[LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

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[LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
So, 

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while. 

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore. 

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle 

Andy




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Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
Speak to the bank. Don't hide under a rock. This kind of thing happens all the time and they will have a procedure for dealing with it.

I would imagine you will be able to arrange a payment plan. Make sure that this isn't going to stuff you while you get back on your feet: you say you can afford 200/month but can you? Be realistic.

You will need breathing room to (presumably) find a job.

Also, this may be obvious but do you have anything you can sell on ebay or at a flea market to raise a bit of cash? Most people have a lot of stuff lying around.

Finally, remember that this happens to lots of people every day and they do bounce back. You will too. Deep breaths, dont panic, and good luck! 

Tom

On Mon, 11 Jun 2018, 10:16 andrew davey, <[hidden email]> wrote:
So, 

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while. 

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore. 

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle 

Andy




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Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2
Nice response and good advice Tom!
+1


On Mon, Jun 11, 2018 at 9:24 AM, Tom Hayton <[hidden email]> wrote:
Speak to the bank. Don't hide under a rock. This kind of thing happens all the time and they will have a procedure for dealing with it.

I would imagine you will be able to arrange a payment plan. Make sure that this isn't going to stuff you while you get back on your feet: you say you can afford 200/month but can you? Be realistic.

You will need breathing room to (presumably) find a job.

Also, this may be obvious but do you have anything you can sell on ebay or at a flea market to raise a bit of cash? Most people have a lot of stuff lying around.

Finally, remember that this happens to lots of people every day and they do bounce back. You will too. Deep breaths, dont panic, and good luck! 

Tom

On Mon, 11 Jun 2018, 10:16 andrew davey, <[hidden email]> wrote:
So, 

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while. 

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore. 

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle 

Andy




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Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2
Does the biz have assets? Is the Ltd still in existence?

Hit me up offline for some FOC help Andrew dot Lockley at Gmail dot com 

On Mon, 11 Jun 2018, 09:29 Jay Nguyen, <[hidden email]> wrote:
Nice response and good advice Tom!
+1


On Mon, Jun 11, 2018 at 9:24 AM, Tom Hayton <[hidden email]> wrote:
Speak to the bank. Don't hide under a rock. This kind of thing happens all the time and they will have a procedure for dealing with it.

I would imagine you will be able to arrange a payment plan. Make sure that this isn't going to stuff you while you get back on your feet: you say you can afford 200/month but can you? Be realistic.

You will need breathing room to (presumably) find a job.

Also, this may be obvious but do you have anything you can sell on ebay or at a flea market to raise a bit of cash? Most people have a lot of stuff lying around.

Finally, remember that this happens to lots of people every day and they do bounce back. You will too. Deep breaths, dont panic, and good luck! 

Tom

On Mon, 11 Jun 2018, 10:16 andrew davey, <[hidden email]> wrote:
So, 

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while. 

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore. 

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle 

Andy




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Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2
I can introduce you to a colleague who specialises in debt write down and is hugely successful in over 85% of cases, please drop me an email to [hidden email] and I will put you in touch

Best


Regards

Paul Sullivan

CEO and Founder 

0203 637 4426





Let's have a chat .... book me here or call me, text or Whatsapp +44 07811 351 242

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This email transmission including any attachments is confidential and may also contain information that is legally privileged and copyright material. It is intended solely for the addressee. If you receive this email by mistake please promptly inform us by reply email and then delete the email and destroy any printed copy. You must not disclose or use in any way the information in the email. If you are not the intended recipient of this email transmission, any use, interference with, disclosure or copying of this email transmission, or action taken in reliance on this email transmission, is unauthorised, prohibited and may be unlawful. There is no warranty that this email is error or virus free. It may be a private communication and, if so, does not represent the views of Paul Sullivan Marketing Limited or its management. If it is a private communication, care should be taken in opening it to ensure that undue offence is not given. 



On 11 June 2018 at 09:42, Andrew Lockley <[hidden email]> wrote:
Does the biz have assets? Is the Ltd still in existence?

Hit me up offline for some FOC help Andrew dot Lockley at Gmail dot com 

On Mon, 11 Jun 2018, 09:29 Jay Nguyen, <[hidden email]> wrote:
Nice response and good advice Tom!
+1


On Mon, Jun 11, 2018 at 9:24 AM, Tom Hayton <[hidden email]> wrote:
Speak to the bank. Don't hide under a rock. This kind of thing happens all the time and they will have a procedure for dealing with it.

I would imagine you will be able to arrange a payment plan. Make sure that this isn't going to stuff you while you get back on your feet: you say you can afford 200/month but can you? Be realistic.

You will need breathing room to (presumably) find a job.

Also, this may be obvious but do you have anything you can sell on ebay or at a flea market to raise a bit of cash? Most people have a lot of stuff lying around.

Finally, remember that this happens to lots of people every day and they do bounce back. You will too. Deep breaths, dont panic, and good luck! 

Tom

On Mon, 11 Jun 2018, 10:16 andrew davey, <[hidden email]> wrote:
So, 

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while. 

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore. 

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle 

Andy




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RE: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2

There isn't really much in it for a bank to enforce a personal guarantee for that sort of level – drop me a line on simon at zoomlabs dot com and I can introduce you to someone who deals with company wind-downs and can give you some free advice :)

From: [hidden email] [[hidden email]] Sent: 11 June 2018 09:16 To: [hidden email] Subject: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC … what can i do?

So,

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while.

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore.

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle

Andy

— Please Note: If you hit “REPLY”, your message will be sent to everyone on this mailing list ([hidden email]) This message was sent by Meetup on behalf of andrew davey from London OpenCoffee Meetup. To report this message, please click here To block the sender of this message, please click here Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

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Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2
Simon--just curious- would it not impact on your personal credit rating if you have a personal guarantee in place for a biz overdraft and then don't pay it off?? 

On Mon, 11 Jun 2018, 10:50 Simon Bone, <[hidden email]> wrote:

There isn't really much in it for a bank to enforce a personal guarantee for that sort of level – drop me a line on simon at zoomlabs dot com and I can introduce you to someone who deals with company wind-downs and can give you some free advice :)

From: [hidden email] [[hidden email]] Sent: 11 June 2018 09:16 To: [hidden email] Subject: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC … what can i do?

So,

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while.

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore.

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle

Andy

— Please Note: If you hit “REPLY”, your message will be sent to everyone on this mailing list ([hidden email]) This message was sent by Meetup on behalf of andrew davey from London OpenCoffee Meetup. To report this message, please click here To block the sender of this message, please click here Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

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Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2
Hi Andy, 

You can check the following, which is a government scheme started after financial crisis in 2008. 





On Monday, 11 June 2018, 10:50:19 BST, Tom Hayton <[hidden email]> wrote:


Simon--just curious- would it not impact on your personal credit rating if you have a personal guarantee in place for a biz overdraft and then don't pay it off?? 

On Mon, 11 Jun 2018, 10:50 Simon Bone, <[hidden email]> wrote:

There isn't really much in it for a bank to enforce a personal guarantee for that sort of level – drop me a line on simon at zoomlabs dot com and I can introduce you to someone who deals with company wind-downs and can give you some free advice :)

From: [hidden email] [[hidden email]] Sent: 11 June 2018 09:16 To: [hidden email] Subject: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC … what can i do?

So,

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while.

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore.

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle

Andy

— Please Note: If you hit “REPLY”, your message will be sent to everyone on this mailing list ([hidden email]) This message was sent by Meetup on behalf of andrew davey from London OpenCoffee Meetup. To report this message, please click here To block the sender of this message, please click here Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

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RE: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2

According to people who know more about this than me… In most cases, yes it would impact your credit rating

 

From: [hidden email] [mailto:[hidden email]]
Sent: 11 June 2018 10:50
To: [hidden email]
Subject: Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

 

Simon--just curious- would it not impact on your personal credit rating if you have a personal guarantee in place for a biz overdraft and then don't pay it off?? 

 

On Mon, 11 Jun 2018, 10:50 Simon Bone, <[hidden email]> wrote:

There isn't really much in it for a bank to enforce a personal guarantee for that sort of level – drop me a line on simon at zoomlabs dot com and I can introduce you to someone who deals with company wind-downs and can give you some free advice :)

From: [hidden email] [[hidden email]] Sent: 11 June 2018 09:16 To: [hidden email] Subject: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC … what can i do?

So,

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while.

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore.

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle

Andy

— Please Note: If you hit “REPLY”, your message will be sent to everyone on this mailing list ([hidden email]) This message was sent by Meetup on behalf of andrew davey from London OpenCoffee Meetup. To report this message, please click here To block the sender of this message, please click here Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

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Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2
Sorry to hear that, Andy.

I fully understand your feelings.

Myself I also suffered a business failure few years ago.

I can relate to your pains.

Please stay strong.

Best wishes.

From: [hidden email] <[hidden email]> on behalf of andrew davey <[hidden email]>
Sent: 11 June 2018 09:16:23
To: [hidden email]
Subject: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?
 
So, 

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while. 

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore. 

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle 

Andy




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Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2
Andy,

Seems you have been given some really good advice and offers of help and contact referrals.

To keep a business going for 8 years is good going and it’s a shame it ran out of steam. Just want to wish you all the best with things as you head onto a new path.  

Hope you bounce back even stronger and wiser  for the experience. 

Carla Thomas 
Thomas Chase Immigration 


Sent from my iPhone

On 11 Jun 2018, at 13:01, Peng <[hidden email]> wrote:

Sorry to hear that, Andy.

I fully understand your feelings.

Myself I also suffered a business failure few years ago.

I can relate to your pains.

Please stay strong.

Best wishes.

From: [hidden email] <[hidden email]> on behalf of andrew davey <[hidden email]>
Sent: 11 June 2018 09:16:23
To: [hidden email]
Subject: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?
 
So, 

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while. 

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore. 

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle 

Andy




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RE: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2

Sorry to hear that too.

 

No business Titan be that Alan Sugar or Richard Branson  did not have their share of failures, it is knowledge, experience and the lesson to being successful.

 

Prepare a list of all your income/expenditure, offer the bank what you can really afford, (minimum is £1)  and review every 6 months.

 

It serves the bank no purpose to go to court if no possibility to repay.

 

Often what they will do is to sell to a credit agency for 10 to 15% of the amount.  They will call you and ask for full amount (lol) you offer what you can pay be that £5.00 per month?

 

Just helped a colleague with a £43k debt to Lloyds at £10.00 per month via the debt collection agency.

 

It will show on your credit file if not already.

 

Do not allow yourself to GET STRESSED, just offer them the highest amount possible to pay.

 

Good luck

 

M

 

From: [hidden email] <[hidden email]>
Sent: 11 June 2018 17:07
To: [hidden email]
Subject: Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

 

Andy,



Seems you have been given some really good advice and offers of help and contact referrals.



To keep a business going for 8 years is good going and it’s a shame it ran out of steam. Just want to wish you all the best with things as you head onto a new path.  



Hope you bounce back even stronger and wiser  for the experience. 



Carla Thomas 

Thomas Chase Immigration 

 

 

Sent from my iPhone


On 11 Jun 2018, at 13:01, Peng <[hidden email]> wrote:

Sorry to hear that, Andy.

I fully understand your feelings.

Myself I also suffered a business failure few years ago.

I can relate to your pains.

Please stay strong.

Best wishes.


From: [hidden email] <[hidden email]> on behalf of andrew davey <[hidden email]>
Sent: 11 June 2018 09:16:23
To: [hidden email]
Subject: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

 

So, 

 

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while. 

 

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore. 

 

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

 

Essentially i'm in a pickle 

 

Andy





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Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2
Hi Andrew,

Sorry to hear about that.

Are there any assets from your business that can be sold off to at least cover part of the amount owed to the bank?

If you start there, perhaps that might lower the pending amount which could be covered through a more affordable monthly payment.

It may also be worth your time to sit with the bank and see if they can accommodate a payment plan in more manageable instalments, though not sure how likely it is that they may entertain this idea.

Good Luck in getting it sorted.

Pranav 

Sent from my iPhone

On 11 Jun 2018, at 09:16, andrew davey <[hidden email]> wrote:

So, 

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while. 

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore. 

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle 

Andy




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Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2
Hey Guys, 

Wow, great responses. OC is probably the best group i've been part of over the last X number of years. 

As we were fully digital i dont have any assets that i can use to offset the debt, nor do i have anything at home that will be enough to offset it either. 

Thanks for all the encouragement, thankfully i know it's not the end of the world and that the bank needs to be a responsible lender so they have to take what i can afford. I just need to come up with a full list. It's more complicated, well maybe it's not, because i have a child on the way so my rent costs have just doubled and obviously i've got more outgoings now. BUT YAY a baby :) 

Thanks again

Andy

On Mon, Jun 11, 2018 at 5:39 PM, Pranav <[hidden email]> wrote:
Hi Andrew,

Sorry to hear about that.

Are there any assets from your business that can be sold off to at least cover part of the amount owed to the bank?

If you start there, perhaps that might lower the pending amount which could be covered through a more affordable monthly payment.

It may also be worth your time to sit with the bank and see if they can accommodate a payment plan in more manageable instalments, though not sure how likely it is that they may entertain this idea.

Good Luck in getting it sorted.

Pranav 

Sent from my iPhone

On 11 Jun 2018, at 09:16, andrew davey <[hidden email]> wrote:

So, 

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while. 

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore. 

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle 

Andy




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Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2
Digital businesses have assets: goodwill, mailing lists, code, know how, formal IP

Andrew 

On Tue, 12 Jun 2018, 10:11 andrew davey, <[hidden email]> wrote:
Hey Guys, 

Wow, great responses. OC is probably the best group i've been part of over the last X number of years. 

As we were fully digital i dont have any assets that i can use to offset the debt, nor do i have anything at home that will be enough to offset it either. 

Thanks for all the encouragement, thankfully i know it's not the end of the world and that the bank needs to be a responsible lender so they have to take what i can afford. I just need to come up with a full list. It's more complicated, well maybe it's not, because i have a child on the way so my rent costs have just doubled and obviously i've got more outgoings now. BUT YAY a baby :) 

Thanks again

Andy

On Mon, Jun 11, 2018 at 5:39 PM, Pranav <[hidden email]> wrote:
Hi Andrew,

Sorry to hear about that.

Are there any assets from your business that can be sold off to at least cover part of the amount owed to the bank?

If you start there, perhaps that might lower the pending amount which could be covered through a more affordable monthly payment.

It may also be worth your time to sit with the bank and see if they can accommodate a payment plan in more manageable instalments, though not sure how likely it is that they may entertain this idea.

Good Luck in getting it sorted.

Pranav 

Sent from my iPhone

On 11 Jun 2018, at 09:16, andrew davey <[hidden email]> wrote:

So, 

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while. 

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore. 

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle 

Andy




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Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2
well, some do. But i dont have anything that's worthwhile. I went through a process a few years ago to see if someone with more cash wanted to buy any of it and it wasnt worth it. Startups and business hey? It's all fun and games. 

On Tue, Jun 12, 2018 at 10:16 AM, Andrew Lockley <[hidden email]> wrote:
Digital businesses have assets: goodwill, mailing lists, code, know how, formal IP

Andrew 

On Tue, 12 Jun 2018, 10:11 andrew davey, <[hidden email]> wrote:
Hey Guys, 

Wow, great responses. OC is probably the best group i've been part of over the last X number of years. 

As we were fully digital i dont have any assets that i can use to offset the debt, nor do i have anything at home that will be enough to offset it either. 

Thanks for all the encouragement, thankfully i know it's not the end of the world and that the bank needs to be a responsible lender so they have to take what i can afford. I just need to come up with a full list. It's more complicated, well maybe it's not, because i have a child on the way so my rent costs have just doubled and obviously i've got more outgoings now. BUT YAY a baby :) 

Thanks again

Andy

On Mon, Jun 11, 2018 at 5:39 PM, Pranav <[hidden email]> wrote:
Hi Andrew,

Sorry to hear about that.

Are there any assets from your business that can be sold off to at least cover part of the amount owed to the bank?

If you start there, perhaps that might lower the pending amount which could be covered through a more affordable monthly payment.

It may also be worth your time to sit with the bank and see if they can accommodate a payment plan in more manageable instalments, though not sure how likely it is that they may entertain this idea.

Good Luck in getting it sorted.

Pranav 

Sent from my iPhone

On 11 Jun 2018, at 09:16, andrew davey <[hidden email]> wrote:

So, 

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while. 

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore. 

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle 

Andy




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Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2
I'll buy businesses for turnaround / salvage, so if you or anyone else would be interested in selling, contact me Andrew dot Lockley at Gmail dot com 

On 12 Jun 2018 10:30, "andrew davey" <[hidden email]> wrote:
well, some do. But i dont have anything that's worthwhile. I went through a process a few years ago to see if someone with more cash wanted to buy any of it and it wasnt worth it. Startups and business hey? It's all fun and games. 

On Tue, Jun 12, 2018 at 10:16 AM, Andrew Lockley <[hidden email]> wrote:
Digital businesses have assets: goodwill, mailing lists, code, know how, formal IP

Andrew 

On Tue, 12 Jun 2018, 10:11 andrew davey, <[hidden email]> wrote:
Hey Guys, 

Wow, great responses. OC is probably the best group i've been part of over the last X number of years. 

As we were fully digital i dont have any assets that i can use to offset the debt, nor do i have anything at home that will be enough to offset it either. 

Thanks for all the encouragement, thankfully i know it's not the end of the world and that the bank needs to be a responsible lender so they have to take what i can afford. I just need to come up with a full list. It's more complicated, well maybe it's not, because i have a child on the way so my rent costs have just doubled and obviously i've got more outgoings now. BUT YAY a baby :) 

Thanks again

Andy

On Mon, Jun 11, 2018 at 5:39 PM, Pranav <[hidden email]> wrote:
Hi Andrew,

Sorry to hear about that.

Are there any assets from your business that can be sold off to at least cover part of the amount owed to the bank?

If you start there, perhaps that might lower the pending amount which could be covered through a more affordable monthly payment.

It may also be worth your time to sit with the bank and see if they can accommodate a payment plan in more manageable instalments, though not sure how likely it is that they may entertain this idea.

Good Luck in getting it sorted.

Pranav 

Sent from my iPhone

On 11 Jun 2018, at 09:16, andrew davey <[hidden email]> wrote:

So, 

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while. 

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore. 

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle 

Andy




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Re: [LondonOpenCoffee] Business closed down, cant pay overdraft and CC ... what can i do?

Jon Goldhill-2
In reply to this post by Jon Goldhill-2
In his book "How to get rich'', Felix Dennis tells a great story about a failed business of his: Stuff Magazine. He met up with Michael Heseltine, who spotted an opportunity. By the time Dennis realised what was going on, Hesseltine had made him an offer and got himself a bargain. Point is: Dennis hadn't even TRIED to sell the business, assuming it wasn't worth anything.

So don't write it off just yet! :))))



On 12 June 2018 at 11:57, Andrew Lockley <[hidden email]> wrote:
I'll buy businesses for turnaround / salvage, so if you or anyone else would be interested in selling, contact me Andrew dot Lockley at Gmail dot com 

On 12 Jun 2018 10:30, "andrew davey" <[hidden email]> wrote:
well, some do. But i dont have anything that's worthwhile. I went through a process a few years ago to see if someone with more cash wanted to buy any of it and it wasnt worth it. Startups and business hey? It's all fun and games. 

On Tue, Jun 12, 2018 at 10:16 AM, Andrew Lockley <[hidden email]> wrote:
Digital businesses have assets: goodwill, mailing lists, code, know how, formal IP

Andrew 

On Tue, 12 Jun 2018, 10:11 andrew davey, <[hidden email]> wrote:
Hey Guys, 

Wow, great responses. OC is probably the best group i've been part of over the last X number of years. 

As we were fully digital i dont have any assets that i can use to offset the debt, nor do i have anything at home that will be enough to offset it either. 

Thanks for all the encouragement, thankfully i know it's not the end of the world and that the bank needs to be a responsible lender so they have to take what i can afford. I just need to come up with a full list. It's more complicated, well maybe it's not, because i have a child on the way so my rent costs have just doubled and obviously i've got more outgoings now. BUT YAY a baby :) 

Thanks again

Andy

On Mon, Jun 11, 2018 at 5:39 PM, Pranav <[hidden email]> wrote:
Hi Andrew,

Sorry to hear about that.

Are there any assets from your business that can be sold off to at least cover part of the amount owed to the bank?

If you start there, perhaps that might lower the pending amount which could be covered through a more affordable monthly payment.

It may also be worth your time to sit with the bank and see if they can accommodate a payment plan in more manageable instalments, though not sure how likely it is that they may entertain this idea.

Good Luck in getting it sorted.

Pranav 

Sent from my iPhone

On 11 Jun 2018, at 09:16, andrew davey <[hidden email]> wrote:

So, 

After 8 years or so my business finally ran out of steam and money and has had to be closed down. I've got a fairly large overdraft £25k and a £5k CC that are maxed out. Annoyingly when i got the overdraft about 5 years ago i had to sign a personal guarantee. At the time things were going well and i got the OD for expansion and it worked well for a while. 

The issue now is that the bank obviously wants the money back yet i cant afford it. I was told in the past that the bank would probably write it off, but seems this isnt the case anymore. 

Does anyone have any advice on what i can do? Looking at my outgoings i can only afford £200 a month or something which i dont think will cover the interest.

Essentially i'm in a pickle 

Andy




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