Panic! Sole trader in debt-advice please

fabianne

Thanks rog-you are right and o/h is jubilant at your post as this is what he keeps telling me and what we keep arguing about.
Another update: 1 girl has told me tonight she isn't staying(found cheaper rent elsewehere) 1 girl still wants to find a way,but it isn't viable.
I have accepted tonight that I am closing down,which will take a couple of days as I need to pack everything up and get sorted at home to trade.Put a spare salon chair on eBay tonight to get some £'s back.
Have made a battle plan(ish) tonight and that is that
Will keep you all posted.

freebird65

Well done at coming to a decision.....that first step can often be the hardest one especially if it goes against everything you've been fighting for. I suspect, though, that everything will start looking clearer and start coming together for you now.:T

I also think the payplan route may be the best option - bankruptcy should always be a last resort despite the fact that it can seem so simple when everything feels out of control.

Keep posting and stay positive!!!

All the best

fabianne

Just got back from the salon and been sorting it out today.
The chairs are on eBay,made another pile of stuff to sell off.
I have phoned another local salon and enquired about renting a chair off them as I am so unsure of working from home-although it means I will reduce my overheads it also means a lot of hassle(been there,done that)and I much prefer the salon environment to work in and 'go out' to work.
I have redirected the phone line.
I have spoken to Payplan who are sending my details out for an informal arrangement and told me to take 1 step at a time regarding bankruptcy and to stop panicking about it,as there may be another way.
I feel better now as you say,Freebird as I now know I cannot put it off any longer and have started the process of closing up.

Rgc_3

Hi

just a small suggestion and it may already have been discussed so apologies if thats the case.

As far as keeping money coming if you dont want clients round your home could you set yourself up as a mobile hairdresser(going to their homes)

just a suggestion

good luck

fabianne

Hiya
I have got the paperwork from Payplan and am working through it all.
The salon has closed and I am getting ready to take my 1st clients tomorrow here.Have cancelled dd's and so's over and actually had a few refunds for the accounts which they will send cheques for direct.Had a couple of offers on the furniture,so am making some headway.
Have been busy but hopefully things will turn around a little.
Will keep you posted.

skint_yorkie

fabianne wrote:

Due to a pants 18 months,with staff who rented space from me leaving overnight,then a member of staff not paying for her space,

Sounds like people owe YOU money :mad:, any chance of recovering this?

fabianne

Wouldn't be worth it yorkie,but thanks.....especially the one that gave me cheques for the rent and then her husband reported them as being from a stolen cheque book.....

whatatwit

Good Luck for tomorrow.

furndire

Just read through your story, I'm sure you are doing the right thing. At least you have a trade that you can always earn money with. OK maybe not as much as if you had your own salon, but you don't need anything like the amount of money for overheads.
I gave up my business in March, and havn't got any trade to drop back on and so money is tight at the moment but at least I sleep at night. My landlords almost doubled my rent, when the lease was due, so decided to quit while I was ahead. Commercial landlords are *********** Everything is stitched up in their favour - down to having to redecorate when you vacate, we even had ours saying that there were flurescent tubes missing upstairs, and we should replace them. It is commercial rents that are killing off the high streets. Every one wants a bite of you pie, and you end up with the crumbs, after working ******
hard for the crumbs.

fabianne

Sorry to hear about your business too furndire-I hope things get better for you.

My head is mashed!!! I don't know what to do first and the time goes so fast,need to get more done before my working days.The phone was ringing at 7.30 am today-which I would suspect will be Egg as the bank have bounced the direct debit.

I have had an offer off my bank re: bank charges for £1000 as a 'goodwill gesture' so that will have to be batted back now and will have to go to Court.I am tempted but the charges must be almost £3K now-I am not greedy-but I think they should pay me back what they owe me.
Have contacted the A and L about some shares I have-lost the certificate and need to cash them in-was saving them for a rainy day-and that day has now come(probably should have done it ages ago)
I had an offer from an eBayer for some furniture-but she has now pulled out.
Don't seem to be getting very far here!
Btw-re my food bill-I discovered Iceland today and have a full fridge and freezer for £50-which is a result.