Debt Relief Order Literally Brought Relief to My Small Business
posted on 16 June 2011 | posted in
Business and Finance
My business hit the rocks last year and had some huge debts owed to many creditors. I had the protection of a debt relief order which saved my skin - it meant no creditor could take legal action against me to recover the debts. There was no way they would have been recoverable anyway, but the stress of such legal action would have really been the final nail in my business coffin.
I've since consolidated my personal debts and am back on track again. I've contacted all my creditors and they are very understanding of the situation. My advice is to always keep clear lines of communication with your creditors and don't bury your head in the sand. They have a right to be angry and worried if your business gets into trouble - communicating with them clearly and regularly can often appease that anger and worry - it worked for me, anyway.
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