Free Confidential Helpline for Businesses in Northern Ireland

Advice NI working in partnership with Business Debtline are pleased to announce a new telephone helpline offering free, impartial and confidential advice for businesses across Northern Ireland.

The new service in Northern Ireland is funded by the Money Advice Trust and is a free service offering tailored advice for sole traders, partnerships and Limited Companies which will be aimed at helping to develop their business finance capability as well as to help resolve any immediate business debt problems the caller may need advice with. The service also will ensure callers are aware of their rights and responsibilities with regard to their trade, tax and personal liabilities. Factsheets will be accessible on all aspects of business insolvency issues along with step-by-step support on budgeting, debt prioritisation and negotiating repayments with creditors.

With both personal and company insolvency on the increase in Northern Ireland, many businesses have problems such as cash flow, difficulty in obtaining credit, late payments from suppliers and trouble negotiating with creditors. Other factors that can lead to financial difficulty include poor book-keeping, lack of knowledge about legislation and lack of free advice for businesses.

The Northern Ireland Chamber of Commerce Quarterly Economic Survey for Quarter 1 of 2013 compiled responses from nearly 500 businesses across Northern Ireland, and revealed that the threat posed to business stability by bad debts is an increasing problem. The report found almost 2 in 5 local businesses do not have a system in place to protect their business from bad debt and 31% of local business owners have seen an increase in the level of bad debt in their business in the last year.

Commenting on the launch, Bob Stronge, Chief Executive of Advice NI said:

 "Advice NI working in partnership with Business Debtline are delighted to announce the launch of the free telephone debt advice service for businesses”.

"Many businesses in Northern Ireland have run into financial difficulties in the current recession, and we now have an advice service offering assistance however big or small the problem."

"Our research has shown that there is a significant demand for business debt advice and with assistance from Business Debtline we are delighted to now have a means to provide this. The service has already provided assistance to 100 clients totaling approximately 1 million pounds of debt. We aim to assist those sectors particularly affected by the recession in Northern Ireland including the Construction, Agricultural and Retail sectors. ”

Joanna Elson, Chief Executive of the Money Advice Trust calls for businesses to use the service:

“In recent years many people have turned to self-employment out of necessity rather than choice. This means that lots of people have to learn skills they never thought they’d need. Being a successful business owner requires a multitude of talents, luck, and knowledge; and often the earliest years are the bumpiest. We hope this new service in Northern Ireland can help support a new generation of small business owners by providing support at the crucial moments in a business’ life cycle.

“We encourage any businesses that are currently experiencing financial difficulties to get in touch with Business Debtline as soon as possible. With the help of an adviser they can put together a plan to get their business back into financial health.”

“A thriving small business sector can be the backbone of a growing economy; we want to help make that the case in Northern Ireland.”

Welcoming the new service Enterprise Minister Arlene Foster said: “This impartial and confidential helpline will be a useful resource for businesses.  Expert, tailored advice is now available in all aspects of financial capability and I would urge anyone with any queries or concerns to use this free service.” 

The service is available Monday to Friday 9am – 5pm on 0800 0838 018 or further information on the service can be accessed through the Advice NI website www.adviceni.net