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Business Debtline helps ten thousand businesses in 2010

 

Business Debtline – a helpline run by the Money Advice Trust - revealed today that it has helped its 10,000th business struggling with debt this year. The helpline, a unique national service that provides impartial advice to micro businesses and sole traders, will by the end of the year have provided expert advice and support to over 100,000 businesses struggling with debt since 1992.

 

The helpline has seen a steady increase in the numbers of businesses calling during the economic downturn. With many businesses still struggling to make ends meet, the role of Business Debtline has never been more important.

 

In the first quarter 2010, the helpline assisted 30% more businesses than in the same period in 2009.

 

Joanna Elson OBE, Chief Executive of the Money Advice Trust, which runs Business Debtline said:

 

“In helping our 10,000th business less than half way through the year, it is crystal clear that the need to support and advise small businesses is very strong, with many now feeling the effects of the deepest recession in generations. Keeping these businesses afloat and contributing to the economy are vital to ensure that there is a strong recovery in the UK.

 

 Business Debtline not only assists individual businesses, but also helps to build an enterprise culture. Fear of failure can put off potential businesses. Most micro business failures are avoidable or, at the very least, premature. Avoiding failure not only helps those businesses but also reduces the spread of fear of failure amongst would-be entrepreneurs. 

 

Business Debtline has a great track record, and we’ve also advised other European countries how to set up their own Business Debtlines. Providing advice and support to partner organisations we helped to set up similar helplines in France, Holland and Spain.”

 

An Independent study into the effectiveness of the helpline recently highlighted how small businesses manage their finances more effectively after dealing with Business Debtline. Some of the key findings of the research showed:

 

  • 94% satisfied or very satisfied with BDL service
  • 95% would recommend BDL
  • 81% felt more knowledgeable about managing business finance
  • 78% had come to arrangement with creditors and kept to it
  • 70% who took part in previous study no longer have outstanding debt

 

 

 

 

Some recent examples of clients helped by Business Debtline include:

 

 

 

 

 

A small business owner lost two of his main contracts during the recession, and has mounting debts thanks to the significant drop in earnings. The client, a sole trader with the assistance of Business Debtline, has now set up a Debt Management Plan to ensure his creditors get paid, and the client is now able to afford his monthly outgoings.

 

Jeanette is a sole trader property investor. She struggled during the recession due to a lack of business, and contacted Business Debtline for help. With our assistance, she has entered into a Debt Management Plan, and is still trading whilst managing her monthly outgoings in an affordable way.

 

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