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| *Ostroff, Fair and Company>>>Australia Taxes |
Big trouble here,I took a lease on 2yrs ago to take on a carpet cleaning business the repayments were too high |
trying to find $600.00 per month was very hard, fell well behind on payments 3mths ago I came to an arrangement to pay the interest only, was working well now they want the money paid out in full,meaning i have need to borrow more money to pay them out,this may cost a further thousands of $'s with set up cost and because i will have to change my morgage over .my credit rating is now shot to pieces i owe on taxes, any advice on how to get out of this mess will be very much appreciated Is this with a bank? or an individual? Unfortunately, this is considered a "high risk" industry, and therefore, the bank will most likely decline any funding if your credit rating has deteriorated, and the net worth & net income of the company is not showing profits. You need to talk to the person, and ask them, if there is some way you can discuss other options, than them demanding the loan in full? Failing this, you need to assess whether you should stay in the business, I know it is tough, but if you are having a hard time paying now, what will change significantly to make you pay later? This, may be the toughest realization, but it is what you need to consider. I am not sure what you signed as security for the loan, however, you may have some options, and I would approach your Bank to discuss what the options may be. Worst case, is bankruptcy, but there is a lot of decisions and choices in between. Good luck to you. Source(s): I am a banker. see if you can renegotiate with the lessor for a percentage of your business for a longer period of time, with interest rates being low they could profit more by getting a percentage over a longer period than the 600. per month now. Then advertise your services for a special price to get more customers. Good Luck WOW! I wish you the best. Try and renogiate. |
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