Business Debt Relief

What Types of Business Debt Relief is Available in Australia?

Two years into a pandemic and many businesses are still struggling with business debt. This can be stressful on an individual basis, and not to mention the feelings of guilt and shame that can come with having other people’s livelihoods in your hands.

Payrolls, tax, loans and other expenses can easily pile up in times of crisis or when revenue is slower than usual. But it is important to remember that there are options available that can help you get on top of debt and rebuild your business before it is too late.

Read the summary of advice and business debt relief services in Melbourne below to understand some valuable steps you can consider to get your business back on track and rid yourself of debt for good.

  1. Do something about it as soon as you can. A common experience with debt is avoidance. Repayments, snowballing bills, outstanding overheads and more can be daunting, but the sooner they are addressed the less detriment there will be to your business and prospects for rebuilding.
  2. Get organised. Make a list of everything you owe and when it fell due. Do the same with your current cash flow and then prioritise an order that you can follow. Starting with the smallest owing and working your way through to the bigger ones is a good way to start.
  3. Talk to your creditors. The best place to start when it comes to a creditor/ debtor relationship is with a discussion. Talk to the people you owe money to and try to come to a resolution in the form of a payment plan or settlement. Do the same if people owe you money, try to chase up and resolve outstanding invoices that might be sitting idle.
  4. Contact your financial institution. Talking to your situation will allow you to take advantage of the possible financial aid that your bank can offer you. Many banks will be sympathetic to your situation and do what they can do to assist you. This can include reducing interest, organising a repayment plan and more.
  5. Talk to a professional. You can make an appointment with one of PIPA’s debt advisors to get an assessment of your situation and get advice for how to move forward.

If you need help with business debt relief, contact now!