Being self-employed can be an isolating experience. If business takes a turn for the worse then it is often hard to keep a sense of proportion. If one has paid Class 2 National Insurance contributions, one is not eligible for the full range of state benefits. As debts accumulate, stress can build and damage performance.
At Cooper Matthews we can assist self-employed individuals who are struggling with their financial affairs. Often, the overall picture is not as dark as it might appear to be. Getting the correct advice in time can prevent the worst from happening.
Business debt advice is not just for large companies. Self-employed individuals have options which can be explored once their position has been assessed with care. The business financial problems can sometimes be sorted out completely and even if the business does not develop into a success the worst possible outcomes can be evaded.
There are two common options which can be useful for coping with self-employed debt. Firstly, the Individual Voluntary Agreement is a way of addressing debts within a legal framework. Secondly, a Debt Management Plan is a more informal method of proceeding to deal with creditors. Knowing which approach is most appropriate takes a degree of experience and expertise.
Some self-employed workers get too accustomed to doing everything themselves. When times are hard, trying to sort out complex financial matters solo can be a big mistake. Many debt services are not set up to help the self-employed, so it is imperative for them to locate companies with the capacity to do so.