Credit File Default = No available finance for new business start up ??

DefaultedEntrepeneur

Happy New Year to you all!!

I set up my own business last Mar & it has been doing really well & 2017 is looking even better I had to retire due to ill health at 35 from my last job in 2014; received a tidy pension lump sum & a monthly pension. I have improved health wise hence new business start up.

However because I was on benefits during my illness I had to enter in to debt management plan with Natwest with help from Step Change, I never missed any payments ever or went overdrawn, bankrupt etc but now my Experian credit check shows up a "default" in my credit file and while I have been trying to source finance for my business via Start Up Loans UK I keep gettIng refused from lenders . I am living off my pension lump sum now & propping up the business monthly from my pension until I can find a better solution. I don't want to spend all my lump sum obviously & would prefer to invest it for my future but as my business turnover isn't huge just yet I have e no choice

Any suggestions, tips, advice etc ???

Aquamania

DefaultedEntrepeneur wrote: »

Happy New Year to you all!!

I set up my own business last Mar & it has been doing really well & 2017 is looking even better I had to retire due to ill health at 35 from my last job in 2014; received a tidy pension lump sum & a monthly pension. I have improved health wise hence new business start up.

However because I was on benefits during my illness I had to enter in to debt management plan with Natwest with help from Step Change, I never missed any payments ever or went overdrawn, bankrupt etc but now my Experian credit check shows up a "default" in my credit file and while I have been trying to source finance for my business via Start Up Loans UK I keep gettIng refused from lenders . I am living off my pension lump sum now & propping up the business monthly from my pension until I can find a better solution. I don't want to spend all my lump sum obviously & would prefer to invest it for my future but as my business turnover isn't huge just yet I have e no choice

Any suggestions, tips, advice etc ???

So you don't want to invest your own money into this new businerss venture, but you expect someone else who will not benefit from its future to take all the financial risk for you?

Good luck on that one. I'm out as they say.


Btw, just found the eralier thread you created asking exactly the same question :cool:
https://forums.moneysavingexpert.com/discussion/5580681