HSBC business loan

chalkie99

As an HSBC business customer I am actually relieved to see they are not throwing money around like confetti.

Far better to run proper checks I think. It's all very well to say your wages cover the repayments but what is your Plan B if the job disappears?

One of the most frequent statements in this forum is "I could easily afford the payments but then my circumstances changed ......."

nattieb

The business plan contains all the information In regards to contingents "plan b"
As for throwing money around! If the banks didn't lend to people that clearly were HIGH risk and mess up with all the ppi nonsense we wouldn't be in this position now.

The business is already making money now (we sell health supplements) we have over 60 clients lined up signed and ready to join the gym.
If I have to I will use the equity in my mum house. However, the efg is there for a reason and I would like to use it.

meer53

nattieb wrote: »

The business plan contains all the information In regards to contingents "plan b"
As for throwing money around! If the banks didn't lend to people that clearly were HIGH risk and mess up with all the ppi nonsense we wouldn't be in this position now.

The business is already making money now (we sell health supplements) we have over 60 clients lined up signed and ready to join the gym.
If I have to I will use the equity in my mum house. However, the efg is there for a reason and I would like to use it.

Sorry to sound harsh, but if you were my daughter i don't know whether i'd be happy about you wanting to use the equity in my home. I suppose your Mum is ok with this ?

nattieb

meer53 wrote: »

Sorry to sound harsh, but if you were my daughter i don't know whether i'd be happy about you wanting to use the equity in my home. I suppose your Mum is ok with this ?

Good job your not my mum. Yes she is fine with it. Plus it wouldn't be just my mothers house it would also be my partners mothers house too.
This will happen with or without the banks help.

meer53

nattieb wrote: »

Good job your not my mum. Yes she is fine with it. Plus it wouldn't be just my mothers house it would also be my partners mothers house too.
This will happen with or without the banks help.

In that case i really hope you get the loan from HSBC.

This forum has quite a lot of posts already where family and friends have come unstuck where loaning money is involved. In my opinion, it's never a good idea. Especially where someones home may be at stake.

https://forums.moneysavingexpert.com/discussion/76953

MiddyMum

nattieb wrote: »

Good job your not my mum. Yes she is fine with it. Plus it wouldn't be just my mothers house it would also be my partners mothers house too.
This will happen with or without the banks help.

Gosh this was a bit harsh no? I wouldn't be happy either with my daughter wanting to take equity in my home, but luckily you have such suppotive parents. Good luck.

nattieb

MiddyMum wrote: »

Gosh this was a bit harsh no? I wouldn't be happy either with my daughter wanting to take equity in my home, but luckily you have such suppotive parents. Good luck.

Wasn't trying to be harsh not at all however, when you get people saying things like that kinda gets your back up. Me and my partner both have paid for our mothers property. Me when my mum wasn't able to work due to my farther breaking his back and my bloke his mother became unable to work through illness and wasn't covered for all of the mortgage through the insurance so he paid the rest off.

What was harsh was the comment that implied that we asked our parents they offered as we are struggling to get anywhere with the banks.

meer53

Are you confident that you'll be able to release the equity in both properties ? I'm not being negative here, just realistic. It doesn't really matter how you have helped your parents, it's still their home thats at stake if things don't work out. Thats 3 people at risk rather than just yourself and your partner.

You sound hell bent on getting the money for your business, sometimes it's better to sit back and reassess your plans, especially seeing as your own bank has refused to lend you the funds.

If my comment "got your back up" you need to develop a thicker skin.

dealer_wins

I wouldnt be using your family's property as security for a business. Way too risky.

Like everyone who starts a business you are convinced it will succeed, even though statistically it has a reasonably high chance of failure.