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Business Debt Help UK

Posted on May 19, 2022 by mecpoc

Regardless of the size of your company, you can benefit from Business Debt Help UK. The Money Advice Trust’s Business Debtline offers free debt advice to self-employed and small business owners. By providing free advice, you can speak directly with creditors and put solutions into place. Last year, the business debtline helped 26,530 people on the phone and 12,370 through webchat. In addition, there were 475,800 website visits. More than 80% of callers managed to reduce their debt.

 Free Advice For Small Businesses

If your company is at risk of insolvency, you should try to find alternative sources of funding. Debt consolidation can reduce the stress of creditors, but it can end up costing you more money over time. While once considered a good strategy, debt consolidation has proven to be a poor choice for many. It can also make the situation worse. As a result, bankruptcy should only be a last resort for businesses in extreme financial trouble.

Businesses often incur business debt during their early stages of operation. A new business, for instance, typically uses business loans, short-term loans, and debt financing to cover the cost of their products and services, such as salaries. Sometimes, they even fall behind on payments due to emergencies. This can put a strain on the cash flow of a company and add to their stress. When you have to rely on others to make ends meet, Business Debt Help UK can be a lifeline.

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