Here are some really depressing statistics compiled by
Credit Action:
Britain's personal debt is growing by £1 million every
4 minutes, and 300 people today will be declared insolvent
or bankrupt. House repossessions are expected to increase
from 17,000 in 2006 to 42,7000 in 2009.
The effects of debt on your personal life can be
catastrophic. Whether the debt is personal or business
related, the stress and fear engendered can precipitate
family break ups, mental illness and even suicide.
The Samaritans say that the biggest cause of stress is
money (51%), and the Legal Services Research Centre have
found that 89% of debt clients reported worrying about
their debts most or all of the time. 48% said the impact on
their health was `great' and 43% that their health was
effected `to some extent'.
What is most worrying, is that 60% of debt clients had
received medication, treatment or counseling, and 45% said
that being in debt had had a negative effect on their
relationships with their partners.
The problem may be particularly acute for start up
businesses, who may also have the pressure of young
families, rising mortgage costs, and not enough time to dig
themselves out of the mire.
We all know someone who is suffering in this way - what can
be done?
The first thing is to get free, confidential and impartial
advice on the best options available. There are often more
choices open to someone who is struggling with their debts
than they may be aware of. Sometimes IVA (Individual
Voluntary Arrangement) or bankruptcy is the best solution,
but alternatives can be explored.
Even following a bankruptcy, getting professional help with
liaising with creditors can bring about reduced interest on
debts - in one case, a business recovery firm saved a
client £43,000 by agreeing a different basis under
case law with creditors.
Dealing with debt is not just a practical issue, as the
statistics above show, but an emotional one too. This is
why seeking out an empathetic as well as skilled team of
advisers is important. The people who can provide advice
and help are not there to judge - their job is to help find
solutions. You may prefer, for example, to use a firm who
have all female staff? Whoever you use, they should
provide at the initial meeting, independent, free,
confidential and impartial advice, without obligation to
use their services.
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If you know anyone who would benefit from independent,
free, confidential and impartial advice, contact Almida
Business Recovery at:
http://www.certainshops.com/service-provider.php?sp=35 and
we'll be able to help you.
CertainShops - professionals online
(http://www.certainshops.com )
A free-to-use interactive online directory of vetted
professional service providers who can provide advice and
support for you and your business.
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