Question

Jon, I have a business that is just now starting to get back on its feet. We lost a lot of custom during the lock downs, but now we are seeing the tide turn. My creditors allowed me to not make payments to my business loans during the lock downs, and I did receive a grant from the government to keep my 4 employees on. They worked in the shop, but we could not trade. Now while we are open and trading, the sales are low and I cannot afford to repay my debts in full. I am at a loss as to what to do. Any suggestions?

I really like your web site!

K

Answer

K,

Thank you.

Many businesses and companies are struggling coming back from the lock downs and pandemic. The fact you are still in business and trading is fantastic. All of us wish you the best!

You can speak to the bank/your creditors to let them know you are not yet back to 100% sales and operations, and can they work with you for a bit more time. If you can outline to them when you think you will be profitable again, like a business model, they should work with you to make any loan payments fit within your revenue.

Let me know how you get on.

Regards,

Jon

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