Hi!

I work as a business asset finance broker, and I have to admit that the crunch is certainly crunching harder than ever.

On a personal note, I fell into difficulties two years ago when a client of mine went bust owing hundreds of thousands of pounds (it was, again, the property market). Rather than bankrupt my own business or go into a CVA I took the decision to bail the business out using my own capital. I can look in the mirror with a clear conscience, but by God it's been a  difficult couple of years.

Starting afesh with absolutley nothing left I went into the business finance game, focussing on selling new vehicles as well as asset finance. The first thing I've noticed is that making money this time 'round has been much harder than it was five years ago. I've worked pretty much seven days a week, and up to eighteen hours a day for two years to regain my bank balance. Slowly, my own financial situation is getting easier, but every day now I'm coming into contact with more and more businesses struggling to prosper.

Other than the fact that many business I know are fighting hard to keep ahead of the game, two of my main concerns are

• Much of the business asset finance agreements now being written are being done so with directors guarantees, or guarantees on company property (as opposed to being reliant on the resale value of the asset being financed). If things do "go pop" then there are going to be a hell of a lot of homeless people roaming the streets! (Another problem for Mr. Brown to consider)
• More and more finance companies are "pushing" their services to re-finance wholly owned assets to ease cash flow. If a company want to raise finance for an expansion project, or to further their business in some way then re-financing is a good option. The idea of re-financing is NOT to raise cash to put in the bank to ease cash flow in the short term - what happens when this capital injection runs out? Where will the next "lot" of money come from?

Many businesses that I deal with are relatively new, or have directors that had no experience of the last time the country spiralled into financial difficulties (speaking mostly about SME's). I think that there should be more help and advice available to make sure that businesses can weather this storm.

Ok. Rant over... nearly.

 I also don't think that media "scare-mongering" does us any good what-so-ever. If people are told that there is no money, general suggestability and paranoia will, and does, have an adverse effect on public spending. Yes, the country is experiencing a financial shift, but surely the media have a  social and economic responsibility to report the facts without the need for injecting the sensationalism that leads to mass hysteria, which in this instance results in reduced public spending?

Ok... that's all for now folks!

 Justin

PS. Can I also use this slot to complain about fuel prices?