Have you, like me got a poor or bad credit rating? Do you want to do something about changing it? Read on and I will tell you what destroyed my rating and what I am doing about it.

I started my own contracting business six years ago with a bad credit rating. It was so bad, that I struggled to even get a bank account for my new business. I managed to open a personal account in the end and I was in business. Now I had vowed and declared I would never start another business with less than $10'000 in my bank. Well you guessed it, here I was breaking my own rule. The desire to work for myself being my motive.

I was fortunate to have landed a contract with a customer, who till this day I still credit with my good start into this business. Now due to my credit rating I couldn't get an overdraft or loan of any sort; I operated on what was in my bank at the time. I started with $100 to my name, hired some gear and got to it. I had a fantastic run, within five months I had purchased machinery and tools and was doing very well. I had a staff of three and we did a lot of work making some good money in the process. I was blessed with another contract following that one, with an equally good customer. At the completion of that contract I was successful in getting another large contract with a property developer. About now you are probably thinking why has this guy still got a bad credit rating? Good question. The answer is this, I put everything back into building my business.

Our new contract was great and we continued to expand our business adding more machinery and more staff. It was about this time that I got my accountant to file my tax return. I still to this day remember after he had a quick look at the books, his next comment to me was, would you be disappointed if I told you that you were going to have to pay a considerable amount of tax? I thought for a minute and said no i guess we will owe some we had lived better than we had previously. We can put the result down to ignorance or lack of knowledge doesn't alter the fact I got landed with a huge tax bill along with an equally huge provisional tax bill. I was dumbfounded; I asked how can that be,on the meager amount we had drawn out to live on. The reason was this, because I had that bad rating still haunting me, I had paid cash for everything we now owned. Tax man said assets. I was ill informed; I thought everything I bought for my business was tax deductible. I was shattered.

I battled from there on. It destroyed my motivation to drive forward. We continued on and to cut and even longer story short, I made some bad business decisions and once again I was making debt instead of profit. About this time my bad credit rating that had held me to ransom for seven years expired. I had a new credit rating and I got excited again. I thought great now I can go to the bank; based on my turnover I was expecting some financial assistance. Well almost, I had a cheque returned to the bank inside the last month. Call us back in three months was the reply.

Now we have arrived at the point I most wanted to tell you. Before the three months were up, one of my debtors decided to put the debt I had with them into a collection agency. I contacted the agency and explained that I was not far away from being able to get some finance and pay back my debts. Sorry we cannot wait that long, your credit rating will be affected in said amount of days, if you do not settle this debt. I couldn't make the payment in time, rating shot again. The property market fell at that stage so things didn't get any better.

The point I wish to make here, is that while people think you are not paying, because you don't want to, it is more likely that you can't. The thinking behind destroying someone's credit rating so they can't pay, totally eludes me.

I have now started a business that I am running alongside my contracting business, which is going to clear my debt. My contracting business is still running, but in todays financial climate will never pay off my debt on it's own.

Now you can say that all this was, bad luck, bad management, that I was ill informed or uneducated. I say it was a little of them all, but that is just my opinion. My new business is structured so well that even someone as bad or unlucky as me can't fail. Comes complete with all the equipment, training and support to make sure I succeed. I suggest you take a look and see if it would suit you. No more bad credit rating, no more struggling to pay off debt. Check it out here, [http://oneyearplan.net/ob1]

Author; Owen Batt
Phone; ++6433142441