Help would be appreciated

stator

Hi, since you are under 30 you might find the Prince's Trust can help you with advice about setting up your own business:
http://www.princes-trust.org.uk/about_the_trust/what_we_do/programmes/enterprise_programme.aspx
You can go along to one of their meetings for free and talk to the people there and see if they can help
http://www.princes-trust.org.uk/need_help/enterprise_programme/about_the_enterprise_programme/stage_one.aspx

outstanding_2

Thanks, i have tried going down the princes trust route and their maximum pay out is £4,000. which is all i need technically, to buy my own van.. but its a process which takes months and includes meetings and pitching in front of a panel etc etc.. it just seems to daunt me, things like that.. also, the helpline people arent helpful at all and sound as if they couldnt care less tbh.

thanks for your advice though

outstanding_2

Faith177 wrote: »

You won't have much of a future for yourself if you try to pay back money that your dad borrowed.

I know you are trying to do the honourable thing but I think your hands are very much tied on this.

I'm sure the people involved if you spoke to them would be understanding and would want whats best for you and your family. They probably already know that your father is ill so wont be expecting you to make good on his behalf

95% of the people hes borrowed money from understand the situation but the remaining minority are now in need of money themselves and therefore demanding that he pays back as soon as possible.. i just need assistance in buying a van and i am sure i will be able to pay back the minority who are making a big fuss (i guess rightly so?) about the money owed to them and as for the rest of the people, they are happy to wait anyway, which means i can pay them in instalments at the end of each month, bit by bit.. 5-8 years, however long it takes.. i just dont have another choice unfortunately.

you also have to remember i cant exactly get a job, buy myself a decent car etc etc. the truth of the matter is people are going to tell me to pay my dads debts before i start thinking of treating myself with luxuries in life. sad, but its the way of the world/people unfortunately..

outstanding_2

19lottie82 wrote: »

Hi OP - Ignore the posters that accuse you of being a troll, there seems to be a lot of that round here at the moment (the accusing that is.)

I know that you must feel obliged to pay this money, but it's NOT YOUR DEBT and it's not fair that you have been left with the weight on your back to repay it, by your father, or his friends. You can't afford this, and you have to let them all know.

The golden rule when lending money to friends or family, is only lend it if you can afford not to get it back.......

What is your father doing right now? How old is he? Is he working? Bankruptcy doesn't wipe you out for life, it just puts you a bit further back down the ladder. What is he doing to contribute to these personal repayments?

I understand your predicament, but sadly, if you are determined to repay this huge amount of debt, out of "honour", you're not going to get anywhere quickly, and your mental health will continue to suffer.

In regards to your business idea, as has already been asked, do you have a business plan? Have you spoke to your bank? Do you have any money of your own to put to this venture?

In terms of building your credit history, are you on the electoral register? If not, do so, NOW. If you haven't had them already, try to get a cheap SIM only mobile contract, and a sub standard credit card (use it for a small purchase or 2 a month and pay it off in FULL, EVERY MONTH). These should help

My father works as a food delivery driver at a local takeaway, its about the most he can do with diabetes and cholesterol on his back. He is 55 years old and as for contributing towards his debts, there isnt much he can pay off with what he earns, which is £175 a week. sucks, but you cant choose your family unfortunately

lindens

why cant you just go out and get a permanent job instead of risking this business idea?

outstanding_2

lindens wrote: »

why cant you just go out and get a permanent job instead of risking this business idea?

because the most a job will pay is around 1000 a month. this doesn't leave me with enough for it to be worth start paying his debts with what's left at the end of the month.

secondly, this isn't a "risk" entirely, the van i purchase is going to stay at the same market price for several months which means i can always sell it to re-coup the costs.

im sitting here paying for the mistakes my father made, im hardly going to make the same ones. please think before writing.

lindens

outstanding wrote: »

im sitting here paying for the mistakes my father made, im hardly going to make the same ones. please think before writing.

I asked a question - there is no need to be so touchy!

starting up a new business is always a risk. how much turnover/profit does your business plan predict you will get from this idea? presumably more than £1000 per month after all your expenses.?
I'm sorry but I think it won't.

outstanding_2

lindens wrote: »

I asked a question - there is no need to be so touchy!

starting up a new business is always a risk. how much turnover/profit does your business plan predict you will get from this idea? presumably more than £1000 per month after all your expenses.?
I'm sorry but I think it won't.

i have nothing to say to you..

Tixy

If you want to borrow money for a business venture and have no income currently then you are going to need to build up a business plan and crucially financial projections to show to any potential lender - whether that is the princes trust or a high street bank or other funder.

If you haven't done that yet then that has to be your next step before you'll be able to get this business idea started.

In terms of starting to help your father repay these creditors - it will realistically take you some months to build up a new business from scratch, presumably they are aware that you won't be able to start making payments for a while?

Gaz83

outstanding wrote: »

i have nothing to say to you..

What research have you carried out into your market, OP?