There are several sources of advice available on business debt, including:
- Citizens Advice Bureau (CAB)
- Debt Action NI
- Advice NI
Professional advisers can also provide good financial and debt management advice. If you already use an accountant or solicitor, they may be able to help. If you do not already work with one, it may be a good idea to find an accountant or solicitor who specialises in your industry or financial problems.
Your bank will probably offer financial help and advice as part of their services. But you should remember that your bank has its own position to protect and its interests may not be exactly the same as yours.
Your account manager may be able to help you look at how you are managing your finances and whether this can be improved. They may also help you work out a payment plan, or you may be able to extend your overdraft or renegotiate your account terms.
If you are not happy with the service your bank is providing, it may be time to switch. You may even be able to get a better deal elsewhere. For more information, see our guide on how to choose and manage a business bank account.
Although most debt counsellors work with individuals with debt problems, some specialise in business debt management.
There are a number of charities who can offer free and impartial debt counselling. Find out about the Consumer Credit Counselling Service on the CCCS website and read advice about dealing with debt on the Credit Action website.
There are also some commercial organisations who can offer debt counselling and management advice, for a fee. For example, they may be able to help you consolidate your debts into one monthly payment. However, as with many financial services, it is always best to consider all the options before making a final decision. You should also consider a debt management company's reputation fully before working with them.