Trade was starting to recover but extreme weather prevented him from working and serious cash flow issues followed which meant the business could not pay its contractors and suppliers. James found himself borrowing money personally to inject into the company and also to fund his everyday living expenses. James’ company was insolvent and needed winding up and he also needed help with his personal debts. That was when he approached The Business Debt Advisor for help with his finances.
The Business Debt Advisor team helped James prepare cash flow forecasts and personal budgets which gave him confidence to set up a new company and propose an IVA. The IVA was, at times tough especially during Covid and also because he lost his mother and his marriage had fallen apart. Numerous variations were required to grant payment breaks and also to reduce contributions to keep the IVA on track.
Following the passing of his mother, James received an inheritance payment and used a proportion of these funds to offer creditors a full and final settlement. We are so pleased to have been able to help James through some dark times. He was also very determined and resilient and with his co-operation we were able to ensure his IVA was successfully concluded.