First Steps to Solvency

ladyholly

To be blunt what you have is irrelevant, concentrate on who and what you are. You are not a car guy. A car guy is someone who looks at the mechanics and the running not the cost. All you seem to want is something more expensive no matter what it is. To put it an old fashioned way you seem to know the cost of everything but  the value of nothing . I think you need to decide which is more important the security of you, your wife and your son or having things but never being finacially secure. I dont pretend to understand the ins and outs of your business but from what I have read from others more knowledgable it seems to have some rocky foundations which could cause the whole lot to fall.  You have made some progress but to keep hankering after stuff while "sending you wife and son" (your words) to her paents seems a pretty odd way to behave. It almost sounds like you want them out of the way so you can drool over something.

Sorry if this sounds harsh but if you are heading for forty its time to grow up and take on the responsibilities of a grown up and put awayyour toys for the time being.

getmore4less

Thinking about the RR costs you have mentioned. 

If you are using that for business miles you must be subsidising those miles from your taxed income.

What was the final cost per mile on the time you had that Jag?

ohdearhowdidthathappen

Your wife sounds pretty savvy and she's come up with a good compromise with getting rid of RR and leasing through the business, I bet if you agreed, she'd accept the change of schools.  You could change her car while you're at it, as you've said she doesn't even like it that much.
You've had some great advice upthread; focus on developing your BTL to keep your mind off spending and the potential to be CC debt free in 12 months in exchange for a couple of sacrifices must be worth considering.
Addiction counselling as previously suggested would be beneficial
I haven't read through in a few days, congrats on handing back the ftype... the posts about the Vantage surprised me as that plan made zero sense at all, so it's good you've decided against.
We have 2 cars; 1 on PCP (mini, £200pm) and 1 on lease (7 seater, £240pm), they're my biggest budget bug bear.  We're trying to figure out alternatives for when the deals are paid off (2 and 3 years respectively), but I won't have 2 cars on deals after these.

theoretica

You seem to me to be confused between business and your likes - I guess a risk with running your own business.  My employer doesn't care about my likes when providing business equipment, they provide what is sensibly chosen for the business.  It does what is needed at minimal cost and maximum reliability. 

alt80

@RelievedSheff but a boat sure does help... 

Seriously I know where you’re coming from on one hand, on the other I want all the toys haha. 

@mamamu Glad you’re happy with your 13 year old Toyota / modest life. Yes I want to sort the debt issues out but I don’t suppose I’m that bothered that I’m going to downscale my life to the point of having no toys. 

@getmore4less thanks living on future money is definitely one of my problems and something I need to work on take the punishment now and the rewards may come later. Not how I want it but it is what it is now. 

The RR is not quite as bad as it looks I do see £500/600 towards it in expenses each month tbf. 

I did 10.5k miles for just over £45k outlay on the Jag, so under £4.30/mile lol. 

@Andyjflet not an option right now mate but something I will put some serious consideration into nearer the point of the potential to hand back the BMW. Could be a way forwards perhaps. A bit reluctant to have two four door 4x4 cars which was the rambling point of my last post on the potential for the business lease but anyhow something to ponder rather than act now.

@QueenJess / @enthusiasticsaver Not something I was looking at right now but for when the BMW could potentially be handed back. Suppose it’s a bit of a distraction from what is currently a bit of a rubbish situation and something to consider which could be better financially... 

@ladyholly Car guy does not = mechanic lol. OK some are but that’s not where my interest lies - I enjoy driving.

My business is not built on rocky foundations at all and even so by ‘my business’ I can only assume you’re actually talking about my BTLs. In simple terms bar a very severe market crash, loans called in, forced sales etc and / or all my tenants deciding not to pay for extended periods of time there is absolutely nothing wrong with my strategy. Yeah I’ve been a bit stupid remortgaging to higher LTVs to pay off personal debt but the actual business strategy is fine. Maybe if you took a bit of time to understand how leveraging actually works you’d also have a 7 figure portfolio?

Do you really think I don’t know it’s time to grow up the fact I’ve given up my toy and know I can’t trust myself so paid towards the cards balance shows I do tbh.

@ohdearhowdidthathappen my accountant has recommended a low BIK / 0% BIK car for business. Wife has just taken it upon herself to look. If wife wants a car that’s exclusively hers and not for us she can go and earn it herself - happy days. For as long as I’m buying cars for her to use I’ll choose.

Thanks I’m looking forward to finding a new project tbf and things are going to feel a lot better when the cards have gone for good too.

@theoretica Do you seriously think I buy FFRRs for my staff lol? The car expense is a ‘me’ problem rather than a business one. 

RelievedSheff

You seem to have a strange relationship with your wife.

For us all of our cars are shared. Of course they are only registered in one name with the DVLA but they are not mine or his they are ours and we take an equal role in choosing and purchasing them.

We are in a relationship together so decisions are made together.

Perhaps you should try sharing decisions with your wife as she seems to have a more level headed approach to money.

theoretica

alt80 said:

@theoretica Do you seriously think I buy FFRRs for my staff lol? The car expense is a ‘me’ problem rather than a business one. 

I am not sure you get my point, which is that you are saying you need to drive for work and your wife suggesting getting cars through the business which you discount as not to your taste. You are not willing to do that work driving in the vehicle that would be a sensible business choice.  If one of your two cars was the business car, the sort you might consider buying for your staff, you could easily explain it to anyone who asked as 'work equipment' and choose your other car for non-work miles. Rather than as another poster points out probably subsidising your business miles.

enthusiasticsaver

  alt80 said:

@ladyholly

.... Maybe if you took a bit of time to understand how leveraging actually works you’d also have a 7 figure portfolio?

Just to be clear you do not have a 7 figure portfolio.  As presumably approx 80% of it is borrowed as you are up to maximum LTV then merely 20% of the BTLs are yours and the rest is owned by the bank until you pay your debt off.  
 

warby68

@alt80
You've gone back to some very defensive posts and a lot of 'miss the point' ones when they're getting close to the heart of your problems.
Perhaps its time for a break from here - there is absolutely noone that thinks your attitudes are wise or healthy at the moment and you are using a lot of energy arguing hard on every point with almost every person.
We get it, you're being dragged kicking and screaming into the real, rather painful world of payback after a mad few years of fantasy, either imagining you had a higher income or anticipating it. 
We know its the biggest downer there can be for you but, as you've said yourself, it is what it is now.
Its up to you to dig deep and fix it - business not to blame, wife barely to blame, pretty much all on you.
You have the ability and the resources to fix this and refocus - if you can't stand the paydown period you could sell an asset. You can speed it all up by ditching the car stranglehold. Loads of options but until you get past the phase of insisting you're a 'special case' with cars and 'need' all this stuff its hopeless.
You built good businesses, all off your own drive and savvy - don't throw them away. Get the balance back and live the good life, hopefully with your lovely family.
And guess what, we've got 5 cars on our drive but all paid for - we like cars too. Loads of people do but ours are actually paid for.
BTW, that 'macho' stuff about you dictating what your wife drives is unbelievably unattractive - its nothing to do with her not earning, which you've gone along with together, its just another excuse for a car for you. A 2 door coupe with a small child in tow is hard work. No wonder she wasn't keen.

ladyholly

alt80
Maybe if you took a bit of time to understand how leveraging actually works you’d also have a 7 figure portfolio?

You are assuming that is what I want which it isnt and never has been. I prefer to sleep at night and simply pick up a salary at the end of the month. Lack of ambition - probably or simply that I dont want and never have wanted to be wealthy. I am content with what we have.