Corona Virus Government Grants

[Vendition Ltd]

Hi guys

I managed to freeze the mortgage for 3 months and myself and wife should receive about £1000 per month from the 80% government grant for employees. My parents have kindly offered me £500 per month to help us out so I only really need to find about £500- £1000 per month to keep my head above water. Even if I just subsidise this through debt at least the business will still survive and can hopefully make back any losses next year when this thing has completely gone away. I guess this is the beauty of vending with relatively low overheads. I called Natwest twice and they take your details and tell you someone from the business team will call you to advise you on the different lending packages available since Covid 19, I haven’t heard anything back! God help me if I needed an emergency loan to keep the business afloat. The banks really are useless!

[JavaGreen]

I do not understand, your business has been running I assume since 2009 therefore, when you consider all of your stock and machinery is already paid for.... surely it should stay afloat independently.

You only have general living expenses to contend with, the same as everyone else on here.

I have closed my eye on the business front, that way it is not causing me any concerns. Will wake up when the curfew is relaxed and hope for the best then.

Your mortgage seems to be taken care of for three months, your parents are helping out which is very kind of them and probably takes care of your food etc. Others on here might not be so lucky.

[Vendition Ltd]

I do not understand, your business has been running I assume since 2009 therefore, when you consider all of your stock and machinery is already paid for.... surely it should stay afloat independently.

You only have general living expenses to contend with, the same as everyone else on here.

I have closed my eye on the business front, that way it is not causing me any concerns. Will wake up when the curfew is relaxed and hope for the best then.

Your mortgage seems to be taken care of for three months, your parents are helping out which is very kind of them and probably takes care of your food etc. Others on here might not be so lucky.

What don’t you understand?

When I first put my post up I was looking for options and just put a post up with an update of what I have managed to do. I still have debt from rounds I purchased last year which I need to service. I have 2 vans on hire purchase so that’s £600 per month

You have closed your eyes on the business probably because you are not 100% reliant on it for your livelihood! Why bother posting on this topic?

[JavaGreen]

Please do not view above as a negative..... but more a case of stay positive.... the situation is not good at the moment for anyone.... try and keep busy to take your mind of the business as there really is nothing you can do... the curfew is government led therefore we have to follow their guidance. Your heath and family are more important at the moment.

[JavaGreen]

Okay... I have 4 vehicles outside my window, 2 x vans, 1 x car and a motorhome. I have just put a sorn on one van as the tax was due for the 1st April, the motorhome is due tax end of April and that will be sorned.... no point taxing something that I cannot use. I shall not scrap the insurance as that is important.

[JavaGreen]

You need to contact your hire purchase companies and tell them you have reduced income due to ‘coronavirus’ and consequently would like them to withhold payments or take a payments holiday for three months. Communication is the key as long as you mention Coronavirus. Cannot see them refusing.

[JavaGreen]

I have been in this business since 2014, I do not rely on the business for income and have reinvested all profits to expand. Of course, I expect to lose about 25% once this blows over due to companies going bust and that is being realistic. Anything less is a bonus, losing nothing would be a miracle. Vending is considered high risk hence banks are just not interested.

I am not entitled to benefits
I am not entitled to grants
I am not even entitled through this business self employment help

I have recently asked the bank for a business overdraft facility (probably get refused that) as my business has never been overdrawn in all the time I have been in business. However, I do get a military pension and a teaching pension but not a state pension as I am not old enough LOL!

But I do have a mortgage to pay and a family to feed.

Hang in there fella...... but remember what ever payment holidays you take.... those critters will just add it on the end and therefore you end up paying more.....

Banks love your money because they make loads of money on it..... use theirs and they will sting you for it.... chin up and take care.

[Coin Operated Group]

sorning vehicles is a good shout