Should I Sell My Properties To Get out of Debt?
Question: Jon, I hope you can help me find an answer to this question. My debts are as follows: £32,000 to HMRC, this is from the past 2 years. £20,000 in various loans to my bank. £8,000 in credit cards, 2 cards to different banks. 1 car on HP and 1 car on a personal […]
You Cannot Borrow Your Way Out of Debt
I was talking to a young business person the other day, and we were going over their finances, personal, and business. Both of their finances were tightly weaved together. The business was run as a sole trader, and as such, the owner had some loans in just their name, and some loans in the company […]
I Am Looking For Options To Repay My Business Debt
Question: Hi, I have a business problem that I don’t think I can get out of or resolve and need some advice. I owe nearly £50,000 in bounce back loans to the government, in addition I owe £20,000 in taxes to HMRC, £10,000 on a business credit card, a loan for a work van, my […]
Get Your Energy Vouchers – Rise in Business Insolvencies – However, Some Businesses Doing Well
£45 Million in Energy Vouchers Go Unclaimed! We are all feeling and experiencing the rising cost of energy as our gas and electricity bills begin to soar, and soar they will! The government has stepped in to try and help alleviate this increase by offering everyone £400 over the Winter months. This equates to somewhere […]
I Have Debt In The EU?
Question Hi Jon, I had a shop in the EU for a few years and business was good, we sold souvenirs and stuff like that at a resort area, and business was good. Then when the virus hit and the lock-downs and no travel, were out of business. I still owe rent on the shop, […]
My Business Is Trading Again But We Are Struggling To Pay The Bills What Can We Do?
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 […]
I Owe £200,000 And Need Advice As What To Do?
Question I need some advice and help as to what I can and cannot do. My situation is as follows: I owe £200,000 for accounts, loans and supplies I ordered for my company. The company is in just my name as a sole trader. Some of the loans I guaranteed. My company is no longer […]
Building And Construction Firms Going Bust
I have been seeing, and writing a lot lately about companies going bust, in part because it is what I am reading and seeing happen. Especially in my city of all places. And how do I know this? You watch a company demolish an existing building and begin to build a new one; be it […]