Personal Guarantee & Loan

Tixy

50,000 hours over 10 years a week is an average of 96hours a week, all weeks every year.

Presuming in reality pretty much everyone has to take some time off for things like holidays/birthdays/christmas/attending great aunt edna's funeral etc its likely to mean 100hours a week on a typical week, or 14 hour days for 7 days a week.

Each to their own I suppose.

roh999

wowwww some big big porkys being told in this thread...hahahah

iolanthe07

The 50000 hours poster isnt the OP so isnt claiming hes 21. Hes at least 29 as he says hes had 10 years experience and started at 19.

OK - but it still sounds unlikely. 80 hours a week non-stop - no holidays? No breaks at all? If it is true it would be a killing routine for anyone.

YoungBusinessman

100 hours a week for upto 6 weeks is do able....it is not healthy. After you cut down your hours you almost miss it. Almost as if you feel guilty for not working. Im 21, 5 years in my field. Absolute love it. I am one of the lucky ones to have found a career, not just a job.

I make my hours at around 20k for 5 years work. So believe the 50,000 hours statement.

CKhalvashi

iolanthe07 wrote: »

50,000 hours is the equivalent of me working the 9-5 since I was 4, even though I didn't start until I was 19.

50,000 hours over 2 years (19 - 21) equals over 400 hours a week. There are only a 168 hours in a week, so either you are telling porkies or living on planet Zorg where the days are much longer.

I didn't say how old I am, but my youngest child is 8, which would make me well over 21.

Included in that is an awful lot of work that many would consider socialising/what people would go at home. I didn't mention either what I do for a living (or for most of those hours). I do find, however, that the minute I get some time off, the adrenaline wears out, and I'll happily sleep for 2-3 days before doing anything.

The back of S-Max no.2 may give you some idea. The company is now defunct (on a 2011 late merger), but I'm still running exactly the same company (just a bit larger), under a different name.

CK

faerie~spangles

CKhalvashi wrote: »

I didn't say how old I am, but my youngest child is 8, which would make me well over 21.

Included in that is an awful lot of work that many would consider socialising/what people would go at home. I didn't mention either what I do for a living (or for most of those hours). I do find, however, that the minute I get some time off, the adrenaline wears out, and I'll happily sleep for 2-3 days before doing anything.

The back of S-Max no.2 may give you some idea. The company is now defunct (on a 2011 late merger), but I'm still running exactly the same company (just a bit larger), under a different name.

CK

Looking at your sig'.

I'm sorry for your loss.

CKhalvashi

faerie~spangles wrote: »

Looking at your sig'.

I'm sorry for your loss.

The company wouldn't be here without her.

Thank you

CK

antrobus

roxin wrote: »

...I'm currently attempting to clarify how much this was. The last time I checked I was told it was capped at £12,500, but I suspect the business credit card may be included with £5,000.

Probably. Most personal guarantees tend to be of the 'all monies' variety.

roxin wrote: »

...
If I take out a loan, I will end up paying interest, but they have said if I don't, I will default.

I'm 21 years old, living at home with my parents, with no income (having just lost my business). I'm looking for work, and also attempting to get some web design / programming jobs for income.

Can I send the bank a £1 token payment for the guarantee, which in turn will force it to go to a debt collection agency without default. Then, without affecting my credit score, can I try to negotiate a lower settlement, or monthly repayment.

If the bank say that they will register a default if you fail to pay what is due under the personal guarantee, then that is what they are very likely to do. Sending them a cheque for £1 won't stop that. A default is simply a failure to pay a debt in full on the due date, so if you don't have the money, you're going to default.

geoffky

iolanthe07 wrote: »

The 50000 hours poster isnt the OP so isnt claiming hes 21. Hes at least 29 as he says hes had 10 years experience and started at 19.

OK - but it still sounds unlikely. 80 hours a week non-stop - no holidays? No breaks at all? If it is true it would be a killing routine for anyone.

I am afraid i used to work them hours non stop for six months without a day off ..i burnt out in the end....no fun whatsoever...16hr days nearly killed me..