Panic! Sole trader in debt-advice please

fabianne

Hi master
I have been selling high end retail hair products on eBay for 2 years to supplement the business and gain more attractive deals from the retail company- in the past few months,2 other sellers are undercutting me-I am under contract to sell online at RRP-nothing less,they must be too,but are not following the rules. It has gone from many parcels going out a week,to just 2 or 3.
I am considering what to do about the Landlord,as the email I got the other night in reply to my own was again basically pushing the many ongoing problems under the carpet-but demanding money. I have enough evidence to go to Court but just wonder about the cost and stress?

fabianne

Actually-does anyone know about this aspect?
When I cease trading in my premises-the dark dump that I did up is now lovely and anyone could open up as start trading....There are hundreds of pounds worth of downlighters in the place,a fixed reception desk,a fixed cloakroom area,kitchen units/sink etc that was not there when I took it on-and I have many photos of the transformation.From the viewing through the refurb to the opening night party.
Could I claim these enhancements to his property back from what I owe him I wonder as I spent thousands on the place to get it right?
He has a much more 'letable' property now.

rog2

fabianne wrote:

Actually-does anyone know about this aspect?
When I cease trading in my premises-the dark dump that I did up is now lovely and anyone could open up as start trading....There are hundreds of pounds worth of downlighters in the place,a fixed reception desk,a fixed cloakroom area,kitchen units/sink etc that was not there when I took it on-and I have many photos of the transformation.From the viewing through the refurb to the opening night party.
Could I claim these enhancements to his property back from what I owe him I wonder as I spent thousands on the place to get it right?
He has a much more 'letable' property now.

Depends on the conditions of the lease, and to be honest, I would think that the landlord had got that side of things quite well sewn up.
My suggestion would be to remove ALL items of value, including the light fittings, and attempt to sell them - or keep them for when you start up again.

dottyanne

me too - i wouldnt leave anything of value in there - sell that on e-bay to try to recoup some of your money - chances are he has the Lease sewn up in his favour alone and you stand to get nothing from him but a hefty bill for non payment of the rent - perhaps you could suggest a more amicable settlement figure if you did leave your fixtures/fittings in? but beware, if it was me i'd sell the stuff and throw the money i made on it back at him - at least you should go some way to clearing this balance........

I know debts of £23k+ are a bit scary but i really do think that once you arent pouring most of your profits away on the premises and bank charges you will make real headway into clearing those debts.

good luck and keep your chin up!!

fabianne

I guess I could strip out the light fittings and I have some spare ceiling tiles to replace them with?
It is the time to do it I guess at the moment,with everything else going on.I may take a few days off to do all this,the cellar needs clearing out too.
I have printed some slips off with my contact details on for my clients and spoken to BT about taking my valuable landline number with me,I need to redirect my mail too.
I have my appointment with Payplan today and have prepared all my paperwork,so see what they say about it.

fabianne

Anyone want to buy some satin chrome,GVC downlighters,commercial grade with individual transformer??
Lol...I amuse myself...

dottyanne

Yes - just take it all in your own stride - make a list!! try to get everything done on the list and youve cracked it!

rog2

And good luck with CCCS

fabianne

Thanks Dotty and all-I must say when I first posted I felt scared and ashamed,advice given and the things people point out or ask you,force you to get your head out of the sand,wipe your eyes and focus on the problem that has been gnawing at you for ages.I do feel more positive about things and common sense has now taken over from my pride.I know this is going to be tough and complicated to sort out-but I like a challenge.The amount of new stuff that you learn about is amazing.I have now forced myself to sit down,write it all down and face it in one grand total-so now I know what I have to tackle.
I also think when you are in debt you panic and this this has been my logic:
a)you need to make some money to keep it all moving(to a point)
b)you never get the time in a working day to make vital phone calls as you are too busy trying to make money
c)so you get home from work and work some more,your home life suffers,you are constantly tired through late nights/stress/long hours
d)you spread yourself too thin for your kids/partner/friends
e)you feel like you are on a treadmill and can't get off
f)you panic if you are feeling ill in case you have to have time off from the business
I will keep posting my progress as there may be others in my position who are worried about their business too and I hope it may be helpful.


P.S to a moderator....
I was only joking about selling my lights,as I am a good girl and am not trying to trade on your brilliant forums (please forgive me,I posted in jest and did not think it through....oops!)

Poppy9

If you are still trading have you thought of putting your prices up. Keep a check on how much your competitors are charging.

Re the rent and lease. Can't remember properly but something rings a bell when OH had a lease that if the last person to own the lease defaults on it the landlord can go back to previous leaseholders. Don't know if this still applies. I think you need to have a good read of your lease to see what it says about debts.

Re the car. As you have missed a payment contact the lease company. Tell them your financial woes and ask if you can exchange the car and lease for a much cheaper on. Lease cars can start from £140.

Mobile phones - cancel contracts and switch to PAYG.