Reply to: Oh Dear: Debt...

[Joe Black]

Why?, because she wants it all.

She wants to be able to keep the restaurant while not paying the creditors, have a baby and not work, collect rent from her buy-to-lets while not paying the mortgage etc...

[BlasterBates]

But hang on she has 3 properties and a restaurant, why can't she just sell the buggers, and then live off social security.

Problem solved.

[Sysman]

If I could have all the money back that I'd spent on women and wine, then I would spend it again on women and wine.

But with the benefit of experience, better quality women and wine.

[stackpole]

Not sure that having the child was planned or not but she was obviously delighted that she was having a child so I dont think that qualifies her as an idiot.

She was at pains to point out it was planned.

However, if you wait until you are 36 before having kids there's no time to lose. In which case starting up a restaurant at the same time was bad planning.

[vista]

Yep

...if she accepted she made a mistake, and she sold her 2 buy-to-lets and her restaurant and her husband got a normal job and she took a part time job in the evenings or weekends

This is the key isn't it, the trick is often to recognise when its gone pare shaped, pull the plug, consolidate work hard, apply the lessons learned and try again.

Bleating to the BBC is a waste of time (though the venting may have helped her emotionally), the debt holiday response from the halifax and the other bank was a result though wasn't it, you don't get if you don't ask.

[NewBoy]

Not sure that having the child was planned or not but she was obviously delighted that she was having a child so I dont think that qualifies her as an idiot.

Dosent matter about the restaurant , as getting rich is not related to what you sell its how you sell it , Alan Sugar started off selling car aerials.

Agreed the saftey net was not there , ie. when things went bad no money to get thro the bad patch , but she cant be held responsibile for the bombings in London , thats just bad luck.

She says that the child was planned for November, so yes it was planned!! I'm all for people taking a risk, but you have to accept that you took a risk and it bombed, and not expect someone to bail you out! Do you think Alan Sugar has ever expected anyone to bail him out? Always worth asking but accept that you have no devine right to expect people to help...

You are right, she can't be held responsible for the bombings, but she can be held responsible for not planning for the unexpected. I went into business earlier this year and have a years salary in the bank just in case...now if on a whim I decided to use that money on fancy premises and fancy laptops and maybe a couple of staff because right now things are good, would you have any sympathy for me if in 6 months time I was skint and didn't have any work because the retail market crashed? Bad luck is normally bad planning!

I worked damn hard to get my emergency fund and I wouldn't go it alone until I had it...I accept that many people are happier to take risk than me and probably 80% of the people on here have gone it alone without the slush and taken the risk...but if it all goes Pete Tong then I'm pretty sure they will take it on the chin and not blame bad luck!!

This woman must employ people through her restaurant so she has a responsibility to those people to make sure she has a solid business case and every businessman I have ever met has told me that I should not expect to make a profit in the first year...

It's 11.30pm where I am right now and this is still pissing me off...the woman just wants to blame everything and everyone but herself...if she accepted she made a mistake, and she sold her 2 buy-to-lets and her restaurant and her husband got a normal job and she took a part time job in the evenings or weekends, and then she asked for help then I would respect her and who knows, I might even give her a couple of quid!!! But oh no, she just wants everyone else to sort out her mess!

[Joe Black]

I simply can't sympathise with anyone who acts the victim when they are an IT freelancer (reasonably good wage and above national average) and when they have 3 properties and a restaurant...

A bit my feeling as well. Imagine quite a few people, on minimum wage or trying to get their first foot on the property ladder, will be thinking likewise.

[Bitbucket]

Hold on a moment - if you were involved in any new business venture, would you plan to be absent from it, 6 months or whatever it was after it went live, for a variable period of time (who knows how long you'd be unable to work after giving birth?) - especially if the new venture was a restaurant? Everyone knows they are stupidly risky - you might as well buy magic beans and hope for the best. All the people I know who have started businesses have worked their nuts off for at least 2 years with virtually no time off.

She's an idiot, end of story.

Not sure that having the child was planned or not but she was obviously delighted that she was having a child so I dont think that qualifies her as an idiot.

Dosent matter about the restaurant , as getting rich is not related to what you sell its how you sell it , Alan Sugar started off selling car aerials.

Agreed the saftey net was not there , ie. when things went bad no money to get thro the bad patch , but she cant be held responsibile for the bombings in London , thats just bad luck.

[interested]

Have a heart for christ sake , she was only trying to make money to finance a better lifestyle for herself and family.

I like her, she also seems the sort of person that is well capable of managing that risk when it went bad.

A resturant is not the best place to sink money I agree, but having the guts to go forward and do what she did is an admirable quality.

Im sure she will emerge from the experience a stronger and better person and if she is a true entreprenuer then the experience wont have put her off trying again.

Hold on a moment - if you were involved in any new business venture, would you plan to be absent from it, 6 months or whatever it was after it went live, for a variable period of time (who knows how long you'd be unable to work after giving birth?) - especially if the new venture was a restaurant? Everyone knows they are stupidly risky - you might as well buy magic beans and hope for the best. All the people I know who have started businesses have worked their nuts off for at least 2 years with virtually no time off.

She's an idiot, end of story.

[BlasterBates]

Well I can "hack" the restaurant, but the Buy to Lets, that smacks of "I went down the pub and it seemed like a good idea because all my mates are doing it".

[DimPrawn]

I blame the government.

[Bitbucket]

Have a heart for christ sake , she was only trying to make money to finance a better lifestyle for herself and family.

I like her, she also seems the sort of person that is well capable of managing that risk when it went bad.

A resturant is not the best place to sink money I agree, but having the guts to go forward and do what she did is an admirable quality.

Im sure she will emerge from the experience a stronger and better person and if she is a true entreprenuer then the experience wont have put her off trying again.

[TheMonkey]

I've got lots of debt. A percentage breakdown:

10% takeaways from slaving late for a crap wage and not being arsed to cook.
20% landlords theiving my deposits
20% running a car
20% alcohol to make the world seem a better place
30% running a family

[DaveB]

To quote George Best...

"I spent a lot of money on booze, birds and fast cars. The rest of it I just squandered."

[AlfredJPruffock]

If I could have all the money back that Id spent on women and wine, then I would spend it again on women and wine.