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Self-employed on a low income needs a loaned £3-4k buffer cash to be repaid within 2 years

in Loans
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  • HeinzVarietiesHeinzVarieties Forumite
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    Ajax67 said:
    And to be honest, I would prefer some practical tips. Up to now, I have heard only ill-informed and judgemental remarks on my account.
    You were given practical tips, just not practical tips on how to waste money.
  • edited 16 December 2021 at 7:38PM
    kazwookiekazwookie Forumite
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    edited 16 December 2021 at 7:38PM
    I suggest you get a 2nd job, in the evenings, when it is dark and you cannot clean windows, then save this money to buy the new equipment
    Breast Cancer Now 2022 100 miles October 100 / 100miles
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  • Ajax67Ajax67 Forumite
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    The problem is that if I buy a new van and rise-and-wash equipment into it, I will only have the van and the equipment and otherwise I will be broke. Therefore I am looking for some possibilities to borrow buffer cash, or, even better, to achieve instant access to buffer cash without borrowing it.
  • Ajax67Ajax67 Forumite
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    kazwookie said:
    I suggest you get a 2nd job, in the evenings, when it is dark and you cannot clean windows, then save this money to buy the new equipment
    Sure. If a CEO of some big company wants a bank to lend his business money for new investments, the bank can also recommend him to earn the money as a bouncer instead...
  • HeinzVarietiesHeinzVarieties Forumite
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    Ajax67 said:
    The problem is that if I buy a new van and rise-and-wash equipment into it, I will only have the van and the equipment and otherwise I will be broke. Therefore I am looking for some possibilities to borrow buffer cash, or, even better, to achieve instant access to buffer cash without borrowing it.
    Save some more money and buy it when you have enough to cover the other stuff.
  • QrizBQrizB Forumite
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    Ajax67 said:
    The problem is that if I buy a new van and rise-and-wash equipment into it, I will only have the van and the equipment and otherwise I will be broke. Therefore I am looking for some possibilities to borrow buffer cash, or, even better, to achieve instant access to buffer cash without borrowing it.
    If you're confident in your business plan, buy the van and equipment from your £15k savings and then replenish them using your 50% higher income. In the time that takes (which could be 3-5 years) live with a depleted emergency fund and hope you don't get any emergencies.
    Ajax67 said:
    Also, if I wanted, I would have a chance to borrow money from my family, but I won't do it.
    If you get an emergency before you replenish your fund, borrow from family.
    N. Hampshire, he/him. Octopus Go elec & Tracker gas / Voda BB / Lyca mobi. Ripple WT2 member.
    2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 2.5kw inverter. 29MWh generated, long-term average 2.6 Os.
    Kinda busy right now but I try to pop back to the forum every so often. Drop me a PM if you need me!
  • Ajax67Ajax67 Forumite
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    If I was about to borrow from my family, I wouldn't waste any time here. And I would rather top myself than ask my relatives for money.
  • theoreticatheoretica Forumite
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    Ajax67 said:
    The problem is that if I buy a new van and rise-and-wash equipment into it, I will only have the van and the equipment and otherwise I will be broke.

    Yes - a lot of people buy the new equipment/house/car/whatever - and insurance to go with it - and go temporarily broke and save like mad for the next few months while praying that another emergency doesn't strike at just that moment.  You have, I think, the credit card as potential emergency cash.  Do you have any particular likely emergency spending in mind that makes you so keen on having a large cash buffer at all times?

    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
  • SncjwSncjw Forumite
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    No need for the rude replies we are just trying to help you so that you won't end up struggling financially to meet your living costs or end up in the worse poaition. 

    You seem like you want it now and not prepared to sacrifice your savings for the benefit of your future. Which will mean more money coming in.. 
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • QrizBQrizB Forumite
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    Ajax67 said:
    If I was about to borrow from my family, I wouldn't waste any time here. And I would rather top myself than ask my relatives for money.
    Best hope the emergency doesn't happen, then.
    N. Hampshire, he/him. Octopus Go elec & Tracker gas / Voda BB / Lyca mobi. Ripple WT2 member.
    2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 2.5kw inverter. 29MWh generated, long-term average 2.6 Os.
    Kinda busy right now but I try to pop back to the forum every so often. Drop me a PM if you need me!
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