As a sole trader you are responsible for all of your business finances
The self-employment boom in the UK means that more than four million entrepreneurial Brits are now working for themselves. But it only takes one ‘bad patch’ such as a period with little or no work or a couple of non-payments on your invoices, and both your business and your personal finances can be severely affected.
As a self employed trader you are responsible for your business finances, including all the bills, how much in wages you have to pay out, and whether you can afford to invest back into your business.
Cash-flow problems can happen to anyone, it could be that you don't have enough money coming in - during periods of little or no work or if customers don't pay bills on time, or you could have too much money going out because of an increase in rates, unexpected expenses or a big tax bill. If any of these sound familiar you could be struggling to cope.
Act now and get yourself back on track
Ignoring the problem isn’t the answer, and mounting pressure from multiple creditors can compound your worries. But talking to a specialist adviser can help you take back control of your finances – and even save your business too.
Why trust Debt Free Direct?
At Debt Free Direct, we know how tough it can be for sole traders and the self-employed to keep their financial situation healthy. We use 17 years of expertise to offer you practical solutions that can be a lifeline to struggling individuals.
- Our customers rated us 9.4/10 on the Trust Pilot independent review site
- 100% of our customers were made to feel comfortable and relaxed by our team*
- We treat every caller respectfully and confidentially, our role is to help and not to judge
- We offer specialist advice without any obligation or pressure
- Our customers benefit from a FREE check and collect service to help speed up the process
- Our Money Savings Team are dedicated to helping you cut everyday living cost
Regulated advice you can trust
The Insolvency Practioners employed by Debt Free Direct are licensed and regulated by the Institute of Chartered Accountants in England and Wales.
Finding a solution that meets the needs of self employed
There are plenty of advantages
- Your unsecured debts are consolidated into one affordable monthly payment, so you know exactly how much you need to pay, and when
- Interest and charges may be frozen
- Less calls, letters or demands from creditors chasing payment
- Solutions can be flexible and adapt to your changing circumstances
But it's important to know
- Your credit rating may be impacted
- Failure to meet the terms of an agreed solution may result in further action from your creditors
- You may not be able to obtain further credit
- Homeowners may be asked to review the release of equity from their home
- Your personal information could be listed on the Insolvency Register
Don't just take our word for it here is what our customers had to say....
"I would like to thank you for all your help over the past couple of months, you have stopped me having sleepless nights, I only wish I had done something like this earlier."
After reviewing this customer situation they were offered an Individual Voluntary Arrangement (IVA). An IVA is an agreement between you and the people you owe money to. Typically, it means you make one affordable monthly payment for a fixed period of time., usually five years. In return your lenders agree to freeze any interests and charges and when the agreed time period is up any outstanding unsercured debts are written-off.
This customer owed £36,798, they argeed a monthly payment of £200 for five years. They will pay back a total of £12,000 and the remaining £24,798 will be written-off.
If you are struggling with your finances get in touch with us today.
*Figures from a customer survey in September 2013.