This isnt meant to be a hard luck story, but read on and judge for yourself.
I am 49 years old, I was the owner of 3 nursing homes, looking after approx 125 residents. In 2007 whilst expanding my business my bank advised me that I had to purchase a product called an interest rate hedging product. They advised that this was to protect me against any increases in interest rates in the future..... what they failed to divulge was what would happen if interest rates fell. What happened was that as rates plummeted to 0.5%, i was landed with a quarterly payment, just to service these two products, of £78,000 !!!!!! Eventually my business could no longer sustain this level of cash outflow and enetered into administration last April 2014.
I now have to start all over again, though I am battling with my bank for fraud and misreprentation. However, this doesnt put food on the table for my family, which brings me to the second part of my story.
THE THEN AND NOW
In 2011 my wife passed away due to Breast Cancer, leaving me and our three daughters to "get on with life". It has been very difficult at times, but I have been extraordinarily fortunate to meet a wonderful woman who has breathed life back in to our family, assisted by her 2 beautiful daughters.....yes we have 5 daughters. Before I became a nursing home owner, I owned a recruitment agency, and it is with this in mind that I now turn to start a new life and a new business.
A NEW DAWN ?
I am at the beginning of starting this new company, "RJplacement, Healthcare Solutions" but need to access funding to get me started. I am trying to access government funding for a start up but it is a paper jungle and ever so slow. The amount of funding I have applied for here is purely for equipment (computers, printers, phones), website, logo design, SEO set up. I have never done this before, so I am unsure as to whether or not I am giving the correct information or not. I have tried to attach a newspaper report by The Sunday Times of London on my business and the effect the mis sale of the products had on the business.
I thank you all for reading my story, any assistance would be greatly appreciated.
James, Becky, Kate, Jessica, Lydia, Lauren and Imogen.