Drowning in debt and cannot talk to people in Real Life? A problem shared is a problem brought into perspective - come and join the lens.

[Ta1kinPeace]

This thread is loosely linked to several previous ones on the same topic.

We live in a society that makes it horribly easy to get into debt but makes it incredibly hard to admit you have a problem and even harder to get out of debt.
Everybody is welcome to share problems, ideas, solutions, but not be judgemental please

I am not in debt, any more.
Here is a link to some spreadsheets that might help explain how
SPREADSHEETS-for-Debt-Control-Budgeting-Mortgages-etc

and lots of people use this
YouNeedABudget

The important things to remember are

• yesterday is as past as the Crimean War

( we will not judge how you got into debt, but we will support you on the way out )

• this is an anonymous forum

( we will not tell your employer, family or friends of the reality of your numbers and we are here day and night )

• this thread is about supporting people through the huge mindset changes needed to come out of debt

( feel free to offload all of the feelings that drive you to want to spend, that make it hard to save and that generally make life crap at times, including getting those closest to you to recognise the changes needed )

Join in, bare your soul and come out the other end.
Its worth it.
You are worth it
The long term results for you, your partner, your children, and your friends and family are worth it.

Thanks for that link kinky I've been having a nose. I found after DH lost his job that we sold so much that the house began to feel different and was much easier to keep up together.

Not much to report here. Have added up all the debt and it's standing at £18k give or take, which is horrifying. I'm going to have to plan better as it's going to take longer to clear than if hoped, plus the way things are going at school at the moment I'll be looking for a new job.

DS's trip to France has been cancelled so I have £250 heading home next week, so while I have mixed feelings about the decision to cancel, I'm rather glad to be getting the refund!!!

I hope everyone is doing ok.

A question if I may? I'm a very long term poster but frequent name changer. I have set up my own ltd company. I have a brilliant accountant. Everything is going well.

I gross £800 per week.

I draw down a monthly salary and pay paye on that (I take £1500 pcm and pay £327 on paye/national insurance). So I pay myself £1500 from my business to personal account. Then I pay £327 to hmrc each month.

I have been putting 20% of my gross salary aside for corporation tax, but I feel like I'm over saving. So each week I receive £800. £160 goes straight into business savings. I then pay the £327 from my business current account. My business savings account is growing well but it feels like it's too much?

If you can make sense of this and can advise I'd be very grateful. Tia.

Why on earth are you drawing such a huge salary if you do not need to?
CT has absolutely no relation to your salary
its much more dependent on the expenses of the company.
The divi trick stops in April
your accountant is a twonk if they are NOT minimising your salary and maxing the divs between now and then
and TBH
with savings rates as shit as they are I regard CT as part of cashflow rather than something to be save
but I'm a cynic

I'm not sure I understand that answer, but thank you.

I have to draw a salary to live off.

I'll go back to the accountant and ask some more questions.

I've realised I said I put 20% of my gross salary aside. I don't. I put 20% of my income aside.

My company doesn't really have expenses. I'm a locum health care professional. So I provide a service iykwim

talkmeout
No, your salary does NOT have to be enough to live on if you own the company
that is what dividends are for
your accountant has cost you a blerdy fortune if they have not made that clear
and salaries should only be affordable to the business anyway

you need to ask your accountant some long hard questions about how much you plan to draw in dividends before the law changes
if they do not have a view
change accountant

And it's not really a 'savings account' it's just an account I don't touch -money earmarked for taxes.

Hmm. But I can't draw out monthly dividends can I?

why not?
interim 1 2 3 4 5 6 7 8 9 etc
did your own accountant really never run through this with you?
or just declare a divi each time dirs loan goes near £5k ....

I don't have a directors loan.

OK now I'm confused : how do you handle expenses and the like ?
Does your accountant remind you about the costs you'd forget?

I think you might need to get some advice from UKBF : and stop paying your wages PDQ to make use of the Divi allowance before April

How did you choose your accountant?

I don't really have any expenses. I go into a hospital, give them treatment and that's about it. In the future I may purchase more uniform or pay for training via my business account but I haven't been doing it long enough to incur any real expenses. I was sent a link for a book keeping site to use, but haven't looked at it yet as I haven't paid for anything yet

I chose the accountant as she's locally recommended, word of mouth, professional service etc.

Ah, but you do have expenses : you just need to know how to play the game
VT Cashbook is great for accounting : free and links to higher level software
and then have a read of this ...
talkinpeacemepage.wordpress.com/2014/09/10/the-talkinpeace-me-page-as-it-was-before-being-evicted-by-ebay/
Very hard for me to maintain now but the core is good

Thank you.

The world is knee deep in accountants
you have to find the one who will make things work for you
I have a very, very strict view on law breaking : no client is worth my total income
but do my best to stay up to date with HMRC case law defeats
and MPs cannot really say much to any of us - can they

Talkmeoutofthis - I don't have an answer to your question but you sound like you have a good set up. You're happy with your work, you're earning enough etc. I know another poster is saying you could be playing the game etc but I'm a lawyer and I have worked in tax and after that if I had a small company I would take a simple, unequivocally above board approach like you too. you understand it, you know you won't end up in tax tribunal with unexpected tax bill in future, you don't need to pay more for more complicated advice (then legal and business manager to shore up some aspects). i earn a decent amount and actually feel quite pleased about the money I put back into "society" - loser or what?!

if I had a small company I would take a simple, unequivocally above board approach like you tooBet you wouldn't
When you are the one writing the VAT and CT cheques you start to think about things

I still pay a decent wodge of tax - just no more than I have to

ah but you do have expenses you just have to play the game made me feel bit

Ah well different people take different approaches. to all

Everything I suggest is within the law
and money that stays in the business persons pocket is more likely to be recirculated in the UK economy, generating wealth

hello

I have a big problem with debt. But, I actually have a bigger problem with over spending. Or binge spending. Why can't I stop doing it? It's out of hand now. And I hide it. And I borrow to do it. And I can't stop. It's not on expensive lavish stuff. Just mindless shit.
I will post my whole story when I feel ready but do I have some kind of mental health problem?
Everytime I have a splurge I think I will do it this one last time then tomorrow I am a new person. It lasts about 5 days and I'm back doing it again

Hi there feekerry
Yup, you have a problem in your head
but the spending is a symptom, not the cause.
Sit yourself down and tell us a bit about yourself and why you spend and what you buy
also a brief outline of where your debt is at
and the hive mind might be able to come up with some answers to parts of it

Thanks.
It's like a split personality. I'm
Young (ish lol!) very normal family life. 2 young kids, been with dp 12 years. No dramas, no traumas.
Decent long term career. I control the family finances very well. Shopping, mortgage, childcare costs etc. No issue there.
Then, there is the other hidden side. I am on a dmp with step change since 2 Mat leaves in a short time pushed me over the edge. It has worked well. No one knows about it. But I am still wracking up debts. I also can't stop applying for things like cards and loans even tho I know I won't get accepted.
I think I have a decent ish weekly budget when everything is paid but it's never enough.
Food is a biggy. I budget for the family which works fine. I then on the sly maybe spend 30-50 a week on additional lunches and foods for me. I over eat. I am close ish to being over weight. The freezer is bursting with food yet I buy more. I often go to pound shop and buy 20 quids worth of crap. I don't need anything I buy. Since June I have run up an additional 2k on cards and pay day loans and I have nothing to show for it. My step change debt is about 18k

Cut the cards up.
Switch any and all debts to standing orders so they vanish within 2 years.
Only allow yourself to shop on the bank debit card.

Then you need to trust your husband and show him your bank statements.
He'll be angry and sad
but the two of you need to get advice about what is driving the behaviour
and you need to do it together

I'm not a shrink but I'd say you are hiding from something in your head
and until you deal with that, the eating / weight / money issues will remain symptoms of that cause.

The good news though is that once you can start to peel the layers of the onion away, all three of your problems will solve themselves together.

Chat to your husband and then we'll get to work on the outer most layers of that onion

I'm not sure I can say anything to him. It's been 4 years since it got out of control. I have hid it for that long. I promise there is nothing lavish I have to show for my spending. I don't buy shoes, clothes etc.
I do think it may be partly boredom. I feel really geared up and positive when I decide today is the last day. I get really up beat about making that change and organising it all. Then 5 days Later.... It repeats