Me, My Dept and my business

Mr_Willis

Hello!

I just felt I needed to tell people my story and get some advice, so anyway here goes:

About 3 years ago I was 21, working in a kitchen in a place quite close to where I live and I was the bass player in a band who were touring all over the place every few months. One day my amplifier broke and I needed a new one, so I got one on credit, along with a new bass. Came to £2000ish, one year interest free if I paid it in that year, which was fine because I had no intentions of not paying it over the year.

So anyway fast-forward three months and I've lost my job and band, paid £600 off the debt (was paying £200 a month) and basically found myself abit... stuck. I had gotten a mobile internet contract with T-Mobile which didn't work with Vista too, but the person in the shop said it's easy to get it to work if I install an update and sent me on my way. I end up refusing to pay this on the grounds that it didn't work and that the person in the shop said it would work if I installed an update which... didn't work. T-Mobile say that when I entered the agreement it was explaned to me that it wouldn't work and therefore I owe them for the remainder of the contract, and started harassing me for it.

After much debating, they passed the debt to Frederiksen International and then it got passed to Brian Carter & Co, who recently took me to court after communication with them which resulted in me being ordered to pay £190 in £50 a month.

Recently I got in touch with them and explained that I am unemployed and have another debt which is significantly higher and therefore I would not be able to make the payments, which resulted in me making an agreement with them to pay £15 a fortnight.

Meanwhile, the main debt rocketed to £3662.36 and I have recently made an agreement to pay them (Barclays - Roxburghe) £30 a month, going up to £60 a month when I get the other debt paid off. on top of this I have another contract with 3 mobile (had no problems with these, even gave me a discount for my modem not working properly) which is £25 a month.

So I have £190 a month coming in and £85 a month going out.

I live with my dad and he's very understanding about everything and if I can't get a payment in time he'll pay it and refuse to take money back off me (which then goes on his birthday/christmas presents)

Now the problem is this: because I couldn't keep up payments of £50 a month with Bryian Carter and Co and had to reduce it, I will have a CCJ for the next 6 years.

I am trying to start up a business and went into Lloyds TSB (my current account is with them) and sat down to get some information about business accounts and my business with a really helpful woman.

She informed me that having a CCJ against me could mean I can't open a bank account for my business. My business is going to be a Tour Booking agency for bands. I am in contact with various companies (incl. Jagermeister, Jack Daniels, Monster Energy Drink and UK Bands.net) about getting sponsorship from them which would fund the company and if I don't have a business account I can't pay the funding into my bank account. (Basically I'm negotiating price for 2 years sponsorship, currently looking at an average of £2000 from each which was their initial offer so I'm trying to push them higher but not too much )

Does anyone know what I can do here? My business is at Market Research stage and all the work I have put into it will go to waste if I can't get a business account :eek:

beanielou

Hate to be blunt but in the current climate I think you may struggle to get the business account with a CCJ.Has it now been paid?

wimblewomble_2

very inspiring story.

would you need to use an overdraft for the business?
if not, you could agree not to go into debit with them (they would reject any cheques or bills that broke that rule), and if you can show letters of intent from the sponsors the amounts they are willing to give you, this would help your case, as the bank can see you will be in credit from the start.

hope it all works out for you. running your own business is a tough gig in itself these days.

johng976

Hey Dude,
Another option is to go into partnership with someone else, get them to open the account and you just be a share holder in the business but not a director that way the business runs smoothly, you get your profit share and then as and when your ccj is clear you could join the board of directors and possibly buy out the other partner if you wanted to go it alone.

I have a couple of businesses myself and a huge interest in music and might be interested should you want to go down this route.

Good Luck

johnny.

spanky1982

Hi,

after reading your post i finally found something i may be able to contribute too. I too am in debt, have had ccj's and in the ever lasting (or so it seems) struggle to get out of debt set up a company with a friend (who is in a similar situation). We set up a limited company with us both as directors and then approached LLoyds for a bank account which was declined. As our business is based online selling games and consoles we really needed an account with internet merchant services so we approached HSBC as their merchant services rates seemed reasonable. HSBC agreed for us to have an account however thier would be no borrowing for the 1st year. They declined the merchant services but after 3 months of money being paid in through paypal they allowed us the merchant services too so in the end we got a better deal than with lloyds.

My advice to you is to approach HSBC, Make sure you have something to deposit into the account, take with you evidence that you have agreements with your sponsors as this will show them how you will be making money and request an account.

I hope that i have been some help, and wish you all the best in your business venture.

Good Luck!
:cool: