Have you got a self-employed client?

23 August 2016

When it comes to being in debt, self-employed people have specific worries.

Supplier relationships, cash flow and business reputations are just some of the areas that can be put at risk.

Every year PayPlan helps thousands of self-employed clients to keep their businesses running with a range of debt solutions all aimed at helping them deal with their unaffordable personal debts.

At PayPlan, self-employed people have access to:

  • A full range of debt solutions and personalised debt advice.
  • Access to a specialist case officer
  • 20 year’s experience helping people to resolve the business and reputational risks surrounding their personal debt.

Just refer your self-employed client to PayPlan and we will conduct an initial assessment and begin to help them take control of their business and personal debts right away.

A client case study

We helped a self-employed newsagent who owed over £60,000 to several different loan, credit card and store card companies.  He lived with his wife and two young children in their jointly owned mortgaged property.  He was worried that in the event of bankruptcy, he would not be able to trade as his shop lease contained a clause which would be terminated in the event of bankruptcy which would mean he could not trade.  He was also anxious to protect this property. He owed money to two of his key suppliers – if they stopped supplying, it would also affect his ability to trade.

We helped the client to compile a 12-month cash flow for his business.We achieved this by meeting him face-to-face to discuss his income and by examining his bank statements and accounts. After the client’s business expenditure and personal living costs, he could afford to make a monthly payment of £250 to his debts.

We agreed with the suppliers for the arrears to be included in the IVA so they would receive a return on their debt, while the suppliers would still continue to supply in future, providing he paid cash on delivery.  This allowed his business to continue to trade.

We set up and completed an IVA for the client, which allowed him to continue trading and retain his lease.

If you’d like some more information or training to help self-employed people struggling with debt, contact Sarah or our business support team on 01476 518178 or email partnershipsupport@payplan.com.

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