Business debt

neverindebtagain

I am writing for some advice. My workplace, a small village garage, is struggling to keep up with the suppliers,etc, it is several months behind with them. My bosses have been struggling for a long time and it has now come to the point where they are struggling to pay us, the staff, our wages. They are talking of just closing the door and giving up. The debts are far to big for them to clear as the garage has slowed down from being booked up for a few weeks ahead to not having enough work for one day. I suffered some years ago from personal debt and I went bankrupt, no business involved, just personal. I have tried to advise them to seek help, does anyone know who are the best people for them to talk to. My life is so much better for getting out of debt and learning how to manage money, they are talking of trying to take on more debt to pay debt, but I have told them that is the number 1 rule, do not pay debt with debt. I would appreciate any advise at all that I can pass on to them.

PippaGirl_2

Business Debtline - Website: Business Debtline Telephone: 0800 197 6026 are the people to call

tigerfeet2006

I concur with Pippa, get them to contact Business Debtline.

neverindebtagain

Thank you. I will pass the number on. They still owe some suppliers from August and are always trying to catch up but always 3 months behind with them, they are the main suppliers. They couldnt pay the tax bill in July so it is on a direct debit arrangement with HMRC until february, the tax bill will be due again in January and they havent got it. There just isnt enough money going into the business to get it out of debt, plus there isnt enough work most days so it shuts early.If they decide to just lock the door and walk away will Business Debtline help them, there is no way to increase work or income.The outgoings are too high.
After I went personally bankrupt 4 years ago and getting rid of all the worry of debt, I cant stand to see anyone go through the same thing. Bankruptcy is not an easy option, but it is sometimes the only option.

tigerfeet2006

Business Debtline is the sister of National Debtline and will help them all the way.