Help on giving loan and reclaiming.

Kentish_Dave

Joewasherein2019 wrote: »

Hi there,

Not at all we’re millionaires.

All good then. This was a small amount of your net worth that you put into a company for philanthropic reasons knowing that you were taking a risk, and so it came to pass.

Chalk it up to experience and move on would be my bet.

Clearly you don’t understand enough about business, finance etc to even understand what a limited company is so perhaps go a bit more down the traditional route with the rest of your portfolio.

Joewasherein2019

We just wanted to help this young chap out.

Live and learn.

We made most of our money from selling land to housing developers from my parents.

System

If you're millionaires then you really need to go and get some financial education because the question you asked is basic financial knowledge when doing business. I guess though that when your money basically requires zero effort to gain then you tend not to bother so much.

Sea_Shell

Tarambor wrote: »

If you're millionaires then you really need to go and get some financial education because the question you asked is basic financial knowledge when doing business. I guess though that when your money basically requires zero effort to gain then you tend not to bother so much.

I agree, you need to work on your financial savvy-ness, otherwise you might not be millionaires for very much longer.

Were you routinely used to handling large amounts of money before, I guess, you inherited this land from your parents, which you sold off. It really can be daunting to go from "modest" amounts to "substantial" amounts at the drop of a hat, if you've not had any prior experience.

DCFC79

The moneys gone, you may get a portion of it back, all depends what other creditors there are in the queue.

Joewasherein2019

Thanks for everybody’s contributions so far.

I really appreciate the follow up.

Joewasherein2019

Hi Sea Shell,

Yes my parents gifted me land/ flats for
My 18th many years ago.

They was farmers in many local communities villages etc hence the land sold for new housing developers.

Joewasherein2019

We received large sums monthly but
This is all managers by letting agent who simply looks after the flats for me and forwards the rest after there %.

Sea_Shell

Obviously we don't know how much you now have in liquid assets, (cash/shares) in addition to the flats (freehold/leasehold? are you the Landlord???) but have you also sought advice from an IFA since coming into money?

Also, have a good read of the Savings and Investments section of this forum. It's a goldmine of information!!

Hopefully you'll not have any more right-offs!!

Joewasherein2019

Hi there,

I just make
It clear Sea Shells.

We are not serial investors we only done this so the lad could achieve MOQ to be able to take the jump into selling A product in the major supermarkets. Bit of bad luck he didn’t do anything wrong.

I don’t think think we will see the money back however getting anything back would be beneficial.

To be honest as for the IFA, we don’t need managing we took a punt I guess.

We get “passive income” from my parents property portfolio on domestic flats and commercial leases.