Friday 23rd of October 2009
The number of business in Northern Ireland unable to pay their debts is rising, reports the Belfast Telegraph, so company owners may wish to take out a debt management plan to plot a route back to financial stability.
Research by ICC Information showed that the value of County Court Judgments (CCJs) - orders which seek to recover unpaid debts - has more than doubled since the start of 2009.
Around £1.8 million of debt was the subject of CCJs in the quarter to the end of September, up from £795,000 in the first three months of the year.
And a total of 762 CCJs have been lodged in 2009, with the average value of each more than doubling since the first quarter.
Businessmen with money troubles may want to seek the advice of a financial expert who could recommend a debt management plan.
Debt management plans could reduce interest rates on debt - which can stop the amount someone owes spiralling out of control.
An affordable repayment system is set up which can give debtors more confidence that they will be able to fund their outgoings each month.
By Hayley Jones
