Some advice, kinda struggling

kittiej

OK for the long term can you base yourself somewhere cheaper but maybe commutable? Or even somewhere offering grants to attract businesses.

For the short term what will your strategy be with the bank? do you need to take a business plan - even a rough one? You need to convince them that you can stay afloat and then some - not an easy ask I know. You are not alone in walking a fine line between making it or not, there are very large businesses who have only made it due to a complete stroke of luck.

Do you offer a service or a product? (just being nosey lol) what is your USP? The fact that you keep saying that you have created a name for yourself means that people want what you have to offer.

I am keeping my fingers crossed for you because it comes across quite clearly that you have put a lot of yourself and time into your business

Edit, just seen you've spoken to the bank

Little_Miss_Uni-Debt

Hey abitofajam,

I can tell that you feel pulled in all directions. I think you need to take a deep breath, then organise and prioritise income/outgoings. Spend a bit of time and focus on pulling these things together :-

1) A detailed list of home & business expenses.
2) A detailed list of all debts & interest rates (use Noddle for free credit report)
3) A detailed list of what you're owed & from when
4) Explain your situation in detail to your landlord. DON'T promise you'll have the money by X date. Just explain you are owed money from a closed company and that paying your rent is a priority.
5) Follow up thoroughly with the company that owes you - get the ball rolling, small claims court etc. Don't forget interest should be accruing on unpaid invoices! It may take a while but surely if you recovered even some of it a few months down the line it would be worth it!
6) Continue to speak to debt charities
7) Work on reducing all of your expenses so bills don't continue to build.

If you moved away from London to your parents you would still be able to go back for a week at a time Sept onwards for work. Your reputation will still exist no matter where you live if you are prepared to take on the work. Planning in advance will mean you get the most profit out of any work you take on. Look at AirBnB, CouchSurfing & £19 Travelodge rooms for cheap places to stay while working in the city.

If you stay in London you'd have to pay a further 4 months rent to get you to Sept. That could all be saved if you lived elsewhere.

gizmo111

, sorry, over 10 years.. I pay just over £1000 a month, been in London since 1999. 3 years out of the country.. Been in current place since 2004.. Wow.. 9 years and stands for nothing.

I'm confused why you think the bank should be impressed with this - its money you've spent not saved. And you are 5 months in arrears with rent now - your landlord must be very patient.

Have you applied for housing benefit and childtax credits ?

abitofajam

Thanks and thanks, will do my budgets/expenses etc over next few days. Really don't have much outgoing but problem with moving is even if I move out of London I still have to pay rent elsewhere and would save myself maybe £200 a month, which I feel I would probably lose in train travel to London each month. For the nosey one I make videos, media production, have to be a bit careful as this probably goes into Google and don't want clients seeing my situation but yep.. It's served me well over the years and I have a great CV and am aware if I left London I could potentially get new clients out of town but it means starting a fresh, new rent, deposits, whilst having to pay off old rent defecit..which I am up for doing but had hoped the effort I put into London would reap me some reward along the way or at least leave me with enough money to setup elsewhere. I have very low overheads and offer great services at competitive rates but the industry is so bad at present. Whilst my skillset is the highest it's ever been the value of the services has dropped incredibly. 10 years ago there was always a new client on the end of the phone.. Nowadays they just don't seem to be there, a friend can do it fir cheaper and the ones I have are also struggling. If I do projects I use local businesses, local freelancers, I have a good team but as I said I can tell they are losing enthusiasm because I am now a late payer, something which I have always been against because it happens so much in this industry and all of a sudden I am like the rest of them which is a real reality check and none of it helps me short term. I really don't want to have to go to Wonga (I dont even owif I'd qualify) or one of these companies but I can feel people breathing down my neck and I hate not being able to pay people because if anyone knows what it feels like not being paid on time, it's me.

The national debt helpline weren't much help. Business Link going to call me back. Experian were helpful and are opening a query for me on the, what seems to be a CCJ and then in a few weeks I can apply to the bank for business account which may lead to business loan, all good... But shirt term, now.. Today, nothing and a few hours into it and still no sign of anything. It's tough!

abitofajam

There needs to be some kind of small business trust that helps small business and/or self employed people who have good track records but bad credit rating or cash flow problems. Maybe I should quit everything and focus in something like that? Surely it would be to the countries advantage to help me people like me survive, as I said I have always paid every single loan, debt, credit card, everything but instead, nowadays, I feel I am being pushed towards giving up and into a corner and ending up unemployed at 42 years old with a family to support and nowhere to live. Crazy! Self pity

gizmo111

Experian were helpful and are opening a query for me on the, what seems to be a CCJ and then in a few weeks I can apply to the bank for business account which may lead to business loan, all good... But shirt term, now.. Today, nothing and a few hours into it and still no sign of anything. It's tough!

If there is a CCJ then it won't just go in a few weeks.

You priority needs to be paying some rent to keep a roof over your heads. You say you don't want to be a non payer - but that is exactly what you have done to your landlord - for quite some time.

quantic

Can't really offer any direct advice other than to say you sound like a hard working respectable guy and I hope things work out for you.

Best of luck

kittiej

For the nosey one

Sorry it's an affliction I have to bear lol, however it means I can find out info as well.

I know others will be sensible and stick to the monetary facts however we need to find you a means of cash flow.

Do not answer if it will compromise what you have at the minute.

Could you make something for TV or is it more corporate video type work you do?

Do you need to rely on clients to bring work to you or could you make something to take to clients? eg a revisit to the women of Greenham in light of the death of Margaret Thatcher - I know that's probably pretty big but it's the idea of something which can take you somewhere to get some money in. A day in the life of a plasticine man etc.

I suppose I'm asking if you are looking at how you can use your creative skills from all angles.

quantic, I couldn't agree more!

Edit though I probably shouldn't

I once knew a boy who's father had a small recording studio. I don't think they were musically talented themselves but they did get into the pop charts a few times having 3 number 1's and selling millions of albums worldwide. How did they do this? They cobbled together popular songs which everyone liked, and after this I knew that absolutely anything is possible in life.