The waiting game....

bertman

Hi All,

Just wanted to get my thoughts down, I feel like I am going crazy....

A few years ago my wife and myself bought a small business with the grand thoughts of working together and being our own boss... We had pretty much no real knowledge of how to do this or what was required. We eventually settled on a small shop and put the loan for the shop on our mortgage (I can see people groaning now!), we started trading and for the first few months while we had cash we kept ourselves going by constantly telling each other that things will get better.....

After the first 6 months and by Christmas we had pretty much run out of cash so had to change the way we traded, we changed our staff around, re-paintyed, decorated and more stupidly put some new equipment on credit. We started the first full year with a new spring in our step and kept on telling each other things were going to improve, but each month although we were bringing more in, we still had more going out, so bills were getting paid on credit cards, we also took out a business loan and increased our overdraft at the bank.

We decided at the end of the third year that we were really going under and as a partnership we are liable for everything so we put the shop on the market with an agent - who we paid £800 for the priviledge of advertising the place.

I had to get a better job to bring in more money and my wife now started working more hours to cut down on staff wages. During this time her father was very ill and in intensive care for a few months, so during this time we tried to run with her dropping in and our staff trying to run the place - which they did but with one stealing almost £400 a month from the till for 3 months......

We had various people coming into the shop lokking to buy, but by now the credit crunch was well underway and banks had stopped lending. Our funds are starting to dry up as we have pretty much used our credit cards to stay afloat. I have managed to get a very well paid job, which means I am working from 7am to 8pm each day and then working at the shop on a saturday and sometimes sunday.

We have finally found a buyer who offered much less than we wanted but we had to weigh up the fact that we are about to go under so have accepted enough to clear the business overdraft and the vendors fees and solicitors fees - but we are now left with massive debts of over £60,000........ Not something we are proud of and something we want to pay off, we don't want to dodge our stupidity.

The sale is supposed to be going through today at 12.30, but even now I am getting stung for more money, the buyer changed the way they wanted to buy so my solicitor had to draft up another document - another £250.00, we have also had to pay the council lour lease money to the end of September - we were hoping the buyer would pay us the remaining lease money back, but they have refused, so we are a further £1464.00 in debt.

It just keeps on going, its a nightmare. Even once we have sold the business we have to try and find the money for the debts. My wife has looked everywhere for a job and hopefully will get one soon, but if she doesn't we have to try and find money for the minimum payments each month.

I have a good job which pays well, but all my wages are gone a week after I get them and we live on pretty much nothing for the rest of the month. We scrimp, don't spend and I can't see how we can even cut down anymore. Once we do sell - hopefully I will post the details for everyone to see how stupid we have been, and hopefully get some advice.

Sorry to go on but I feel like I have lost everything over the last few years, all our dreams, savings - gone.

dancingfairy

Hi Have you tried getting advice for the business and the debts? isn't there a National Debtline for Businesses? Would also maybe try and post on the business boards? I think there are some - or maybe bankruptcy boards - I think one (maybe more) are quite good at business debts.
ANyway haven't really got any constructive advice for you but want to wish you luck getting it sorted and I can certainly see why you are getting stressed.
All the best
df

GeorgeUK

Sorry to hear this bertman - sounds like you've been put through the mill these last few years.

One thing you may want to look into is if there was any PPI on the loans - if there was they should either be paying for about a year or you may be able to reclaim if missold.

bertman

Well - the funds were transferred, so officially the business is sold, they did sting us for the lease :mad:

I will have to wait for a cheque for the stock - they didn't have the cheque book with them - its £660..... If its not here by wednesday I will go via the small claims court to get it.

I guess now I only have one bank account and a huge debt to worry about - the business one will be closed shortly.

Dawn of a new beginning - we are going for a long walk with our dog - at least that is free!