Businesses turning to bankruptcy advice line
The number of businesses enquiring about bankruptcy has more than doubled over the past 12 months, debt advisory line The Financial Helpline has said.The organisation said the number of clients it helped between January and June is up 63 per cent compared to the same period in 2007. According to the helpline, there has also been a growth in the incidence of clients seeking advice on bad debts and late payers.
"The demand for business debt advice is increasing" said The Financial Helpline chief executive Roy Yates. "Many small business have had a difficult couple of years"
The Financial Helpline provides debt advice to individuals, small businesses and sole traders. Meanwhile National Debtline (part of the charity Money Advice Trust (MAT)) said it has seen an increase of 30 per cent in the number of callers in the last 12 months seeking advice on first charge mortgage arrears.
The Charity also reported a 22 per cent increase in the number of callers with second charge mortgage arrears over the same period.
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