With a little dedication and prior planning, it is possible to reduce your debts on your own. Payplansolutions.co.za shows you the tricks of the trade and the fastest way to reduce your debts on your own.
Your bank will also offer you financial help and advice as a part of their bank services. But always remember that your bank has its own position. Your account manager may be able to help you look at how you should manage your finance. They may also work out a payment plan to extend your overdraft or renegotiate your account terms. If you are not satisfied with the services of your bank then it may be time to switch.
Although most debt counselor work with individuals to solve their debt problems but some specialise in business debt management. There are a number of charities who offer free debt counselling. Some commercial organizations offer Debt Counselling and debt management for a fee. However, as with many financial services, it is best to consider all the options once before making final decision.
Where to find advice on insolvency
If the value of your assets are less than your debts and your business can no longer pay your business debts, then your business is ‘insolvent’ which can lead to:
· Receivership: Your Creditors will petition the court for receivership.
· Administration: If you are unable to pay your debts then your creditor may appoint an administrator to manage your finances.
· A winding up order: This will cause your business to cease to exist.
· An individual voluntary arrangement between you and your creditors.
· A Debt relief order
· A fast track voluntary arrangement