Lots of personal debt but need business loan - clueless

NoMoneyMummy

Hi,

I guess I don't 'need' a business loan but it would be beneficial. I am a graphic designer. We have lots of debt between my partner and I which we are paying off slowly via the CCCS. We also have mortgage arrears.

We recently had a baby and whilst I have been on maternity leave I have decided I would definitely like to start my own graphic design business. The work is there, but I need about 5k to pay for the proper software and other expenses (advertising, money to pay off computer etc).

I am sure I could make as much money doing this as I could if I returned to part time work for my current employer. My question is will any companies touch me with my bad personal debt? This is the reason I haven't explored the possibility before.

Any ideas? I don't know what to do really.

CLAPTON

If your existing debts are with CCCS then presumably your debts will show as defaulted

No one will lend you any money unless secured.

Usually when you sign up with CCCS you have to agreee not to take out any further debt.

robin_banks

Without sounding harsh, you're track record on repayments ain't great so who do you think will lend you the money in the current climate?

Havr you really done your homework, you say you need a £5k loan to set yourself up (Inlcuding money to pay off computer which sounds like you're borrowing to pay off another debt).

Do you think you'll get any graphic designer work, tbh unemployed/underemployed graphic designers are 10 a penny.

NoMoneyMummy

robin_banks wrote: »

Without sounding harsh, you're track record on repayments ain't great so who do you think will lend you the money in the current climate?

Havr you really done your homework, you say you need a £5k loan to set yourself up (Inlcuding money to pay off computer which sounds like you're borrowing to pay off another debt).

Do you think you'll get any graphic designer work, tbh unemployed/underemployed graphic designers are 10 a penny.

Hi and thank you for your replies. The CCCS have agreed that we are able to take on a loan if it's for the purpose of education or further employment.

I am confident that I can have work in this field, I have already spoken to a number of people who are interested in my services including people associated with my existing company.

The computer loan isn't really an official loan, a family member offered to buy it until a time when I can pay it back.

I think you guys have answered my question though - thanks!