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A Friend thinks he'll be given a loan of approx €100K, for new business.

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  • 01-10-2012 4:36pm
    #1
    mashedbanana
    Registered Users Posts: 542 ✭✭✭


    Hi all :-)
    A friend of ours is convinced that the bank will give him a loan of around 100k, so he can start a business. He wants to buy his own lorry & trailer. He thinks he has it all worked out, with regards to a secretary (the wife), cos he's gonna be so busy, he'll need one (he says). A transport manager, etc. He plans on building onto his house ( as he says he'll need an office). He says that he has all the work lined up and ready to go. So far so good. No one can knock a man for trying. He has been driving trucks for about 10 years, he's a couple of years shy of 40.

    Every truck driver out there will tell the appeal of being an owner driver. We have family that have been trukers all their life, and can understand the appeal of owning your own truck.

    However...after discussing the details of insurance €3,500 p/a, tax, the price of tyres, truck macanic and all the added extras involved, He just doesn't seem to get it! Starting off as an owner driver, chances are you'd be working 7 days a week. Not this buchaíl tho....oh no. 'I'll work 5 and a half days and thats it' says he. 'They can F**** Off! He mouthy, in other words, a know-it-all.

    Anyway, when asked what he'd do 'If' it all went wrong.....?

    'NOTHING!' He said he'd claim bankrupsy, and all the bank would take off him is the truck & the trailer! After he securing the house on the loan!!!!!
    The extension for the office, would be wrote off in tax! Is he accurate in this???

    Cos I can't see the bank not coming after the house. Any ideas?


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    #2
    JustAddWater
    Closed Accounts Posts: 1,990 ✭✭✭JustAddWater


    mashedbanana wrote: »
    Any ideas?

    Yeah! Don't get involved on it

    Sounds like a chancer who doesn't give a bollix. Doomed to fail, if he even gets off the ground


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    #3
    mashedbanana
    Registered Users Posts: 542 ✭✭✭mashedbanana


    Ya, that's what i'm thinking too. Problem is, he's going around telling everyone of this great business that gonna happen. He would be going in as competition against the fella he's working for at the moment! He obviously doesn't mind if he loses his job because of it. He really thinks that the bank won't touch the house, that all they'll do is take back the truck and trailler. It's the family that are relying on him that I feel sorry for.


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    #4
    Spear
    Moderators, Computer Games Moderators, Technology & Internet Moderators, Help & Feedback Category Moderators Posts: 25,305 CMod ✭✭✭✭Spear


    Try the entrepreneur forum instead:

    http://www.boards.ie/vbulletin/forumdisplay.php?f=106


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