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Dont know what to do

sonny78
Posts: 7 Forumite
Hi I am new here and just after some advice, I started a business almost 3 years a go it is a franchised business it was going well at the start, but then I moved premises to a more expensive retail shop on advice from the franchisor, since then it has gone downhill I owe almost £50,000 to the franchisor 12,000 to an equipment leasing company, about £4000 in VAT and I am signed up to another two years lease on the premises the business is simply not bringing in the money and now I spend all my time chasing money and worrying about debt
I don't own anything I rent my house my girlfriend is the name on the account and I have no other assets my credit rating is rubbish now anyway as I have a number of defaults
I want to just start a clean slate but is bankruptcy the answer?
Will I be able to start a business again?
I would like to immigrate to new Zealand in a few years will this be affected ?
Is everyone going to know?
If you go bankrupt can you ever get back to normal?
Wow there are so many questions if anyone can help it would be much appreciated
many thanks
Sonny
I don't own anything I rent my house my girlfriend is the name on the account and I have no other assets my credit rating is rubbish now anyway as I have a number of defaults
I want to just start a clean slate but is bankruptcy the answer?
Will I be able to start a business again?
I would like to immigrate to new Zealand in a few years will this be affected ?
Is everyone going to know?
If you go bankrupt can you ever get back to normal?
Wow there are so many questions if anyone can help it would be much appreciated
many thanks
Sonny
0
Comments
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Hi Sonny,
Can't help much on the business front however you should contact one of the debt charities
National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | local Citizens Advice Bureau
As for getting back to normal depends on what your idea of normal isThe triumph of hope over experience
mea culpa mea culpa mea maxima culpa0 -
sounds like you know the trade you are in, you can trade on, without the shop maybe, get back to basics after going BR.
emmigration shouldnt be a problem
BTW, what "normal?.............0 -
Thanks for your quick responses I will contact those agencies I think I was hoping I could here from someone who has been in a similar situation
I guess by back to normal
Would I be able to get a mobile phone (on contract ) a bank account a mortgage one day I know this doesn't happen straight away but can you get your credit rating back up or is it gone forever
If you emigrate does your credit history go with you ?
I mean I would be happy with being able to sleep at night0 -
Hello Sonny,
Might be an idea to check the New Zealand emigration website to see whether there is anything on eligibility and bankruptcy. (There is a website somewhere - I looked at it a couple of years ago.) They also have a section on which industries and disciplines they are currently hoping to attract specialists in. Canada was also recently in the news for relaxing its rules on emigration, but I think it was specific to Manitoba or one of the other provinces between Ontario and BC.
Lily0 -
Hi Sonny
What line of work is your franchise? Speak to the VAT people,and work out a repayment programme,but keep your returns up to date.
What other work can you do? do you have other work contacts?
A lease can be spread over a period of time,whats the position with the lease company.Is the franchise debt for stock? There IS a way out.0 -
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Hi Max,
How's life in the Iberian peninsula?0 -
Thanks Again Guys
Max - Thanks for the link I have checked and it doesn't seem to be a problem with the actual immigration I don't know how tough it will be to get a bank account / credit in New Zealand if I go
HEADACHE
I am a Graphic Designer my franchise is a print franchise, the way it works I do the design then sell the print, I opened a shop to sell the print the debt is for print I have sold but not been able to pay for. I could go and do Design as a freelancer or go back in to employment. I am sorting out the VAT and should be able to pay this off if I keep going with the business I am worried I am going to get into even more dept and its going to take years of work to get back on track if ever I would just like to get out now0 -
so the VAT is being sorted.Okay,so do clients owe you money from print orders? does is the cover the franchise debt? why not put your details on freelancers.net and sign up for freelance work,its extra potential income.0
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Hi Headache
The Vat can be sorted.
I am not owed that much money the debt has built up because my costs of running the shop are higher than the profit I am making every month so I haven't been paying the franchisor the cost price for the print, they have been fine to let this build up but i cant see how I can keep going, I have good months and bad months but on average I am losing money every month I could make a living doing just the design but I would be paying off the debt for years
I keep thinking if I close the business go bankrupt and get back in to design work it would all be ok but is it that easy I don't want regret this in years to come
Thanks for your help0
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