A Guide to Overcoming Loan Refusal
Applying for a loan can be a daunting process, fraught with concerns about repayment obligations and the anxiety of potential rejection. With nearly ten million people in the UK grappling with debt, obtaining financial products such as overdrafts or credit cards can seem increasingly out of reach. So, what steps should you take if you […]
UK Businesses Under Severe Financial Pressure Amid Economic Headwinds
In the closing months of 2023, a staggering 47,000 UK companies found themselves teetering on the edge of insolvency, with a 25% surge in businesses grappling with \”critical\” financial issues, a recent study reveals. This worrying trend marks the second quarter in a row where critical financial distress has amplified by a quarter, according to […]
What Happens If Your Employer Becomes Insolvent?
When Brexit was announced, some businesses feared for their future. Then COVID19 hit and led to some businesses closing permanently. Now, the UK is working its way towards a post-Brexit, post-COVID future while the world is living through interesting times. This means that very few businesses can be considered truly safe from insolvency. With that […]
What is the Insolvency act 1986?
The Insolvency Act 1986 stands as a cornerstone of UK insolvency law, providing a structured approach for both business and personal insolvency matters. Here\’s a concise overview of what the Act entails: Company Insolvency: The Act outlines procedures for company insolvency, including CVAs, which offer an alternative to liquidation, allowing a business to continue operating […]
Secured and unsecured loans
Secured and unsecured loans are pivotal in fuelling business growth, acting as a catalyst for businesses to realise their objectives. In the UK, according to the British Business Bank, small and medium-sized enterprises (SMEs) saw a significant 12.8% rise in gross bank lending between 2021 and 2022, amounting to £65.1 billion – and that\’s just […]
Scheme of Arrangement
A Scheme of Arrangement can be a lifeline for companies aiming to restructure debt whilst maintaining their trading activities. It\’s an alternative to a Company Voluntary Arrangement (CVA) and different from other debt solutions like a Creditors’ Voluntary Liquidation (CVL) or administration. A Scheme of Arrangement is a court-approved process under the Companies Act 2006, […]
Debt Assignment
You might be familiar with the phrase \”debt assignment\” in financial circles, but its implications are worth understanding. Debt assignment occurs when your original lender transfers the debt to a third party, who then assumes the responsibility for collecting the owed amount. It\’s not merely an administrative change; it\’s a significant shift that you need […]
Citizens Advice Witnesses Rising Financial Strain Among Working Individuals
Citizens Advice has reported an alarming uptick in the number of working individuals, who once managed to make ends meet, now facing financial shortfalls. While many have witnessed a surge in their earnings, the cost of basic necessities has escalated even faster, according to the charity. The situation seems particularly grim for the self-employed community, […]
Reasons We don\’t Set Budgets
Money management can seem a dull topic, but it’s an important one. In fact managing your money is crucial to being able to live the life you want, whatever that is. Here we look at the top 5 excuses for not setting a personal budget and show you how to tackle them. I don’t have […]
Where to Seek Help in the UK When You Can\’t Afford Your Bills
Financial difficulties can arise unexpectedly, leaving individuals and families struggling to make ends meet. There are however, resources and assistance available to provide support when you can\’t afford your bills. This blog explores various avenues where you can seek help, from government programs to charities and financial advisors, to help you regain financial stability and […]