Need help managing your business debt in the New Year?

In today’s economic climate, many small businesses are struggling to survive and stay afloat. The Red Flag alert which is a monitor of early warning signs of company distress has suggested that the worst for insolvencies is still yet to come. Worryingly, 134, 000 companies are showing material designs of financial distress in the first quarter of 2010. 

This year, with the recession still taking a hold we have noticed that the number of people who have come to us for financial advice has risen substantially.  It is the small business owners that are particularly feeling the brunt of the recession.  In their bid to try and tread water through this difficult trading time, many businesses have increasingly found themselves shackled in debt.

Although the IVA Watchdog’s primary aim is to advise and assist individuals on how to handle their debt and be in a position where they become debt freedom in 60 months or less, IVA Watchdog have launched a new initiative to help struggling owners of small businesses and offer debt help. Tony Carter (compliance Manager), commented, “We understand that often when a business is struggling, personal finance is often out of control too.  Crippling debt is a dangerous place to be in and it can be one of the hardest of circumstances to get out of.”

Many small business owners have invested a large amount of their own personal and family funds either to start up or expand their enterprise and with the pinch of the recession, business owners are looking at losing more than just their business. The worry is that most entrepreneurs have secured loans with equity in their houses, which they stand to lose if their debt continues to spiral out of control.

Under our new initiative, IVA Watchdog will liaise with business owners to advise on the best options that are available in order to tackle their personal debt. “We believe that it is important for people to feel that they have control of their situation and understand the process of a debt solution and acquire dept help where needed. Once individuals have all the information they are able to make an informed and sound decision on the best way to process to manage their debt.

If you are a business owner who is in financial crisis, need debt management advice with the aim of being debt free , contact the IVA Watchdog today.

IVA Watchdog

2 Landsdowne Crescent

Bournemouth

Dorset

BH1 1SA

01202 636070