what to do catch 22

hopeless_case_2

HI all my oh has a business and his partner wants out so we got to find £3000 asap or close the shop.We have really poor credit history eg could only get a loan off Welcome or the likes so i thought about selling my car (worth about £2500) and getting another one on hp if possible. Does anyone have any suggestions please.

hopeless_case_2

bump!!!!!!!!!!!!!!!!!

CLAPTON

how much profit does the shop make?
is is worth continuing to run ?

what are the costs or profit in closing the shop

why does the partner want to get out

is 3k a reasonable sum based on the profits figures and what he contributes

will he acccept stage payments ?

hopeless_case_2

hi yes the shop gives a wage of about £300 a week but the other guy wants to be semi retired and the shop only gives a wage for 1now (used to be better but credit crunch etc) anyhow he only wants out what he put in the first place. Dont think he will do the payment thing but will ask.
If we close the shop my hubby has no job and he is limited as to what he can do as he hashad back operations in the past and can only do certain jobs because of this. Oh and thanks for the reply.

LiamJ

I am sure the partner would like back the £3000 he put in, but that does not mean you have to give him £3000. Have you tried offering him, say, £2000? Maybe he would settle for the £2500 you think you could raise for the car.

If the shop closed would he get anything at all? If not, you are in a very strong bargaining position.