In the UK, free debt advice for businesses is widely available from various sources.
The government’s Insolvency Service provides free debt advice and information to help businesses manage their financial problems.
They can offer guidance on debt repayment, company rescue options, and insolvency proceedings.
Non-profit organizations such as the Citizens advice bureau and StepChange also provide free debt advice to businesses in the UK.
These organisations have experienced advisors who can help companies understand their debt situation, create a debt management plan, and negotiate with creditors to find a solution.
In addition, many financial institutions such as banks and credit unions offer free debt advice to their business customers. They can provide information on debt consolidation loans, business loans, business help and other financial products that may help businesses manage their debt.
Business owners can access this information and guidance through the government’s business support website. Free debt advice can be crucial for company’s in financial difficulty, as it can help them avoid costly mistakes and find the best solution for their debt problems.
Organisations that offer free business debt advice
If you are a business wanting free company debt help and advice, it makes sense to contact the following:
Business Insolvency Helpline
Business Insolvency Helping are an independent business debt company that offers free advice to SME’s and business owners about business debt solutions, , business debt management, debt issues and legal issues that they may face while running a business in the UK, services can be accessed over the phone or email.
Business Debtline
Business Debtline is a nonprofit business debt charity that offers free, impartial advice on managing debt to businesses in Great Britain. It is administered by the Money Advice Trust and is accessible online and over the phone.
Advice NI
This non-profit organisation is supported by the government and offers guidance for debt advice to Northern Ireland’s smaller companies.
Money Advice Trust
Money Advice Trust is a UK-based charity dedicated to providing practical, free money management advice and support to individuals facing financial difficulties. Through their National Debtline and Business Debtline services, they offer expert guidance on debt-related issues, contributing to improved financial literacy and stability.
StepChange
StepChange Debt Charity, commonly referred to as StepChange, is a leading UK-based organization dedicated to providing comprehensive support and guidance to individuals struggling with debt.
As a trusted debt charity, StepChange offers a range of services tailored to help people take control of their finances and work towards a debt-free future.
Their expert advisors work closely with clients to create personalized debt management plans, negotiate with creditors, and offer practical financial advice.
HMRC
HM Revenue and Customs (HMRC) can help businesses with debt by providing information on tax debt and payment options. Businesses can arrange a payment plan with HMRC to repay their tax debt over a longer period of time.
They can also provide information on debt relief options, such as Time to Pay and HMRC’s Debt Management Plan. Businesses can contact HMRC for advice on how to manage their tax debt, and they may also be able to offer support and guidance on other financial and operational issues affecting the business.
Local Help
Local councils can help businesses with debt and business rates in several ways. They can provide information on business rate relief schemes, such as small business rate relief and rural rate relief, which can help reduce the amount of business rates a business has to pay. They can also provide guidance on how to challenge the calculation of business rates and how to apply for a reduction.
Additionally, local councils may be able to provide support and advice on other financial and operational issues affecting the business. Businesses can contact their local council for information on the support available to them and to discuss their specific needs.
Free Forums
There are several free business forums in the UK that deal with business debt and offer support and advice to businesses. Some popular forums include:
- The Federation of Small Businesses (FSB) forum
- The Institute of Directors (IoD) forum
- The Association of Chartered Certified Accountants (ACCA) forum
These forums provide a platform for business owners to share their experiences, ask questions, and receive advice from other business owners and experts. They cover a range of topics related to business debt, including managing cash flow, negotiating with creditors, and accessing funding.
Business owners can also connect with local business support organizations and access resources and information on business debt. These forums can be a valuable resource for businesses facing financial difficulties, as they provide a supportive community and access to expert advice.
Industry Bodies
Industry bodies can provide valuable support and advice to businesses dealing with debt. They can provide information on industry-specific debt management strategies and funding options. They can also offer networking opportunities with other businesses in the industry, which can lead to valuable connections and potential solutions for debt problems.
Industry bodies may also be able to provide access to industry-specific resources and expertise, such as financial and operational advice. Some popular industry bodies in the UK include the British Retail Consortium, the Federation of Master Builders, and the Engineering Employers’ Federation. Business owners can contact these organisations to learn more about the support and resources available to them.
Read more: Writing off company debt and starting again
Frequently asked questions
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Discover the ways in which free business debt advice services can aid your company. From debt restructuring to tailored financial strategies, how can these services positively impact your business growth and online visibility?
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Finding trustworthy sources of free business debt advice such as the Business Insolvency Helpline is vital for informed decision-making. Explore online platforms, government resources, and expert forums that offer valuable insights on debt management for businesses. What is the Importance of Seeking Free Business Debt Advice?
How Can Free Business Debt Advice Services Help My Company?
Where Can I Find Reliable Sources of Free Business Debt Advice?
Where Can I Find Reliable Sources of Free Business Debt Advice?
Conclusion
Business owners in the UK can access a range of company debt advice & support and advice from organizations to help them manage debt. This can include free debt advice from non-profit organizations such as the Citizens advice bureau and StepChange, financial institutions, government agencies such as HM Revenue and Customs, and local councils.
Industry bodies such as the British Retail Consortium and the Federation of Master Builders can provide industry-specific advice and resources.
Free business forums, such as the Federation of Small Businesses (FSB) and the Institute of Directors (IoD), offer a platform for business owners to connect with others, share experiences, and receive advice from experts.
These organisations provide a variety of services and resources to help businesses overcome financial difficulties and find the best solutions for their debt problems.
We have helped 100’s of companies with their business debts over the years with our free advice service, to get started simply complete the online enquiry form.
With over three decades of experience in the business and turnaround sector, Steve Jones is one of the founders of Business Insolvency Helpline. With specialist knowledge of Insolvency, Liquidations, Administration, Pre-packs, CVA, MVL, Restructuring Advice and Company investment.