I am currently running a small retail business. It is just about breaking even before I take a wage which really means it is losing money in real terms.
I own the property and have a mortgage of 265,000 on it costing 1,620 monthly. I have approched BOI to give me interest only to try and catch up on bills that are in arrears, vat, credit card suppliers etc. I have been told by BOI that if they agree my interest rate will go from 3.2 to at least 5%. This would totally defeat the purpose.
You will wonder how a break even business could go into so much arrears. It is because, firstly, I have to take a wage whether or not the business can support it and also my husband who was self employed is not entitled to any state payments so all our household bills including house mortgage have to be paid out of the business. The business cannot sustain this.
I can't close the business because I would have little chance of renting the property as there are many vacant properties.
Any advice would be most welcome as I am at the end of my tether and just don't know where to turn.
I own the property and have a mortgage of 265,000 on it costing 1,620 monthly. I have approched BOI to give me interest only to try and catch up on bills that are in arrears, vat, credit card suppliers etc. I have been told by BOI that if they agree my interest rate will go from 3.2 to at least 5%. This would totally defeat the purpose.
You will wonder how a break even business could go into so much arrears. It is because, firstly, I have to take a wage whether or not the business can support it and also my husband who was self employed is not entitled to any state payments so all our household bills including house mortgage have to be paid out of the business. The business cannot sustain this.
I can't close the business because I would have little chance of renting the property as there are many vacant properties.
Any advice would be most welcome as I am at the end of my tether and just don't know where to turn.