Becoming a taxi driver to pay off all my debts and avoid bankruptcy, my diary

JPS29

Hi All,

Having posted on the bankruptcy board nearly 2 weeks ago due to a failed business and massive debts I have seen the light and decided that I can avoid bankruptcy with a lot of hard work and effort, and of course the help of the fantastic people on here:beer: .

The main aim of this diary is so i can track the progress week by week and see where I am making the right move, and more importantly the wrong ones.

During this new career i will no doubt have to make cutbacks, and in turn may fall into arrears, but even though my credit rating might take a dive, long term it wont be as bad as if i had gone BR.

I will post after making a huge strong coffee my approximate debts to get them out in the open so i can devise a plan to smash them into smithereens.

Any suggestions/help along the way are more than welcome.

Jenna

Good luck! Hope everything goes well for you, look forward to reading your posts on here, will add any advice as and when I think of it

Got2change

Great to see this post/thread

Looking forward to following your progress - look how far you've come already! I'm SOOOOO impressed.

Insert Cheerleading smiley here

G2c
x

taxi73

Hi and welcome for your new thread.Did you manage to get all the info you wanted?

epsilondraconis

Yes good luck with your new career and paying off your debts.

As you're going to be a taxi driver, can I be the first to ask "have you been busy tonight?".

Good luck!

Curious_Moose

Private hire or Black cab? Not being nosey, but how much does insurance cost?

Alright, I am being nosey

JPS29

Hi Taxi,

Yes got most of it thanks.

So far here is where I am up to.

Busytodaymate gave me some great advice and pointed me in the direction of where to get a decent car and a good deal.
I am now torn between a Skoda Octavia or a skoda superb, but in true DFW style I am going to see which will cost me less in insurance and also better fuel:p

Had one quote only so far and it comes out at £1980 for the first year regardless of which one:eek: :eek: :eek: .

First task, see if i can get that down.

I have enrolled on the BTEC course required by my council to become a private hire driver. this is a 2 day a week course which takes 5 weeks to complete, tried asking cant i just do it every day but they wont let me:mad:

This costs £150 and my first class is this Monday..... Wish me luck.

Over the weekend i am going to fill in the C RB forms as these can take up to 8 weeks so might as well get these in now.
The other forms don't need to be in just yet, or the medical as the council have told me the licensing can be done pretty much there and then and the medical can be done at my own docs.

Off to make the coffee and then update you all with how much debt I'm in.
(Wish there was a smilie for someone who's just took their head out of the sand to put here )

penguin83

Hi wishing you well in your new career. My OH is a taxi driver too and once you get used to budgetting daily rather than monthly you will be well on your way with debt busting x x x

maxmycardagain

id guess the octavia will be cheaper to insure, however its not gonna be cheap, have you found an insurer who will accept any current NCB, as an alternative - should you join a circuit/rent a radio, you may be able to also rent insurance off the base "block" insurers.

JPS29

Ok.......

Here are the main debts I hope, and need, to clear ASAP.

Overdue tax bill, currently £14,700 ish. This may go up or down when return filed in APRIL.
Business debts owed to HSBC, now my responsibility as backed by a personal guarantee £8000
Lloyds TSB/Loansdirect loan, requested balance on this but estimate about £2,800 owing.
Halifax Overdraft £3000
Halifax credit card £500
HSBC Credit card £1400
I currently have a BMW X5 on finance at a whopping £599.97 per month. Had this for about 14 months now. This is going to go back to the finance company by Voluntarily terminating the credit agreement (thanks CAB:beer: ) and then trigger a clause whereby £50% of the original loan becomes my liability, minus what i have already paid. I expect this will be circa £6.5k:eek: :eek: But as the car is so expensive to have, insure, fuel i will take this on the chin and agree more realistic payments at my rate, or via a court order.
HSBC overdraft £500
Cap one credit card £200.

These are the main debts that worried me, I also have 4 mobile phone contracts at nearly £400 a month taken out in my personal name that I cant cancel (this was for my failed business as it couldn't get credit with no accounts) Plan on these is not to pay and then agree a payment plan with DCA or whoever. Already spoke to the mobile phone company "3" who will not budge in the slightest.


Reckon thats prob in the region of £40 grand nasty debt to clear (gulp)

Obv I have other day to day bills, mortgages, council tax, utilities etc and will post a SOA (or should that be SOS:rotfl: ) next week to see what cutbacks can be made there.

Thanks again everyone

Looks all messy at the moment but hopefully i will tidy it up, and maybe put it in a signature.

Phew, its out there now...... Heres looking forward to smashing it down.

JPS29

maxmycardagain wrote: »

id guess the octavia will be cheaper to insure, however its not gonna be cheap, have you found an insurer who will accept any current NCB, as an alternative - should you join a circuit/rent a radio, you may be able to also rent insurance off the base "block" insurers.

Hi Max,

Been quoted £1980 so far regardless of which car. This is on the understanding I prove I have 5 years NCB on the BMW, but I don't have to use it and start from scratch on a personal car, they just mirror the discount once I prove I have it.

busytodaymate has given me another number to try which I will do over the next couple of days, I WILL get this down