We, Funding Options, act as the intermediary between small businesses that need finance and specialist lenders who can provide it. We work with over 120 lenders, and between them, they offer dozens of different finance products to suit many other businesses’ situations. Some of these products are aimed at helping businesses manage cash flow, grow, or overcome financial problems.Get working capital
One of the most difficult times as a business owner is seeing your cash flow dissolve, and debt accumulate, with, seemingly, no light at the end of the tunnel. Even if things look bleak at a certain point in time, by speaking to an expert business debtline adviser, you can formulate a plan, that might be the difference between saving your business and facing bankruptcy down the line. There is help out there though and one place you can check out is the Business Debtline.
The Business Debtline is a free debt advice service run by the government. It functions as a charity offering struggling businesses free and independent debt advice via phone and online. Debtline is a debt advisory service for businesses that operate in England and Wales. Bear in mind that the Business Debtline will never cold call you or pass on your personal information to a third party, for example, HMRC. The trained staff act to support business owners in times of trouble with emotional support and with practical tips on how to improve the financial situation of their business without incurring further debt. You can find out more information about dealing with your debts on their homepage.
The most important thing to do when trying to make sense of your debt situation is to chat live to an expert on the Business Debtline. Followed by the following four basic steps:
Increase your income
Work out your budget
Deal with priority debts
Deal with non-priority debts
Remember that all calls to the Business Debtline are free from UK landlines. If you do not speak English, it may take a couple of minutes longer to get an interpreter on the phone, who will translate what you and the advisor are saying to each other. They also have a link to a separate website titled: advice in Northern Ireland, for individuals based in Northern Ireland.
If you are more comfortable texting, you can use the web chat feature on the website. The service is open to all business owners in the UK or individuals who are finding it difficult to repay their debt, which can have a detrimental effect on your mental health — feeling trapped by outstanding debt. Taking the first step to talk to somebody can have a positive impact.
Why not use their search function to find information that is directly related to your particular situation? This can be located in the Fact Sheet section. If you search for ‘bailiff’, for example, you can read an article about bailiff complaints and what you can do if you have a complaint or a dispute with a private bailiff. The fact sheet section provides advice and useful information across a range of debt issues. If you want to read up on a specific topic, perhaps before speaking in more detail to an agent.
The Money Advice Trust is another national charity that helps people across the UK to tackle their debts and manage their money. It’s a company limited by guarantee and is registered in England and Wales Number 4741583. Registered office: 21 GarlickHill, London EC4V 2AU.
However, the Business Debtline is the UK’s only free debt advice service for self-employed individuals and small business owners.
Please note: Funding Options does not offer debt advice.