When I first decided to really push "So Easy" about 6 months ago, I had quite a few big projects lined up, and also the bank (HSBC) said they'd agree to increase my overdraft from £14k to £30k if I needed it, and that gave me the confidence to really give it a shot.
Over the past few weeks, the big projects that were in the pipeline unfortunately haven't come off, so a few weeks ago, I trundled down to the bank to ask them to kindly increase my overdraft, as promised. And guess what, 2 months after they said they could increase it, computer now says NO.
This has left me in a very very difficult situation. All my solid back up plans have actually deserted me.
I've had conversations with my mortgage company, who have kindly switch my mortgage from repayment to interest only. Not a massive help, but it has dropped it from £1800 per month to £1400 per month...
Sealed with a cherry did pretty well for fathers day, bringing in around £350 of sales, but since then it's just died off, but hopefully we can revive that.
So, as things stand, I've got around £500 available before I max out my O/D and credit card.... So, yes, things are pretty tough.
Cutting Back
Since the start of the year, I've really managed to cut back, pretty much on everything I can. There isn't much left to cut back on. I started by suspending my gym / tennis membership, I've dropped my Sky subscription down from £60 a month to £20 (No sky sports anymore :( ), and I've even resorted to eating cereals for dinner (all good for the weight loss, too)...
All in all, I've managed to cut back about £500 per month, but still my outgoings are a little over £3k.
I've spent many hours thinking of "quick" solutions. Getting a lodger, renting out the house etc... but realistically, none of them are practical. Getting a lodger would probably only get me about £400 per month, and living in a bungalow, I'd find it hard working the hours I do, and being so used to quiet.
If I rented out my house, I'd only get around £1200 per month, and that wouldn't even cover the mortgage, and I'd still need somewhere else to live.