Money lost in 2004
Discussion
Admins, dont move this to business; Im just wondering how much money (in business or personl life) everyone here had to "write off" in 2004.
Im talking about money you earned one way or another, and had to "write off" 100% sure you wont see that money.
I wrote off about 6k from a handful of clients. Not much to some, but a lot to me.
Whats with people in the UK buying services they cant afford? I heard that in some EU countries a delay of more than 2 weeks with non-payment was totally unacceptable, largly unheard of compared to the frequency with which UK companies mess people around.
Why are we so bad at paying people, or arn't we?
Im talking about money you earned one way or another, and had to "write off" 100% sure you wont see that money.
I wrote off about 6k from a handful of clients. Not much to some, but a lot to me.
Whats with people in the UK buying services they cant afford? I heard that in some EU countries a delay of more than 2 weeks with non-payment was totally unacceptable, largly unheard of compared to the frequency with which UK companies mess people around.
Why are we so bad at paying people, or arn't we?
ABout £3.5K this year in loans to 'friends' who seem to not remember me now, 'bout £500 in my new business venture doing 'favours',
so not too bad !
Last year, different story £27K, on house purchase with then G/F, to complex to explain here, bit of a shit, but what the hell, life goes on
so not too bad !
Last year, different story £27K, on house purchase with then G/F, to complex to explain here, bit of a shit, but what the hell, life goes on
Don't get me going on this. I'm just in the process of writing off £10k from someone who got my compay working for them for several months - didn't get a penny for it. I've been told that to 'go legal' is gonna cost me as much again and there's no garantee even then. The 'client' has no basis for not paying, simply saying "I can't afford it". And he knows damn well that we're unlikely to pursue it through the courts - can't afford the time and bad publicity.
Here's my point. If I go into Marks & Spencer and take £10k's worth of clothes, the police will arrest me and I'll end up in a prison cell. If, however, I welch on paying a business supplier something - chances are I'll get away with it.
It gets my goat!!
Here's my point. If I go into Marks & Spencer and take £10k's worth of clothes, the police will arrest me and I'll end up in a prison cell. If, however, I welch on paying a business supplier something - chances are I'll get away with it.
It gets my goat!!
If you think Brits are bad then this is nothing to the Americans.
My firm once wrote off > £65K UKP. Non-payment by an American business acting as a prime-contractor on a US Government contract.
We haven't worked on any Government business since. To be fair it wasn't Uncle Sam not paying. But they didn't help either....
I was
at the time. But that lot of Prime Contractors were total shysters - even when they paid they could take nine to ten months over it. Not remotely funny.
My firm once wrote off > £65K UKP. Non-payment by an American business acting as a prime-contractor on a US Government contract.
We haven't worked on any Government business since. To be fair it wasn't Uncle Sam not paying. But they didn't help either....
I was
at the time. But that lot of Prime Contractors were total shysters - even when they paid they could take nine to ten months over it. Not remotely funny.You think the Brits and Americans are bad - what about the Nigerians!
I have written off seeing my 20% commission from the freeing of General Winnebago's frozen funds - plus the £50k deposit I paid to his former accountant - I have written over over £20m this year alone!
Some people...
I have written off seeing my 20% commission from the freeing of General Winnebago's frozen funds - plus the £50k deposit I paid to his former accountant - I have written over over £20m this year alone!
Some people...
mondeoman said:I know exactly how you feel. Whether it was £200 or £2000 the anger factor at the piss take is massive! Im remembering things... its more like 7k for me this year.
We're looking at about £20k this year.
Pisses me off no end when people try and take something, knowing full well they've got no intention of paying for it. Knob-ends.
It really is frustrating to the nth degree when people take without any certainty of paying, then decide not to, and leave you up the "court costs would be too great" shit-creek with no option but to lick your wounds and walk away.
ukBOB said:
I heard that in some EU countries a delay of more than 2 weeks with non-payment was totally unacceptable, largly unheard of compared to the frequency with which UK companies mess people around.
This does not tally with my experience of being a consultant both on the continent and in the UK. The british companies were paying my invoices very quickly - sometimes the same week. My french client considers the 90 days that his accounts department takes to do a BACs transfer perfectly normal....
Added to that, when I first started working for them there was some dodgy business - after an initial payment that successfully went through in 90 days my payment details got polluted in their database and they sent £40k to some strange account in a Natwest in Putney......Still - got the money in the end. To date I've never had to write any money off - the advantage of knowing your clients.
Currently tens of thousands (as an individual) out of pocket on my books. Bank foreclosed on the publisher's loan, knowing full well that they had a viable business but that it was less risky to take the whole lot back whilst they had the cash in the bank following a big deal with AOL/Time Warner. They did it about a month or two before the loophole around preferential creditors taking every last penny at the expense of non-preferential creditors got closed.
Result: I'm out of pocket on 100% of the advances & royalties for 5 books that took me over a year to write. What's worse - when the publisher went into liquidation, other companies bought up the rights to those books and continue to sell them... even though the publisher had defaulted on their end of the contract by not paying me. I.e. the rights weren't theirs to sell at that point. But being as I've not been paid for them, I can't afford to go through the courts over it.
>> Edited by J_S_G on Monday 20th December 16:14
Result: I'm out of pocket on 100% of the advances & royalties for 5 books that took me over a year to write. What's worse - when the publisher went into liquidation, other companies bought up the rights to those books and continue to sell them... even though the publisher had defaulted on their end of the contract by not paying me. I.e. the rights weren't theirs to sell at that point. But being as I've not been paid for them, I can't afford to go through the courts over it.
>> Edited by J_S_G on Monday 20th December 16:14
Don said:
Some of the largest organisations can be the very worst as there's nothing you can do to touch them!
I recall reading an article about the british government having a study done on this issue. They were concerned about the number of small businesses going under each year through cashflow/payment problems, so looked into who were the criminal late payers.
Turned out that the government bodies were the worst culprits!! No surprise maybe and a bit depressing, but comical all the same.
Over the last 2 years about 60-70k. Through bad luck, stupidity, a bit of bad judgement and just a few genuine mistakes.
That's one reason why I drive a mondeo and not a Diablo. I was at the point of considering one, when I decided to put the cash elsewhere...
On the plus side, I tend to see everything as happening for a reason - being broke stimulates you to find ever more resourceful ways of getting through life.
I'd rather be 60k down than be sat here without the knowledge I've gained. However if I was sat here with a Diablo I'm sure the ignorance would be bliss!
In reality, I'm happier at the momment than I've ever been. Hindsight is a beautiful thing, and to look back on things I can see where things went wrong. I've learnt and I've moved on.
I'm firmly back in the saddle and next year, 2005 will be a hell of a year!
My tip if it's getting anyone down - just forget it, write it off, learn from it and move on. I've often lost more money trying to chase what I've already lost.
Obviously, don't be taken for a twat, but if it's gone - it's gone.
JC
That's one reason why I drive a mondeo and not a Diablo. I was at the point of considering one, when I decided to put the cash elsewhere...
On the plus side, I tend to see everything as happening for a reason - being broke stimulates you to find ever more resourceful ways of getting through life.
I'd rather be 60k down than be sat here without the knowledge I've gained. However if I was sat here with a Diablo I'm sure the ignorance would be bliss!
In reality, I'm happier at the momment than I've ever been. Hindsight is a beautiful thing, and to look back on things I can see where things went wrong. I've learnt and I've moved on.
I'm firmly back in the saddle and next year, 2005 will be a hell of a year!
My tip if it's getting anyone down - just forget it, write it off, learn from it and move on. I've often lost more money trying to chase what I've already lost.
Obviously, don't be taken for a twat, but if it's gone - it's gone.
JC
I sold my shares in Summer, made about £3500. A few months later I'd have made an extra £800.
My endowment is apparently not going to cover my mortgage by about £5k to £15k. I found this out last week. This is despite the assurances I had at the time I got it that the endowment was guaranteed to pay off the mortgage.
When buying a new car I kept my old Ford KA thinking that the wife would use it only to find out that a pregnant tummy and finances made running two cars unfeasable. Waste of tax and insurance until I can sell it which won't be a while as Crimbo is here.
The money is insignificant compared to the personal stuff.
I have lost my mother to cancer and my god son was still born. An old university friend also died after a long illness as did a family friend and his girlfriend in a car accident.
However I have gained a daughter who is now six weeks old. The only sad thing about this is that the two good friends who lost their baby (god son, above) can't bare to visit us with the baby around.
Happy Christmas everyone.
My endowment is apparently not going to cover my mortgage by about £5k to £15k. I found this out last week. This is despite the assurances I had at the time I got it that the endowment was guaranteed to pay off the mortgage.
When buying a new car I kept my old Ford KA thinking that the wife would use it only to find out that a pregnant tummy and finances made running two cars unfeasable. Waste of tax and insurance until I can sell it which won't be a while as Crimbo is here.
The money is insignificant compared to the personal stuff.
I have lost my mother to cancer and my god son was still born. An old university friend also died after a long illness as did a family friend and his girlfriend in a car accident.
However I have gained a daughter who is now six weeks old. The only sad thing about this is that the two good friends who lost their baby (god son, above) can't bare to visit us with the baby around.
Happy Christmas everyone.
cymtriks said:
I sold my shares in Summer, made about £3500. A few months later I'd have made an extra £800.
My endowment is apparently not going to cover my mortgage by about £5k to £15k. I found this out last week. This is despite the assurances I had at the time I got it that the endowment was guaranteed to pay off the mortgage.
When buying a new car I kept my old Ford KA thinking that the wife would use it only to find out that a pregnant tummy and finances made running two cars unfeasable. Waste of tax and insurance until I can sell it which won't be a while as Crimbo is here.
The money is insignificant compared to the personal stuff.
I have lost my mother to cancer and my god son was still born. An old university friend also died after a long illness as did a family friend and his girlfriend in a car accident.
However I have gained a daughter who is now six weeks old. The only sad thing about this is that the two good friends who lost their baby (god son, above) can't bare to visit us with the baby around.
Happy Christmas everyone.
Stone me - what rough time of it you've had. I'm sorry to hear that, and I hope that 2005 is kinder to you. I guess gaining a daughter must be a very bright silver lining, art least!
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