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  • Give yourself time to think, with the Debt Respite Scheme
  • Preserving your future aspirations in the face of unmanageable debt
  • How sustainable is your debt situation? Your credit report reveals all
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    Getting organised can help beat stress in business

    By Mr Bankruptcy

    31st October 2022

    If you run a business, you’re probably used to feeling that managing finances is a rollercoaster ride; there are plenty of ups and down and on occasion you feel like everything’s coming off the rails.

    This takes its toll at the best of times, but it’s even worse when you’re managing your way through a sustained period of financial turbulence, with the uncertainty and stress this causes.

    Despite the personal impact that problematic debt can have, business owners feel obliged to work even harder to sustain their business during challenging times because others depend on them. But how can you make that task a little more manageable?

    The business environment for SMEs

    Between Brexit, lockdown, political leadership changes, inflation and threat of recession, recent times have been tumultuous for small and medium-sized businesses.

    Although they still account for 99.9% of the UK’s business population, it’s hardly surprising there’s been a 6.6% drop in SME numbers since 2020. The ONS reported that turnover for 45% of SMEs fell by 20% since the pandemic.

    And the Bank of England reported last year that 33% of SMEs had debt levels over 10 times their cash balance, a 14% increase from before Covid. For 18% of SMEs, monthly debt repayments take up more than 15% of their income (a 3% increase), and that 10% of SMEs have high debt levels and high debt repayments.

    With news like this, it’s not at all surprising that many business owners are feeling overwhelmed.

    Time to get organised

    One way I’ve seen business owners try to deal with looming financial challenges is to ignore them and put off decisions, however, this solves nothing. Instead, getting organised and addressing debt can give that important feeling of being back in charge, making key decision-makers more positive about the future.

    Here are some helpful steps anyone with mounting business debt can take:

    • Be proactive. Delaying action can make a bad situation worse. Actively seek out opportunities for new clients, streamline operations, and adapt strategies to new conditions.
    • Gain visibility. A greater awareness of what’s going on in your business and across your sector enables you to react quicker to changing circumstances. It also helps you to feel more in control.
    • Keep a grip on finances. When you suspect bad news, the temptation is not to look at your finances. But understanding your figures lets you spot the dangers and identify where extra support is needed before matters escalate.
    • Readjust budgets. Rewrite your financial plan realistically and honestly to reflect your current financial situation.
    • Organise your time. Work/life balance can be a luxury when you’re responsible for a business, but you can keep the two separate. Allow time to switch off from work, to rest and recharge. When work spreads across all your waking hours, productivity goes down, it’s harder to get a clear perspective and your loved ones suffer too.
    • Asking for help is key. Don’t think you have to do everything yourself because you hold ultimate responsibility. Be prepared to delegate and seek help from a business partner, friends, a coach or professional financial advisor.

    The economic turbulence looks set to continue for the foreseeable future, so it’s important to organise your affairs now, so that you’re fighting fit and ready to take your business through to better times.

    James Rosa Associates

    James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a holistic advice and professional services to individuals and business owners/directors who need to tackle unmanageable debt or who are involved in civil or commercial disputes. Our services include:

    • Insolvency support
    • Negotiated settlements
    • Personal assisted bankruptcy
    • Mediation

    We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.

    Find out if you qualify for a free consultation

    If you want to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to discover whether you qualify for a free consultation.

    The importance of managing finance-related stress

    By Mr Bankruptcy

    20th October 2022

    It seems as though a day doesn’t go by without the news reporting how bad the financial situation is likely to get. For many people this persistent messaging is becoming overwhelming, highlighting the importance of addressing debt difficulties for mental as well as financial wellbeing.

    The impact of financial stress

    A recent study by the ONS reported that 77% of adults reported feeling very or somewhat worried about the rising costs of living. Furthermore, 50% of those who said they were very worried about rising costs felt those worries nearly every day.

    Financial pressures take their toll on our mental health; the Money and Mental Health Policy Institute reported that nearly half of people with debt problems also have a mental health problem. In fact, 1.5 million people are experiencing both problem debt and poor mental health.

    How are debt and mental health connected?

    Being in debt can often cause stress and anxiety, but beyond this there are several ways in which debt and mental wellbeing are connected:

    • Mental health can affect your ability to work and earn money, which reduces income and makes it harder to pay the bills.
    • People spend money to try to help themselves feel better, putting them deeper in debt.
    • Financial problems can impede recovery from mental health.
    • If someone feels ashamed of their debt, they can feel isolated and struggle to ask for help.
    • People with unmanageable debt avoid conversations with creditors or opening bills because they feel overwhelmed.
    • You may not be motivated to deal with debt and find it difficult to initiate action, because it causes anxiety and looks like an impossible task.
    • Worrying about money interrupts sleep, affecting overall wellbeing.
    • Being in debt leads to cutbacks on essentials such as food and heating, affecting physical, and therefore mental, wellbeing.

    The institute’s survey found that when unwell, more than six in ten people (63%) found it harder to make financial decisions, 42% put off paying bills and 38% took out a loan that they wouldn’t otherwise have done.

    Taking action

    It is worrying to feel the impact of debt on your life, but it’s important to remember that you aren’t alone; support is available.

    Talking to someone you trust, or seeking professional advice to guide you towards taking actions, will help you to take back control of your debt and learn to look after your mental health again.

    James Rosa Associates

    James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we take into account the effect of debt on our clients’ mental wellbeing.

    We offer a full range of advice and professional services to individuals and business owners/directors who face unmanageable debt or who are involved in civil or commercial disputes. Our services include:

    • Insolvency support
    • Negotiated settlements
    • Personal assisted bankruptcy
    • Mediation

    We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.

    Find out if you qualify for a free consultation

    If you need to deal with unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.

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