Mortgage free but in debt & no

[user1497643032]

I am posting this & hoping to get some advice pls because I don't really know what to do or think. PLEASE PLEASE DO NOT JUDGE ME. I cannot begin to tell u my entire life story or history.

I have got my own house outright without mortgage

But I am in debt, very very poor credit rating. So, can't get a loan- not even poor credit loan. I have one already.

Now, I need to raise funds to start a business for income.

What do I do? How can I raise funds? Thanks

Sell house and downsize?

Get a job and save up?

Most new businesses fail within the first year. I'd be VERY wary of borrowing money to start a new business.

What do you do for income now?

Starting a business is a big step, can you take it very slowly - is it a hobby which is turning into a business? You don't want to borrow money to start a business, the risk of failing it too high.

Get a lodger. No tax to pay under rent a room allowance.
Use that income to pay off your debt and fund your business start up.
Preferably alongside a job until your business is viable.

Thanks everyone for your advice & suggestions

I was considering going into property i.e. Buying cheap, do it up & sell on at a profit. I HAVE ALWAYS WANTED TO GO INTO PROPERTY.

Currently looking for a job but no luck without my nearly no work experience due to illness etc.

My lifetime DLA award stopped because i couldn't get my PIP back to DWP ontime.
So, I am really REALLY struggling.

Don't even think of buying property to do up unless you have the skills to do that (electrical, plumbing, plastering etc.) You won't be able to afford to pay anyone.

How much is your house worth? Would it be possible to sell it and buy a cheaper one that's OK in your area?

I was considering going into property i.e. Buying cheap, do it up & sell on at a profit. I HAVE ALWAYS WANTED TO GO INTO PROPERTY.

Yeah you and a million others. This is not a good idea unless you have the resources to be a cash only buyer who can pick up things at auction and have skills to do the renovations yourself.

Get a lodger for some immediate income. Look for a job for a longer term solution.

Don't even think of buying property to do up unless you have the skills to do that (electrical, plumbing, plastering etc.) You won't be able to afford to pay anyone.

^with bells on.

Time was, you could buy a property and in the time it took you to do it up (even badly) you made money because the market was rising so quickly.

My ex is a qualified joiner with building, plumbing and electrics experience. There's not a lot he cant do. Used to buy a house, live in it whilst doing the work, sell - and have a nice lifestyle with a two month travel break. Then start the next. He was never rich.

What skills have you got in understand the market, managing contractors (aka profit eaters) and selling?

It really isn't easy money.

Thank you all for all your suggestions & advice. They all make sense thanks

Try and get a credit card? Certain companies do give them to poor credit customers. You use it and pay it all off immediately and it helps your credit rating get better.

Raising funds to start a business is the last thing you should be thinking about to be honest op. You need to either sell your house and downsize, take in a lodger or two and/or get a job. Borrowing more money really really won't help you.

OP if you don't have the skills to get a job working for a property developer, you don't have the skills to be a property developer!

This isn't 2015! You can't just give properties a lick of paint and flip them any more!

You need good credit and money skills to be a property developer

AND all property developers I know who have lasted in the business have a trade background or estate agent background or both!

Property developing is not usually compatable with poor health OR poor credit ratings.