Business debts

With the benefit of hindsight, it sometimes becomes apparent that internal decisions regarding purchases, product pricing, salaries and office costs, for example have resulted in unexpected debts, which can damage the health of the business.

✓   Write off unaffordable debt
✓   One monthly repayment
✓   Only pay what you can afford
✓   Stop creditor harassment

An IVA may not be suitable in all circumstances. Fees may apply. Entering into an IVA will affect your credit rating. You could write off up to 80% of your debts upon successful completion of an IVA.(10% of our customers wrote off 80% in the last 12 months, with a typical figure of 25%-75%).

External factors may also result in financial strain for the business. Contract delays or cancellations, loss of customers and unexpected product supply issues are examples of matters which can quickly lead to serious cash flow difficulties. How you deal with business debts will depend, to some extent, on whether your business is a limited company, a partnership or your own business as a sole trader.

How Bennett Jones can help

The Bennett Jones team can help you navigate business debts, and the challenges they present. This may simply mean that we assist in guiding your company back towards an earnings model that is profitable and returns the business to solvency.

If the problems are more serious, the Bennett Jones team can support you by looking at a range of solutions. These can include refinancing existing debts, informal repayments arrangements and also formal insolvency solutions designed to assist with business recovery. With our support, you can consider every option, including selecting a plan for restoring stability immediately or over a gradual timeframe. Even if it is not possible to rescue your business, we will guide you through the process of an orderly wind down. In doing so, you’ll achieve the best outcome for you and the stakeholders in your business.

Bennett Jones’ role in your financial recovery

Bennett Jones can investigate what you’re spending, both personally and if you are self-employed in your business, and help you understand whether an Individual Voluntary Arrangement (IVA) is the solution you need. Whether you need an IVA, an alternative debt solution, or simply information to help you organise your spending, we can deliver some peace of mind.

Bennett Jones has helped thousands of people solve their debt problems. We understand how stressful and difficult life is when you can’t pay your debts and your bills.

You can trust Bennett Jones to help you if you are struggling to pay your debts. We specialise in Individual Voluntary Arrangements – a legal solution that allows for unaffordable debts to be written off. With an IVA from our team, you will make affordable repayments to your creditors over a fixed period, with the remaining debt written off at the end.

We are proud of our 5* Trustpilot reviews

March 2024, Charly Ryan

5stars

I would absolutely recommend Bennet jones to anyone who is struggling with debt. They are always happy to help and very friendly! They always reply in a timely matter and always help you come to a resolution to any problems you may have. If you cannot afford payments for any type of reason one month they will help you with this. They never judge you and are always there to help.

March 2024, Mr Amjad

5stars

Excellent company... Bennett jones is the best company they have taken away all the debts & all my worries.I definitely will recommend this company to friends & families. Their service is excellent. Reply in a few seconds. Now I can look after my family. I am especially thankful to Bennett & jones And Laura for helping me out of this …

March 2024, Sam Perry

5stars

If you’re in financial trouble don’t hesitate to reach out. From start to finish a very reputable caring company. Yes I’ve heard they charge but don’t really expect them to do it for free. We all have to get paid when we work. Be realistic. Very friendly and I felt they were thoughtful to my personal struggles. I would highly recommend them. Thank you to them, now have a good night's sleep

March2024, JA

5stars

Incredible all round! Absolutely incredible all round service. Caring, thoughtful, understanding and have your corner no matter what. It has been a journey but they have made everything so much easier and a weight has been lifted. I cannot stress enough, if you do need help, they are your guys and it is 100% worth trying if you are up to it. Thanks to all and for being there with me on this journey. You are treasures, thank you