Help... feel sick

jellyang

You need to get the business side sorted. To be successful in business you have to be tough when you collect overdue monies. I am the queen of the business ccj's !!
It would also be wise to make sure your business money is in a seperate account, pref a proper business account(apologies if you do this already I got a bit confused in your postings)

My other bit of advise would be to stay calm & talk to your bank. I know they only have their interests at heart but you gain so much more by being calm & polite (or is that just me?)

Feel free to pm me if I can help with any business queries.
I understand how you feel, I have lots of debt & 90% is money I have loaned to my business to keep it afloat!

Jelly

In_Search_Of_Me

After seeing the light I have no loyalty to banks at all! Not sure which has the best buiness account but as suggested above poss a good idea to keep personal separate from personal. A good accountant, I am told, can ofset loads against tax & save that way but they do cost. The first thing to do is sort & I promise, once you've done it it will feel much better! Not knowing is actually worse than working it out so go for it! Big hugs!

Luna69

Thanks Jellyang and fishface.... I've spoken to the bank today, after having a terrible shock.
After thinking I had increased my overdraft by £1,000 and wondering why it hadn't been applied when I had got a letter saying it had, then receiving a letter this morning saying we were in excess of our overdraft by £3,000!!!! I suddenly realised I've somehow managed to reduce our overdraft to £1,000!!! How stupid have I been, no wonder we were still being charged for unpaid dd's this last week. I rang the collection place and they've sorted it, but my overdraft won;t return to normal until Wednesday. I rang my branch and they can't do anythign until that is applied again, but they did cancel all my direct debits and standing orders. So now to contact all of them to get new forms or set up new dd's at OH's bank.
Our business accoutn is a normal one, not a business account, OH looks after that. We were going to move all the dd's to his as his money is paid in there and he has a smaller overdraft.
should we do that or open another seperate account.
I will then look at my account and see if I can work something with the bank for paying back my overdraft each month.

As for collecting owed monies he knows he has to be tougher, but he hasn't managed it so far.
It's not like it's the first time, this happened to him a year or so ago, someone he did a lot of work for and the took the P big time and owed him a lot of money and it took an age to get it back. we did in the end, but we wanted interest added, but he was so cocky he got out of it, put an end to the relationship but he hasn't been missed. Now he's in the same position again with someone else, which both me and his mum saw coming not long after it started, but he likes to see the good in people, now it's happened again and we're trying to figure out if we can either charge him interest now or charge him the bank charges we have been charged because we've had no money.

anyway, one step forward, I'm now starting to calm down and try andsort it all out.
Still have to to a proper soa though, when I can get into our files.

thanks all for your help
Yvonne