Need to get this off my chest....

Toon_Dave

Hi Direstraites,

i think you are right regarding looking after no.1, i can see where ITBS is trying to protect others but if he doesnt look after himself anyway then the rest will be insignificant anyway.

ITBS - please think carefully about what is more important to you, im sure your family etc are the most important things and looking out for tenants is a very honourable thing to do, hats off to you, but you MUST put yourself and family first.

Good luck with what you decide to do, i have no experience with the business sitaution but just think yourself and family are your priority.

Dave.

JPS29

Thanks to you all for your support.

I know what you mean about the early grave....chest pains are back, sleepless nights etc. I'm sure Ill be bald by xmas:eek:

The ONLY reason I was considering a repayment programme of any sort was so that my main residence and also the buy to let in joint names weren't at risk. I really want to avoid letting any of these go as i have worked my ar se off to get and keep them, and the buy to let will be security for my daughter when she is older (3 yo now)

One of my main priorities now is securing an income, so now that I have stopped burying my head in the sand i need to sort out my CV, get off my backside and get a job, otherwise it's all irrelevant anyway.

Then when I know what income I have this may help me make the decision re BR or not, if the tax man doesn't force my arm first.

Thanks again and happy easter everyone:EasterBun

JPS29

Hi All,

Firstly thanks to everyone for their help and positive comments when I first posted. You genuinely did share the load.

Right!!

I have accepted Company is ti ts up and have decided to let the VAT man wind it up at his expense. Also resigned to the fact company B will be a casualty and so will the property in its name, but, hey ho, what can you do.

After mulling through the DFW posts on here I had an inspirational moment (thanks to busy today mate and taxi73)
I am used to extremely long hours and traveling the width and breadth of the country from setting up my own business. I also don't think i would fit in with a "regular" job after being my own boss for so long.

So..........:idea:

I have decided that i may be able to avoid going BR by becoming a private hire taxi driver:j :j :j

I know a lot of people will read this and think I am mad but the way i see it is if I put myself into this 110% I then don't have to worry about losing my main house and property B, Also none of this buying out BI nonsense.

The money I do have I plan to put down £5k on a brand new car. I have rang today and had the finance approved, so i can either go for a Skoda Superb @£227 per month over 4 years after deposit OR a Skoda Octavia at roughly £75 pcm less. Any thoughts re which car most appreciated. Both brand new btw.

I decided against settling/hiring as i want to be in full control of the hours i work and not pay extortionate rates. Also as this is going to be my new second home I want to make sure I chose it:p

As long as I can clear in excess of £500 per week we SHOULD be okay. Now in the meantime we may be late on a few payments here and there but i am going to give priority to my mortgage, council tax and utilities as these are the main ones, I will then swap between which ones i am late paying of the others, making sure that each account is never more than one month behind (hope that makes sense, trying not to get defaults)

As I don't drink I can do all the late nights going, as this seems to be where the money is.

This way my credit rating might take a dip BUT I don;t think it will be half as bad as BR or IVA.

The main fly in the ointment id the TAX man who I currently owe £14530.32 to. Tried ringing them today but gave up after an hour. Want to tell them how it is, these are my plans, give me some space and i will pay you something in a couple of months, then regular amounts( he says sticking chest out feeling hard knowing full well it will be more like, "Mr Tax man, please can I......":rotfl: :rotfl: )

So you all don't think this is a flash in the pan i have already applied to my local licensing dept who are sending me out the relevant forms etc, and i have left messages for the training company ( I have to do a btec in taxi-ing apparently?) to ring me back to discuss the next available course, and spoke to the finance company whilst my credit is still good:cool: re the car I will get.

Well, thats that, I feel like there may, just may, be light at the end of the tunnel, hard work no doubt, but I will give it 110 percent. I'm not going BR without a fight first:D

Anyone have any thoughts/advice re this (taxi drivers most welcome:whistle: )

So_Sad_Angel

Hi ITBS,

Technically the tax man can make you BR (you know this I think) ..they can be tough cookies!! HOWEVER you are keen to sort it & have a plan to repay & thats excellent.

Superb or Octavia - both make great taxis & family cars! we have Octavia & done 170k no probs (diesel of course) & that extra saving per month would make a further contribution to repay tax bill.

Great post, sounds like you`ve done your homework...good luck!

Angexx

JPS29

Hi SSA,

Thanks for your continued support. I know the tax man can tehnically make me BR but I am going to appeal to their better nature (do they have one?)

Surely it must be better for them to wait just a wee bit longer for money and get the debt repaid in full rather than BR me and get none

Anyway, what will be will be but I feel soooo much more confident now.

I have also posted this new post on the DFW board in an attempt to "wean" myself out of thinking BR, hopefully all my future posts will be about getting out of debt now and not what will happen when I go BR.

Thanks again everyone, will keep you posted

lookingforhelp_2

Hi ITBS,
Brill plans,hope they work for you.
All the best for the future.
Sarah

silvercar

clearing £500 a week would give you £25k a year give or take. out of that you intend paying a £14k overdue tax bill??????

cmd:0

Hi ITBS
I Admire your determination, you go for it,

I hope it works out!

C
x

Toon_Dave

Hi ITBS..

Welldone on decision mate..

My brother used to taxi and he bought himself the Scoda Octavia. Fantastic car, Nice to drive, comfortable and more importantly excellent value for money with MPG etc.

I would think you would get some good service from it..

Good luck with everything.
Dave

JPS29

Hi Silvercar,

Sorry I have just re read my post and i can see why it looks dire. i meant to put that i need to earn £500 to pay mortgage and other bills. The excess of the £500 will be used to pay off the tax man in installments, providing they are agreeable to this of course.

Taken from a taxi driver who posts on here:

Onto my income, I normally make between £600 and £800 a week

I plan to put all the hours in and work 7 days as I did in my former business until the debts are cleared. Add to this the fact that my mrs has been offered PT work (she's a therapist) @£30 an hour when DD is at nursery I think this should be achievalble.

Also we may be entitled to some form of tax credits? But i will look in to this and post my findings.