letting the business go

imwithboots

Ive been doing a little business now for about two years and its not paying

I started on ebay and then expanded on to a market stall, Ive been doing the stall for about 18 months

and its really bad some days Im lucky if I take home £10 after paying my rent.

Ebay seems to of dryed up too going back a year ago I would be posting out 50-60 packets a week now it just around 10-20

so im withing of hanging up my boots and giving it all up.
the problem is I have a loan from the bank from when I started my stall up to buy more stock to fill it.
Im now finding I have to pich into my own personal money (im a mum of 2 kids) for the rent fees

I opened a private account on eBay to try and make thing meet buy selling things as bids at 99p some items went for more than that but most did go for the bis start price if I started the bids at 1.99 no one bid on the items

I haven't paid my self a wage all the time ive been doing this.

I'm just wondering on where I would stand in just calling it a day

I did go the CAB today but the queue we massive and about 2hr wait that was this morning when i got there for 9.15 from dropping the kids of at school.

thanks in advance
boots

Tixy

Hi

What is the value of your outstanding loan? If you stop trading you will still be expected to repay this loan.

What is the sales value of your stock? I.e. if you stopped this work and sold all your stock and didn't buy anymore how much of the loan would that pay off?
If you stopped this would you be looking for employed work and would you be able to cover the loan from that? Or have you looked at what benefits you would be entitled to and whether that would cover the repayments.

If your profit from your business are minimal (or near nothing) have you looked at whether you can claim working tax credits to supplement your income? or do you already claim them?

If you do fold your business your bank may be willing to let you reduce your monthly repayments to what you can afford but that would likely impact on your credit file.