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Business Debtline takes calls from 50,000 small businesses since the start of the cre

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  • Business Debtline takes calls from 50,000 small businesses since the start of the cre

    Business Debtline, run by the Money Advice Trust, announces that it has helped more than 50,000 businesses since the start of the credit crunch.
    The collapse of Northern Rock in September 2007 precipitated an economic crisis that has hit small businesses across the UK hard. Business Debtline is the only business-focused, free debt helpline in the UK – offering small and micro businesses valuable advice on how to manage and repay their debts.
    Joanna Elson OBE, Chief Executive of the Money Advice Trust, the charity which runs Business Debtline, said:
    “It’s been a very difficult three years for small businesses across the UK. The help Business Debtline offers small businesses is often crucial in ensuring not only their survival as a business, but also the well-being of their creditors, as well as the broader financial health of the UK.
    “To have helped more than 50,000 businesses throughout the credit crunch is a huge achievement, and one we can be proud of. However, there are still many small companies seeking advice on how best to manage their debt – just last month alone Business Debtline advisers spoke to representatives of more than 2,200 businesses to help them through their financial worries.
    “Independent evaluation of the service offered by Business Debtline helps to demonstrate the positive impact of debt advice for small businesses. 78 per cent of callers who set up an arrangement with their creditors report maintaining it; and a large majority of callers reported that they were more confident about managing their business finances, less likely to get into problems in the future, and more in control of their business after obtaining advice.”
    Stephen Alambritis, Chief Spokesperson, Federation of Small Businesses said:
    “Business Debtline provides a very good service to small businesses in dire straits. By helping to improve the financial capability of the UK’s small business owners, this service plays an important role in achieving wider economic stability.
    “The UK’s 4.8 million small businesses are the lifeblood of the economy and we should do what we can to ensure they are protected, as far as possible, from the long shadows cast by a deep recession.”
    For further information visit the Money Advice Trust website


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