Take The Bull By The Horns

tight_jock

Two years ago this weekend, Mrs TJ and I dumped the 3 DS`s on a friend and took ourselves off on a long walk along a (Freezing) seafront to have a long discussion about where our finances were going. The company was being shafted and was costing us more and more personal money ( and credit ) to prop up after our main customer shafted us. I had 15 men on the books and anything we decided was going to affect them too so this was a serious discussion......:o

On tallying very roughly with personal and company debt the total was well in excess of £100000:eek:


After hot chocolate and a sticky bun we came to the conclusion that unless we did something we would be dead from stress in 12 months.
Next day an appointment was made at local CAB and from there on the rest is history. We made reduced payments for 6 months before being advised to go BR and finally did on 1/11/06.

We both received early discharges and today are rebuilding our lives. Our relationship has never been better and for the 2nd January in a row, we do not fear the postal delivery of misery from the card companies.


I suppose what I`m trying to say here is that if you are in trouble, it will be fixed quicker if you start to admit that it needs fixing. It costs nothing to get the advice to help you and the hardest part is making the decision to do it - whatever the outcome of the advice.

Reading of the numbers expected to become insolvent this year, it may be worth starting as soon as possible `cos there`s gonna be big queues!!:D

Good luck :beer:

betterlatethannever

Thanks for that TJ.
The idea of you walking along a frozen beach to discuss your finances sounds (almost) romantic.
I'm glad things are looking up for you, its always nice to hear a positive post.
All the best for 2008:D

Homework

Well done on seeing ahead and making the decision.

Sometimes it is difficult to see the things going on while striving to keep going and get ahead. Your health and family are more important than any money and unles you have been there the stress of the unwanted mail and phone calls can be soul destroying.

Good luck for the future, great message to start the day.

maxmycardagain

TJ, was yr business a ltd company? would voluntary liquidation have had the same effect but without the stigma/effects of BR?

just wondered.

tight_jock

maxmycardagain wrote: »

TJ, was yr business a ltd company? would voluntary liquidation have had the same effect but without the stigma/effects of BR?

just wondered.

Company was ltd but the problem was that we kept having to put personal funds in to bridge payment periods and were then shafted three months on the trot over payments from a blue chip company during our quietest period.Had they paid the invoiced amounts on time and accurately, we would probably just about have got away with it.

But when you are £32000 down over 3 months, it`s a hell of a hole to bridge:o

JulesJay

Glad things are better for you tj.

Hopefully looking forward to my early discharge sometime soon, but no matter what will be will be.

The hardest for me was admitting I was in trouble.

Hot chocolate seems to be the drink of choice for these moments it seems, as I spent a couple of hours with my mum discussing my options and which way to go before I came to the final decison, hot chocolate in one hand and very large chocolate chip cookie in the other!

But yes in all seriousness if you are in trouble, make this new year to get the advice that you need and take control of your situation.

Take care everyone and thanks again tj for your excellent post. :T

Jules x

maxmycardagain

tight_jock wrote: »

Company was ltd but the problem was that we kept having to put personal funds in to bridge payment periods and were then shafted three months on the trot over payments from a blue chip company during our quietest period.Had they paid the invoiced amounts on time and accurately, we would probably just about have got away with it.

But when you are £32000 down over 3 months, it`s a hell of a hole to bridge:o

£13,000 was enough for me, thanks to a 5 week old ltd company.....

tight_jock

maxmycardagain wrote: »

£13,000 was enough for me, thanks to a 5 week old ltd company.....

That is some induction to business!!!!

All gone now though ?

tight_jock

I`m bumping this this morning as there seem to be quite a few new bods around who may like to see a positive outcome to BR.

There is light at the end of the tunnel.
slainte

baby_balloon

thank you for this - its nice to see a positive story.... oh, and i have to agree that all the best decisions are made over hot chocolate and a sticky bun! lol! x