Debt Advisory Lawyers, Liverpool
Many businesses find themselves in financial difficulties from time to time. This may be because of challenges their own customers are experiencing, loss of an important customer, a poor sales environment, increased costs or a large unexpected, unplanned for liability. This situation may be temporary but can lead to an increased risk of legal action being taken by creditors if not addressed.
Our Debt Recovery Solicitors will lay out your options clearly and concisely. We understand how worrying it can be when your business is experiencing financial problems. We offer prompt, practical legal advice and a flexible and affordable fee structure that can be tailored to your circumstances. It is vital to act quickly in these situations – contact Three Graces Legal today.
Options for paying back debt
Cash flow problems can make it problematic to pay debts on time. However, these issues can be addressed in several ways, such as increasing sales, asset sales or cutting costs. If these measures are not possible, or insufficient, you may wish to investigate a debt payment plan. This may involve paying off the debt in full, breaking it up into manageable payments or coming to a compromise with your creditors where they agree to write off some of the debt. At Three Graces Legal, we can help alleviate the pressure by negotiating arrangements on your behalf.
In particular circumstances, a Company Voluntary Arrangement is a formal way of protecting a business if it is likely to return to profitability soon. The debts can be paid off over an extended period. Essentially, it is a tailored plan to repay creditors, often over three years, based on what the business can afford.
How to pay off business debt fast
We can assist with devising a strategy of how to pay off business debt fast. There may be possibilities for improved performance, helping to generate extra income to pay off your debt faster. As for the debts themselves, it is important to be clear what debt you have and on what terms. If there are multiple loans it may be possible to refinance and consolidate into one with a lower interest rate and revised payment arrangements. Strategies can, for example, include paying off those debts with the highest interest rates first.
At Three Graces Legal, we are here to help your business through any periods of financial difficulty and protect it for the future. We work with you to decide how best to deal with creditor demands. We can negotiate with creditors and even help postpone or avoid the business being wound up. If your creditors are pressurising you for payments that are not currently affordable, do not delay in taking action. We can help.
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