Is it possible to set up your own business with a bad personal credit rating?
Oct 04, 2007 by LadyMoonlight!! | Posted in Small Business
Well-grounded interested.
Due to a lot of problems we've been living on a severely low income and so haven't been able to keep up repayments on our credit cards, loans etc As a issue our credit rating is destroyed. We've been to CAB and are making token payments to our creditors which is all we can do right now.
We keep being told that way out of financial problems and the profession dead end my other half is in is to set up our own business and work for ourselves. However as we have no capital, and I presume no bank would advance a business loan to someone with a bad credit rating, this would be an impossibility (elfin of a lottery win). My partner was even refused a Career Development Loan because of our credit rating.
Just interested in specimen there are any ways around this I might not be aware of.
Put up a Ltd company with the name of different people as directors,for example your mum or your dad as the directors of the company, who don't have a bad credit history, but the share holders will be you and your old man. There is no guarantee if the bank will allow you facilities, but depending on your business and the bank manager, this may work.
gordonmother | Oct 04, 2007
Concoct a Ltd company with the name of different people as directors,for example your mum or your dad as the directors of the company, who don't have a bad credit history, but the share holders will be you and your quash. There is no guarantee if the bank will allow you facilities, but depending on your business and the bank manager, this may work.
gordonmother | Oct 04, 2007
borrowing money and credit cards?
Jan 28, 2009 by tw | Posted in Credit
pitiful if this is long but im really looking for some advice, ive just been watching a programme about bad credit in britain. Myself and my partner are struggling at the gravity, we have both lost our jobs due to businesses closing down. We've been trying very hard to get jobs but the job market seems very hard. We were at an advanced hour with last months rent + i used overdraft to pay it.
We're have to pay this months rent but dont know if overdraft will occupy it, so we're selling our possessions. I've never thought about getting a credit card before (im 27) my opinion was always if you havent got the money then you shouldnt as a matter of fact buy that holiday abroad.
I'm seriously considering now whether to apply for a credit card now mostly because we hate where we live (abusive neighbours) + not subtle a nice area to live in. I watched stories of young women who ran up thousands on credit cards on holidays & approach, and i thought if they can borrow £ for this why can't we borrow £ to get us out of this mess in and live in a nice home and pay of some debts?
Our innkeeper keeps putting our rent up and we cant afford to move.
Its affecting our mentality & health, we are both depressed. I know a credit calling-card would be a quick solution and it would have to be paid back which i would do if i was able to get a job.
Can someone who is unemployed or on benefits get a credit card? Im not sure that i would get one? also because i have a bad record with the directorate because i couldnt afford council tax payments, but would that show up on a banks credit check? as i've always had an excellent record with my bank.
i would really be aware any advice as to whether and how to apply for the best credit card sorry its long!
I indeed do sympathise with you as I've been in the same situation. But don't do it because you can't afford to pay it back. You need to approach your local council and ask about debt advice and dialect mayhap go in and speak to a housing officer about getting affordable housing.
You're landlord shouldn't be allowed to put your charter out up unless its specifically stated in your lease. I assume you paid a deposit- tell him to take this as you can no longer spare the rent. Then keep any money you have and wait for an eviction notice. The council will house you at this point. While you're still unemployed they will pay your hire on your behalf. When you do get a job you can begin to pay this lower rent on your own.
A general rule of thumb about credit is that if you can't afford to pay out say £250 a month to a credit calling-card or loan then don't take it. Instead force yourself to put aside what you can reasonably afford.
Blackwell doesn't care | Jan 28, 2009