Confession Day

Well I spent an hour typing up a reply which hasn't posted, I've had to change my username as I couldn't log on and MSE didn't recognise my email. Thanks for the advice and support from everyone. I'm too tired to retype everything now, so in brief:
1. I've decided definitely on a DMP once mge on the go.
2. DH has asked me for help in sorting out his tax issue - lucky i don't have his attitude eh?! HMRC only want info for 2016/17 ATM, and he's only been renting since 2008. £310 of the £400 goes on the BTL mge. He's not mentioned my debt at all since the bank meeting last Thursday.
3. I'm still up to date with all bill payments and have had a NSD today. In fact, I've even done some extra work on the way home from my caravan weekend and brought home £133. This Ali's means I've saved on petrol as I have 50m less to drive tomorrow.
4. I'm a bit annoyed with his reaction as he heard me list my debts 5 years ago (about 20k then) when we remortgaged. So it's not like he didn't know I've got debts. I'm also upset that he's refusing to even listen or discuss any possible solutions I'm coming up with. He maybe needs reminding of our marriage vows.

If my other post appears, I've no idea what's going on with this lol!!

Thanks again for the support and advice, it's appreciated.

Sam x

Kitten868 wrote: »

Hello!
So pleased for you about the mortgage. I take it you didn't consolidate your debts into the mortgage?
You really sound like you've got the right attitude to solve this. Despite your partner. I think while the mortgage goes through try and keep on top of payments and then once it's done go for your DMP. There's a great DMP thread on here that recommends some people to stop payments to creditors ahead of arranging the DMP so you can build up an emergency fund. You're going to be defaulting anyway at least this way you have some money in reserve.
Do not return to a job that you need counselling to ensure. Debt busting is hard enough work without earning the money selling your soul. Do it at your pace at least that way it'll get done.

Just a nasty heads up. You've both been benefiting from that £400pcm so don't be surprised when he tells you you owe half.

Good luck xxx

Thank you, having looked at my situation my earning capacity is actually better as it is currently when I've investigated the possibility of a full time job v SE+part time supply contract. I can actually do 'double' earnings during holiday time as well as continue to get my holiday teaching pay. Plus I can work evenings and weekends when needed. Today I've arranged with a neighbouring franchisee to support each other in growing our businesses by canvassing together to help us both acquire more customers. We are going to work together a day a month and we are developing a really great friendship. I'll check out the DMP thread as I'm going to do that when mge is sorted. I'm planning to get it sorted in the next 10years, which is when our mge will be paid off by.

One-step-at-a-time wrote: »

Well done on getting through the day, that must be a huge huge relief!



I just want to flag this bit as I have experience of something similar, with a similar amount of profit (mine was a stupid legal paperwork mistake and I told them about it upfront rather than them coming to me).
Based on conversations I have had, unless he's been below the personal income allowance threshold all this time they will want the tax on any profit, can go back up to 19 years, and are entitled to charge penalties of 20% to 100% (depending on how they interpret the behaviour of not declaring) plus interest (at approx 3% per year, paid on the tax but not the penalty amount).

He's not below the personal threshold, but Rae just asking for 2016/17 ATM. A quick estimation is that he'd pay tax on approx £1000 after expenses have been deducted. We are hoping that if he responds he won't get a penalty and he's been renting it since 2008. He says he contacted them at the start of renting and they told him he didn't need to declare it if it was less than 5k profit. He may have misunderstood what they said. His letting agency seem to think it won't be a big problem either but we will see.

Just read through thread glad mortgage is sorted.

Im also really pleased about the job situation as I know the drain of what going back into teaching would be like as I recently left to persue SE.

Goodluck

MoneysavingmadGem wrote: »

Just read through thread glad mortgage is sorted.

Im also really pleased about the job situation as I know the drain of what going back into teaching would be like as I recently left to persue SE.

Goodluck

Thanks and good luck with your venture! It is indeed a breath of fresh air being SE after 20 years of full time teaching - though doing supply gives me the best of both worlds now. I've always enjoyed the actual teaching bit, but my full time job in a SM school became too much in the end. Especially as the exec head was a bully. Childcare also proved a nightmare for me too, so I quit once I set my business up. I've stupidly just not been living according to my means since.