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Hi I use Babtac for the liability for treatments insurance and Balens for contents, stock, glass, money etc. It was babtac who gave me the details for Balens and the cover i have with them is £135 per year though it varies depending on cover you require.
 
Babtac doesn't cover you for contractual disputes, so you may want to consider a separate policy for that. Believe me, it will be cheaper than having to pay for legal representation!
 
Babtac doesn't cover you for contractual disputes, so you may want to consider a separate policy for that. Believe me, it will be cheaper than having to pay for legal representation!

Hi Lynne,

Sorry if I'm being a bit dumb here but what do you mean by contractual disputes? Do you mean with staff? It will only be me

x
 
Hi Guys,

Totally gutted! Spoke to bank this morning and apparently I need 50% of the money myself for them to lend me anything. I knew I'd have to put some money up front but think 50% is a little steep.

Did you all have the same problem?

x
 
Hi Guys,

Totally gutted! Spoke to bank this morning and apparently I need 50% of the money myself for them to lend me anything. I knew I'd have to put some money up front but think 50% is a little steep.

Did you all have the same problem?

x

It has always been the same. Banks have never lent more than 50% of the cost of a leasehold business.
 
Oh no how disappointing :-(
Sorry to hear that, 50% seems a lot.
The bank lent me £19000 no problem not secured on anything, I guess it depends on circumstances and the bank.
Is it worth trying other banks for loans ?

Jojo x
 
Hi Guys,

Totally gutted! Spoke to bank this morning and apparently I need 50% of the money myself for them to lend me anything. I knew I'd have to put some money up front but think 50% is a little steep.

Did you all have the same problem?

x

What about your stock and equipment that's classed as collatral? How much have you invested into your business already?
Try another bank.:biggrin:
 
Hi Lynne,

Sorry if I'm being a bit dumb here but what do you mean by contractual disputes? Do you mean with staff? It will only be me

x

I meant with suppliers etc. Believe me when I say that there are some VERY unscrupulous people out there. People will lie to you, about you, accuse of all manner of nonsense, and unless you can defend yourself you wil find yourself looking at a very large legal bill.

Get everything in writing, confirm everything, keep a comprehensive audit trail, never delete text messages or emails.
 
Oh no how disappointing :-(
Sorry to hear that, 50% seems a lot.
The bank lent me £19000 no problem not secured on anything, I guess it depends on circumstances and the bank.
Is it worth trying other banks for loans ?

Jojo x

Hi JoJo,

Can i ask which bank lent you this amount? Did you not have anything to put in yourself? Was it a business or personal loan?

Sorry for all the questions!

x
 
I got my business loan from Lloyds tsb 2yrs ago, I bought the salon where I had worked for 9 yrs so knew the business was worth buying as the previous owner did no advertising at all and it was doing ok, since taking over, and advertising, adding new treatments etc it is flourishing ! (not sure that is spelt correctly) x
 

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