Debt management in the UK is very prevalent in the public consciousness at present and as the credit crunch tightens its grip on the purse strings of the consumer, small business start-ups are also suffering from the fall out of the financial confusion that is affecting the country.

Debt Management – Keeping on top of finances

There are many small businesses starting up every day but a lack of understanding regarding debt management has caused many to worry about the financial viability of their company. Research carried out by Tenon Study has found that many small business owners are more susceptible to falling into debt due to the economic slowdown. The research carried out into debt management found out that approximately a fifth of small business owners have no notion of how much their business owes despite over half stating that their businesses do in fact owe money. Debt management is just as an important issue for businesses as it is for individuals in financial strife and many will rely on the expertise of financial professionals to ensure they stay on top of their finances.

Debt Management – Life / Work Balance

One of the main problems when it comes to the debt management of small business owners is a blurring of the life / work balance. When starting a new business venture, an individual's personal debts are often mixed together with company debts and an accurate picture of debt levels isn't established. People often find themselves in financial arrears due to an inability to successfully supervise their accounts and by introducing a separate business account; their debt management problems are doubled. As such, small business owners are increasingly relying on the experience of financial experts to generate a debt management plan that will ensure that they don't lose their grip on their financial reigns.

Debt Management Solutions with Varden Nuttall

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0870 977 8100 or fill in our online enquiry form.