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T O P I C R E V I E W
Matthew.io
Posted - 10 January 2011 : 16:50:57 Hi, i would like some help with my current financial situation, i am a sole trader and i believe br to be my best option but just want to make sure their are no other options available, i have 2 business loans (approx £30k total) 5 personal credit cards approx 5 - 6k total, and 5 customers of the business who are going to lose out.
2 L A T E S T R E P L I E S (Newest First)
Matthew.io
Posted - 10 January 2011 : 18:21:17 hello and thank you for the reply, ive emailed one or two of the experts and hoping to hear back soon.
in short the business revolves around imports from japan but since the jp yen went on steroids (exchange rate is half of what it were under 2 years ago when the business was booming it was £1 = 270-290jpy) currently and for a good while now its been averaging around 130jpy per £ if not less (dropped to 113 at one point)
so effectively everything that was bought on account doubled in cost (within a very short while less than the time it took for the goods to arrive from japan)
and then everythings had a knock on effect since which combined with a series of unfortunate events has brought me to considering going br.
currently i have zero income from the business and most assets have already been sold off to try and keep afloat. the assets that remain probably total £2500 if im lucky and for quicksale would probably be half that.
ive kept £600 cash incase it came down to BR which i think it has.
The loans and the credit cards i would gladly enter into some sort of repayment plan but my main concern is the 5 customers, 1 of them is a business and the other 4 are individuals who probably got into debt to make their orders is what really upsets me.
Viki.W
Posted - 10 January 2011 : 18:02:31 Hi Matthew, Welcome to the forum.
I advise you speak to someone to chat through your situation. Call an expert on here or visit the CAB.
Please post a few more details about your business, assets and if you have any surplus income at the end of month. And ask as many questions as you want. We're all here for you.
