&S out for that. Actually find it embarrassing spending unaccounted for on credit now I know what I’m aiming for budget wise. Cheating myself and ending month within budget 100 not going to happen.

Wasn’t just last night have been on and off it for a few days. Not massive quantities but still. Nothing today no plans again either. Said I wouldn’t drink for a month though so who knows. Could harp on about never doing it again probably would do usually but not managed that yet. Highlighted date in my diary might look back in a years time able to say it was the last time who knows. Feel ill no doubt will for few days yet. Don’t need to be told it’s deserved and know it’s really !!!!!! !!!!!! behaviour especially with a kid. Getting on for 8 years I promised my wife I’d never touch it again when she was pregnant. Wish I had stuck to my word now, one of reasons she’s got no trust in me. She knows, knew the other day. In-laws know. FIL tells me I need to sort myself out stating the !!!!!! obvious lol thinks I’m some sort of drug addict know it sounds that way just isn’t like that. Can see how it could become that and definitely a road I’d like to avoid.

Had a short nap hope I get some sleep tonight. Read my son a story. Want to be a better dad to him at least some of the reason I wanted to get this stuff sorted too don’t want him to grow up in a chaotic home. Know time is running on that one. Want to be a better husband to my wife too. I do love and care about her know others think I don’t. 

@getmore4less Yeah you’re probably right re wife and IG haha. 

Love hearing the stories of days gone by with cars - not the same now I don’t think or maybe I’ve just listened to too many old boys rose tinted nostalgia haha. Used to do a classic/ American car night at the pub back when I was a teenager first taste of business 50/50 split with parents lol loved it. One of the guys had a big block Dodge Charger went to Santa Pod in that once before I could drive. Epic car one of the reasons I’ve got a thing for big V8s tbh. Used to take my M3 to track days and the pod every now and again. The thing was shagged before I got it but still loved it, made a good go of finishing it off haha good times.

You know I love the XJS. 100 it’s the big 12 up front. Must have been amazing to have one back in the day. Not tried the Jap thing. Was Jap or BMW back when I was younger, I stuck with the BMWs. These days BMW lost their way imo or I’m just getting old idk.

Not really worked on my own cars. Few jobs with mates/ my dad when a lot younger but don’t really know my way around a car mechanically. My dad kept his T1 running himself had to I think lol. Always had a mad idea of one day building a Caterham though think anyone into cars has lol. 

Done most jobs on houses I’m not frightened of graft. Had to when I started out. Nothing handed on a plate to me. No money now tbf lol but not the same. Enjoyed it lots of good memories. Lost my way mate tbh since those times. Don’t know who I am anymore. Thought I’d made it when I bought current res home, had been dreaming about living on this street or few others since I decided to stay in NG after uni, got arrogant about it all I think before it became not enough again. Obsession became getting to 7 figure place. Really fell hard for house with £1.35m asking price not too long ago - point of running figures considering selling res home/ res btls whatever I could get my hands on, throw my watch in haha. Still needed a hefty mortgage and 100 bank would have told me to !!!!!! with my debts lol. Big kick up the !!!!!! moment and had I made all the right choices who knows. Maybe. Wife doesn’t get it one bit she just thinks we live in a better house than her parents so have it !!!!!! made there lol. Why she’s obsessed with what ifs about losing it and owning it outright probably.

You’re right about the projects/ interests. Right about everything tbh mate voice of experience and reason lol makes me question stuff, actually really grateful for it.

@RelievedSheff I was always going to love cars my dad set me up for that haha first car I ever drove up and down parents car park was my dad’s T1 lol, all down hill from a Benters even a rough one still got something about it. 

Don’t really know enough about mechanics to have a go at a project tbh wouldn’t know where to start. Probably be a money pit too. Can’t afford one of those now lol.

@JGB1955 ha yeah would love a Caterham lol. Could tow it to trackdays. Dreaming now definitely.