As Northern Ireland’s business sector continues to be challenged by inflation and a decline in consumer spending, more people are reaching out for financial support than ever before.

Last year Advice NI’s specialist Business Debt Advisers have dealt with over 120 cases, managing nearly £7m of business debt. But what actually happens if you contact a business debt service?

Diane Miller, Business Debt Adviser at Advice NI says when businesses get in touch, we provide tailored support and act as a first step in finding a solution.

She explains, “Operational costs for materials, utilities and fuel remain high, and businesses are feeling the pressure now more than ever. Paired with wage inflation, difficulties retaining staff and fears of losing business over increased pricing, it’s an extremely challenging time for business owners.

Below Diane explains what happens when a business gets in touch with Advice NI.

Getting in Touch

When a business owner calls the debt service, expert Business Debt Advisers are on hand to provide free, tailored and confidential advice that can help them gain control of their finances.

Every call we receive is different which is why it’s important we provide bespoke support. The outcome can be simply getting back to businesses with budgeting advice, other times we need to take immediate action. For example, if a company has received a letter to say their debt has been passed onto a debt collector or perhaps their electricity is going to be cut off.

In these cases, we’ll often get in touch with the courts or an energy supplier to see what we can do to prevent these actions and find a short-term solution such as a payment plan.

Finding a Solution

Solutions differ for each company. If a business owner is feeling overwhelmed we can offer our advice and tools to help diffuse the situation. Other times, the implications can be more severe and it’s our job to make businesses aware of their options.

If a business is facing debt or financial difficulty, we need to establish if they want to continue trading and discuss a realistic plan of how to get there. On the other hand, businesses many get in touch as they’ve decided to cease trading, and if this is the case, we can advise on how to close the business down and deal with any outstanding debt, redundancies, and repayment support.

We recognise the delicate relationship between personal finance and owning a business. We deal with many who have personally invested large sums of money, or have guaranteed business loans against their home and other assets. So when the business begins to struggle, the person can become personally liable and their assets can be put at risk. In this instance we can refer people to our personal debt service, which can offer telephone, digital and face to face appointments across Northern Ireland.

Debt is no longer a taboo subject and we’re seeing more people struggle than ever before. Even if you’re unsure what support you need, give us a call and we’ll talk you through your options and if needed refer you to someone who can help.

The Tools to Succeed

It’s important to highlight that support from Advice NI is completely free and it doesn’t end after the first phone call or initial appointment, we will stay with you throughout your journey. We provide tailored advice, information and guidance to help our client feel more empowered to take back control of their finances, so that moving forward they can tackle the situation head on, with the knowledge that Advice NI is here as and when required.

Advice NI and the Independent Advice Network is made up of 65 members and more than 300 advisers across Northern Ireland, all providing free, impartial and confidential advice. Struggling businesses can call Advice NI on the Freephone helpline number 0800 915 4604 or email [email protected] where they can speak directly with an adviser between 9am and 5pm, Monday to Friday