Paying Creditors on Time
When facing creditor pressure on a regular basis, it is a sign that there are bigger problems and a risk that your business is insolvent. It’s a stressful time but this is when you need to speak to specialists who can help you find a way forward for your company.
By not dealing with creditor debt, there is risk that creditors will instruct a debt collector to recover funds and/or assets to repay the debt or even issue a Winding Up Petition.
However, there are manageable actions that can be taken to give you time to formulate and deliver a plan to deal with the debt and find a stable way to move forward. They key thing to do is gain a clear understanding of your position and get help from experienced professionals.
It’s important to talk to your creditors and manage their expectations. Whilst this is a stressful period, it will get worse if ignored.
How do I deal with Creditors?
There are formal and informal routes you can take, depending on the scale of debt and timescales. Speak to our team so we can advise on the best path to take to secure survival of your business. Some practical steps include:
- Speak to your creditors in order to gain their support
- Rescheduling payments
- Considering a Time To Pay (TTP) arrangement
- Put in place a strategy to deal with creditor pressure
Let’s Talk
It’s important to speak to people who can help as early as possible. We have experienced teams who can help you and work with you to achieve the best outcomes for you and your business. For a no-obligatory chat, complete the form opposite, include a best time for us to call you and a Partner will be in touch.
Alternatively, book a convenient time for us to contact you