Business Debt holding You Back?…
- Business Cash Flow tight?
- You’re Creditors pushing for payment?
- The Revenue looking for money?
- Don’t know where to turn?
With banks not lending and even reducing businesses borrowing limits, businesses are finding it hard to trade.
Business Debt Management
Business debt consolidation is an easy, effective way of making sure that your business has its cash flow available at a time when it needs it. There are many struggling businesses today that have borrowed large sums of money from lending institutions but have no way to pay the large monthly repayments back.
With Refresh Debt Services you can reduce your monthly repayments by 50% – 70%
Business debt consolidation allows for a variety of repayment options, from an immediate settlement, to a substantial reduction in payments. Refresh Debt Services will work with you to chose the best path to take.
Refresh Debt Services help struggling companies by creating a debt management program to address the issue of freeing up cash flow. This will free the business up to trade and manage their finances better
Refresh Debt Services seeks to reorganize that debt in a more efficient method that will provide better cash flow for a company. Consolidation allows the debts of a company to be combined into one easy monthly sum. Using this monthly sum, Refresh will act as managers of a client’s debt and make it easier to pay off that debt.
This is similar to a Personal Debt Management Plan and operates in much the same way. Once we have evaluated your income and expenditure, and established a repayment plan which you can reasonably expect to manage, we will negotiate with your creditors. Even if you have court judgements, we can renegotiate these problems and get court approval on the amount you have been ordered to repay.
Generally, your creditors will also stop chasing you for the payment, and will liaise directly with us. It is also possible to have interest and charges frozen, while you regain control of your finances.
Best of all, a debt management plan is flexible, and allows for unforeseen circumstances to be taken into account, should they arise at a later date.
Bankruptcy
What is bankruptcy?
A court procedure where a trustee is appointed to realise your assets. Once a bankruptcy order is made against you your financial affairs will be controlled by the Official Receiver/Trustee, your financial situation is made public and your employment may be at risk if you work in some professions.
How does it work?
All your assets (except personal effects and pensions) will be realised to pay back your creditors. Bankruptcy normally lasts for 12 months (but can be extended by between 2 and 15 years in certain circumstances). You may have to pay the trustee some of your income for up to 3 years. The equity in your house (unless it is very small) will need to be paid to the trustee, who could seek repossession and sale of your home.
What else should I know?
Bankruptcies are advertised in the local press, so your situation will be made public. Your credit rating will be affected before and after the bankruptcy, making it harder for you to raise new borrowings. You will automatically be disqualified from being a company director while you are bankrupt.
To find out if this could be an option for you, please call us on 0800 121 48 63
