New Enterprise Allowance scheme - My story

WantToBeSE

Almost another 2 weeks have passed by, and i still have not heard from my mentor.
Honestly, i am getting a bit tired of this now, i have been waiting a month. I feel like just getting a part time job, and setting up the business in-between that.
But i can't do that, due to lack of childcare, which was the whole reason for me going SE to start with.

pinkypoopydoo

WantToBeSE wrote: »

Almost another 2 weeks have passed by, and i still have not heard from my mentor.
Honestly, i am getting a bit tired of this now, i have been waiting a month. I feel like just getting a part time job, and setting up the business in-between that.
But i can't do that, due to lack of childcare, which was the whole reason for me going SE to start with.

Would you qualify for In Work credit instead? Then you could sign yourself off, and you'd get £40/week for 52 weeks. Might be worth looking into.

I'm off to beg at the bank of my (ex!!) in-laws today, for a small loan to purely cover my membership fees. I have a client, for a decent hourly rate and guaranteed weekly hours, signed up for starting on July 1st. I can't let another knockback stop me. I worked through my cashflows until nearly 3am, working out how to get it to work without the loan, and I think I'm sorted. I just need to shelve some stuff initially, and lower my sights on other things.

WantToBeSE

pinkypoopydoo wrote: »

Would you qualify for In Work credit instead? Then you could sign yourself off, and you'd get £40/week for 52 weeks. Might be worth looking into.

I'm off to beg at the bank of my (ex!!) in-laws today, for a small loan to purely cover my membership fees. I have a client, for a decent hourly rate and guaranteed weekly hours, signed up for starting on July 1st. I can't let another knockback stop me. I worked through my cashflows until nearly 3am, working out how to get it to work without the loan, and I think I'm sorted. I just need to shelve some stuff initially, and lower my sights on other things.

I don't think I'd get the IWC, as I wouldn't be working 16 hours a week from the start off.
Trying very hard not to get despondent at the whole thing.

osdset

The government should be ploughing money into this scheme, it's one of the few practical solutions to unemployment we have. Unfortunately as with most ill thought out half baked government initiatives the infant will be left to fend for itself in the hope that divine intervention sorts it all out.

pinkypoopydoo

osdset wrote: »

The government should be ploughing money into this scheme, it's one of the few practical solutions to unemployment we have. Unfortunately as with most ill thought out half baked government initiatives the infant will be left to fend for itself in the hope that divine intervention sorts it all out.

Absolutely. Any money spent on this scheme, if spent properly, can only be beneficial to the country in the long term. However, the scheme seems to fairly badly managed in some parts of the country, with no set rules for how it's managed. Another case of postcode lottery.

Well, I managed to persuade to sort out a teeny loan from the ex inlaws for membership fees, I've juggled about stationary orders, to come in dribs and drabs rather than all in month 1, and have sorted out a monthly payment to the website provider, rather than an upfront fee.

Maybe all these years of juggling hardly any money to cover the monthly household bills has taught me something after all.

Back on track for a launch date of July 1st (hopefully.....!!)

lauzellen

Hello - I have a business plan already as i've recently sent off my application for a 3K loan via the start up loans (for those aged upto 30) - i'm 29 (30 in a month lol). I should hear if i've been accepted for the loan in the next couple of weeks. I am however on IS as I have a child <5yrs old - am I right in thinking you can not get In work Credit and NEA?

I ask as I had one of those work focused interviews today and as I asked about NEA (only found out about it yesterday) and he couldn't answer my questions he's set up an appointment with an advisor from the local comapny who deals with it for tomorrow for me.

Now if I were to get the 3K loan (which i need for stock due to the nature of my current proposed business - it's based around both retail and my handmaking stuff to help profits along) I could just sign off and get in work credit and wtc (I will be doing 16+ hrs between both sections of the business).. if I don't get accepted for it im going to have to go the NEA route with a revised plan based on my handmaking and not the other part (which i need the larger capital for).

I'm thinking of asking my questions tomorrow around what it entails, time scales etc etc and then waiting to see if i get the young entrepreneurs loan.. seeing how im just young enough

Sorry for the waffle.. basically can you get IWC and NEA or it it one or the other?

Thank you

pinkypoopydoo

I was refused a referral for NEA when I was on Income Support, so had to wait until my youngest turned 5 in March and I transferred to JSA to get the referral.

(NB This doesn't necessarily mean that's the rule, because each job centre adviser and Lone Parent adviser seems to have different ideas of how NEA works!)

And yes, you get EITHER NEA or IWC, not both.

lauzellen

NEA has changed since march or april so if on income support as a lone parent you can now apply.

If one or the other i am better waiting and seeing if i get this loan then - i'd rather £40 for 52 weeks myself

lauzellen

Lady_strange wrote: »

The under 30's start up loan scheme, I applied for it, and got it. The NEA took out alot of the work from it for me, as I already had a business plan and cash flow forecasts done. I applied for it the day it went up to 30, and after a couple of weeks of tooing and frowing, I got the money at the beginning of March.

How did you find this? I sent my completed business plan, cash flow forecast, id and credit report off a couple of days ago - i'm hoping to know in a couple of weeks if my business plan has been accepted and approved for the loan. My credit report isn't immaculate, but i have no CCJ's and the few defaults that are on there are 4-5yr old now - the past 4yrs have all be positive with no missed payments etc so i'm hopeful the credit report won't hinder me. A friend of mine recently applied and just got the money through the other week.. i did market research etc and included everything in the plan so i'm keeping my fingers crossed. I've a lot of support from my target market (can't go into too much detail ) -it's exciting but also nerve wracking :eek:

Andy2013

Hi guys its been a couple of months since i last had a moan and im glad a few more people have joined in

So as of today it is 14 weeks since i last heard from my " mentor " a total waste of time and all the promises of help and guidance seem to have got lost in the post, no emails, phone calls or letters so i am all alone on my way to making millions.

This week is the change over from the £65 to £33 allowance rate so i except a balls up somewhere along the line.

On a happy note in april i made a clear profit of £800 and this month i am on target for the big 1K so business is going well, the hours are actually coming down as i stream line things and i am at the moment feeling quite proud so to anyone starting out it is possible but as i said in earlier posts its down to you as an individual to push like crazy and make it work as on the whole the scheme is pretty s*** and the help i have had is very little but that makes my rising income all the sweeter as i made it happen, with a little financial help from Dave.

Well done to evryone who has started the scheme , it can lead to a new freedom in self employment and being self sufficiant is a great feeling , BUT remember no one owes us anything , the government are tight and the menotrs are s**** and if you keep that in mind we may all end up rich, slightly grey but rich!!

Keep posting guys i love reading your comments , back soon for another moan, love ya