According to government statistics, unemployment is low, but personal insolvencies are on the rise and are now at a 10-year high.  Understanding this situation, requires understanding the statistics which underpin it. Unemployment, employment and the grey zone in between Unemployment statistics are based on a “labour force survey”, which is carried out every three months

Dealing With Debt Threat Letters

Friday, 09 February 2018 by

In these days of email and social media it can seem we only receive two kinds of letters, greetings on “red letter days”, which we are usually happy to receive, and everything else, we’d quite happily live without, junk mail, some bills – and debt threat letters.  Here’s are five tips on how to deal

Generally speaking, running your own business is either absolutely for you or absolutely not.  These days, it’s probably fairly well understood that being your own boss has its advantages and disadvantages, but what may be harder for people to understand is the challenges inherent in being both chief cook and bottle washer or, at least,

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Dealing With a Debt Hangover

Friday, 26 January 2018 by

If December is a time for celebrations then January is often a time for hangovers – and debt hangovers.  Neither of them are pleasant but, overall, the regular sort can be shorter, less painful and easier to fix (or ride out) than their debt counterparts.  In fact, while gritting your teeth and ignoring standard hangovers

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Getting Your Business Out of Debt

Friday, 19 January 2018 by

Debt of one sort or another is almost a fact of life for young businesses.  Many businesses need some level of funding to get of the ground and that money has to come from somewhere.  Even if the founders provide the initial funds themselves, then it is still, for all practical purposes, debt, since the

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This week we have seen our tv’s and social media flooded with news of the liquidation of Carillion Plc.  It seems everyone has an opinion of what went wrong and what can be done to stop this happening again.  But, what about the 20,000 staff and families directly impacted by the liquidation.  And the undetermined

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Debit cards are arguably one of the 21st century’s greatest conveniences.  Maybe, at some point in time, they’ll lose ground to mobile phone payment applications or some yet-to-be-invented option, but for now, the ability to pay with available funds but without the need to carry cash is surely a benefit on safety grounds if nothing

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In poker, it’s said that one of the skills which separates good players from weak players is that the former recognise when their hand is beaten and it’s time to fold it.  Much the same comment could be made of the need for company directors to be ready to accept that it’s time to fold

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What 2017 has meant for Debt

Friday, 22 December 2017 by

Debt has long been if not a hot political topic in the UK, then at least one which is generally on simmer.  A slew of high-profile companies running into trouble, Brexit and the long-awaited hike in interest rates has turned up the heat on the issue.  Here, therefore, is a quick overview of the key

Contrary to popular opinion, there are options for your business when faced with insolvency. We were recently approached by a Partnership business, which ran as a Hotel. The Hotel was facing severe cash flow difficulties and was under pressure from creditors. In particular, the main Creditor HMRC had commenced proceedings to wind up the Partnership.