Where offers guaranteed loans? It will literally change my life

adevlin86

Hello guys! Hope you are all well! Here is my situation...

I am a plasterer. I currently work with the same chap who I served my apprenticeship with, and he is tight. I mean really tight. No matter how much work I get done, I get the same daily rate...it stinks. I am at the stage where I am skilled enough to work on my own but getting money for startup is difficult.
I would need, to be fully kitted out with power tools and a van, somewhere in the region of £2500 to £3000. Here is my problem - I ended up moving back to my parents house last year after 3 years away, and since then have been quite careless with my finances. I used to have a gleaming credit record, but this with the fact that I am 'newly' self employed (Nov 09) is causing me problems with finding a lender who is interested.
I know most banks etc aren't interested in this but I used to be good with money and absolutely, unequivocally intend on being so again! I know because we are paid per square metre that I can double what I earn now without breaking sweat, but it all hangs on truly being my own boss.
I am fed up with seeing brokers masquerading as lenders on the internet, what with all their lovely grammar and promises of this and that - don't get me started on Yes loans (no I am not a victim! Not that desperate yet!)

What I need is pointing in the direction of a lender who may be likely to provide this loan, I only have last year's accounts to hand but can prove how much I regularly earn via bank statements etc. In an ideal world I could sit down with a person who calls the shots and tell them what I tell you now but I guess that's just wishful thinking.
What are my options?
I understand I will be paying a much higher interest rate than many, but much higher earnings make that ok.
Obtaining this money will literally change my life...I will sleep content at night knowing I am doing what I most want to do.
Sorry to witter on so much, especially on Friday night, but any help or advice at all would make me so grateful. I could save the money in about 9 months but I know I will end up killing someone before then!

Thankyou from the bottom of my heart for reading this and helping
Andrew


p.s does anyone need a plasterer?! :rotfl:

ILW

You may get a better rate, but are you sure you can get sufficient work.

Dave101t

just go down that dodgy street in town, ask for big mikes loansharks, theres one in every town.
or...put together a business plan and take it to your bank.

Tixy

I thought from the title you were going to be asking about guarantor loans, but having read what you have posted are you asking who guarantees you will be accepted for a loan? If so then the answer would be nobody genuine.

When you say you have been careless with money do you mean that you have affected your credit report?
You could consider writing out a detailed business plan and applying for a business loan rather than a personal loan with a bank.
Could you save up enough to buy the tools etc you need (presumably less than the 9months) and then consider buying a cheap van on finance - secured lending on a vehicle is easier to obtain than unsecured lending.

Alternatively could you get a part time job in an unskilled area to help save up the money quicker (barwork or something similar at the weekend).

Whilst you know that you can earn more have you considered all the costs that you will need to incur if you are working alone instead of with this guy. Remember when you are working out how much you will earn and how quickly you can afford to repay the loans you also need to account for insurance costs, all the running costs of a business, depreciation on the tools and van etc. Its easy to feel he is earning all the money he doesn't pay across to you but in reality this will be far from the case.

Another option might be to look at the business link website. They have suggestions as to other places you might be able to borrow money from (eg places like the princes trust).

adevlin86

I'm sure I have the work. We have sub-contracted for the same firm since I started plastering over 4 years ago, and my colleague over 10 years. It's all new builds and we have just secured over 300 houses.
As for being careless, I have missed about 4 credit card payments and some payments on a financed laptop. I used to run a car and am fully aware of the costs that will be incurred, once the tools are bought then the vehicle running costs are the only thing to come off my wage before the rest is mine.
Tixy, I do not wish to offend you but it seems the image you have of me is a snotty 'it's so unfair' naive teenager. I am 24 years old, and he does make the money. I know exactly what he spends on fuel and insurance and I also know what he takes home every week. This is not the matter in hand, however, I would just like to know my options for some startup money.
What would taking a business plan to the bank entail? At this moment it would go something like this...
"I'm going to go and plaster some houses, now give me some money!"

zppp

adevlin86 wrote: »

Tixy, I do not wish to offend you but it seems the image you have of me is a snotty 'it's so unfair' naive teenager.

I second Tixy's post, and I don't think Tixy was saying you were a snotty teenager. She may have stated what you don't want to hear, but it is the reality of the situation.

Have you looked at the Business Link website that Tixy kindly provided in her post?

Tixy

Detailed Financial projections for 2-3years (profit & loss, balance sheet and cashflow forecast), last set of accounts and mangement accounts for the year to date, CV, Written business plan explaining what work you intend to do, where work can be found, rates you would charge etc etc.
Have a look on the business link website you will find templates on there.

As to you being naive - I'd didn't think that - perhaps a bit dramatic with the not being able to wait another 9months to save the money without killing....
but I've tried to give you practical advice on ways you can move forward so you wouldn't need to wait those 9months.

As an alternative if he is paying you at a lower than usual rate for a subcontractor have you looked for work with someone else?

littleladybird

Hiya I don't know where you're based but why don't you contact your local business advisors as they can offer you help with setting up your own business, financing and so on. Worth a try?

Good luck in new your new venture

llb x

adevlin86

Hard to describe accurately but all you need know is this guy is an !!!. 9 more months is a very long time! Working for someone else isn't a real option as I don't know any plasterers around here, most of the guys who work for this firm live ~20 miles away, and working for this contractor is my best best at a consistent workload. Have just opened that link then I got distracted by replying to this thread...

chalkie99

adevlin86 wrote: »

It's all new builds and we have just secured over 300 houses.

Should that read "the bloke I work for has just secured 300 houses"?

If he is making all the money and paying you a lower daily rate then how is he going to let you have the work if you strike out on your own? He will just replace you with one of the many unemployed building trade workers at the moment.

You need to show how you are going to obtain your own contracts and then go the bank with your plan.

PNPSUKNET

dont forget you will also need public liabilty insurance of your own