When your business is struggling it is sometimes common to use your personal credit to fund your business operation costs. This means that if the business struggles to trade you could be left with debts that you must deal with personally.
It is not uncommon for banks and credit providers to offer loans on a personally guaranteed basis. This is a safeguard for the banks making the loan. Any shortfall on the loan from the company will then fall onto you personally. This type of loan would then be dealt with in the same way as you would deal with any personal debt.
If you are Self Employed, in a Partnership, or part of a Limited Company and you have personal debts separate to the business, there are debt solutions available to help you get back on your feet. It can be a very stressful situation for you, never mind having to run a business. You or your company should not have to suffer due to any financial challenges that may come your way.
BusinessDebtAdvice.co.uk offer guidance and help for people and business suffering with debt. Give our professional Debt Advisors a call and we will be happy to discuss any debt, financial or business matters with you.
The IVA is available to people with debts in the UK and Northern Ireland. It is a formal debt solution between you and your creditors.
A Debt Management Plan is an Informal Agreement between you and your creditors where you pay back your debts at an affordable monthly rate.
Bankruptcy is the legal term given when you are unable to pay any of your debts. It can be a very daunting process and also puts threats on your business.
Debt Consolidation is a method used by many people to consolidate their debts into one lower affordable payment.