Share your problem and you are half way through the solution!
In view of debt counseling, good communication with creditors is one of the important pillars for getting a debt settlement done. The entrepreneur initially has a different name for his creditors. After all, it is his suppliers and of course very valuable relationships for the continuity and growth of his company.
It is too often forgotten that these are valuable relationships for the entrepreneur when things are not going well financially. This, while most suppliers, but also the bank and the tax authorities, usually realize even earlier that things are not going well for the entrepreneur financially. This will only be observed faster in the future now that data is being linked more and more.
The best thing you can do as an entrepreneur, but often also the most difficult step, is to share your problem with your (now) creditor. You will be amazed at how quickly it is willing to give you a respite or perhaps even provide additional supplier credit. Unfold your plans on how to get out of your crisis and most creditors will be happy to cooperate. Also ensure a fair distribution among creditors of what you can pay off and do not give priority to the loudest shouter.
Now it may be that debt collection agencies, bailiffs or even lawyers have taken over the communication from your original creditors. Open communication is also very important in that case. They also prefer not to start a procedure and incur a lot of unnecessary costs. Therefore make sure that you are available and that you open and read emails and letters. Now these parties are very good at so-called. 'barking letters', but do not panic unnecessarily. Even if the lawyer threatens to file for bankruptcy, keep communicating and let us know which payment proposal is realistic. If necessary, you will be assisted by a debt counselor who will take over the communication from you. Ultimately, the creditors only have an interest in a feasible solution and that ultimately starts with you as an entrepreneur.
Jacqueline Southway