5th April 2022
It looks as though 2022 will be another challenging year for business, with even more pressure being put on their financial situations after what has already been a tough couple of years.
The realisation that things may not improve much, if at all, this year is going to be difficult for many business owners to come to terms with. But what happens next may not be as bad as feared.
Insolvencies are increasing
During the last quarter of 2021, the number of business insolvencies was 18% higher than the previous quarter, and 51% higher than for the last quarter of 2020. In November of last year, insolvencies in England and Wales were at their highest level since 2019.
This year, business face rising inflation and rocketing fuel, energy, materials and labour cost, as well as continuing problems with supply chains. For many already on the brink of unmanageable debts, this year could simple be too much financially for them to recover from.
How to spot the signs of problem debt
If your business is in financial difficulty, you may already be feeling the kind of pressure and anxiety that is common among those dealing with a debt burden. But there are other signs to look out for that can indicate troubles ahead, including:
Identify your next steps
I know how difficult it is to get to get to grips with debt; I have my own personal experience of debt. My years of experience as a debt advisor also inform me when I’m supporting and advising businesses and individuals who are getting to grips with their own debt problems.
I know what it’s like to take that difficult first step of talking to someone about debt and then finding the support I needed to help me take back control of my circumstances.
The reassurance I want to offer here is that help and support are available to help you manage your financial situation and your mental and physical wellbeing, which can be severely impacted because of the stress and anxiety debt causes.
No matter what your debt situation is, it’s never too early or too late to seek advice. This can reveal the options available to you that give you the reassurance you need to take action.
James Rosa Associates
James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, 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:
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 email@example.com to find out whether you qualify for a free consultation.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.