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Commercial Debts

There is no denying that we all dream to be our own boss. There is the inner feeling to be able to start your firm and achieve the financial independence. However, it is a beautiful dream and many are able to start their business too, but fact remained that very few is able to maintain it. Nine out of ten times we see that after couple of months into the business, one run into some financial dilemmas.

One has to deal with taxes, salaries for the staff you hired, the business credit card debt, and all kind of debt creeps on to you. At present more and more businessmen agree that it is prudent to get professional financial advice from debt management companies.

These professionals are trained to analyze each business and their commitment towards taxes. They can play a pivotal part in guiding you; the business owners to better delegate your money across the various department of your business.

In todays day and age where Internet is the buzzword, you can find a good online financial recovery service, which can provide you information on all, business debts, credit repair, debt negotiation, bank levies, and foreclosure avoidance. Depending upon your business needs as well as financial condition these professionals can help you get the right answers; much needed compromises, and better solutions.

Over and over again, if have taken into perspective that the resolution as suggested by the IRS is impractical. Usually large chunk of business cannot follow the advice so given. As a business or as a matter of fact an individual, which ever may be your case, if you need a better advice on tax debt need then talking to a debt managements service would be a prudent choice. And lots of time you would not be disappointed by the solutions that the debt professional provides you.

If your business is under scrutiny for one reason or another and tax debt, it can create a lot of pressure on you. After all remember that we are talking about your lifes earning and saving here!

At such an emotional and financial trying time, if you get the much needed and most importantly right advice from a debt pro, it can make all the difference between successful business and bankruptcy.

Majority of us are of the view that business is a perfect source of earning income through personal independence. But there is no hiding that everybody does not turn out to be successful in his or her business ventures. The risks of getting into a debt trap are pretty high when you kick start a business. Theoretically speaking you will have to pay your creditors on time, pay salary to staff and workers and take care of your credit card debts. Because of this simple reason most of the businessmen agree to approach a debt management program while facing a financial crunch.

Commercial debt management programs can turn out to be a blessing in disguise in guiding you in detail about dispersing your money for the smooth running of the business. They also impart you with the knowledge regarding taxation policies, laws and norms prevailing according to business laws.

If your business were under the scrutiny or tax debt remains an issue it would emotionally build a lot of pressure on you. This pressure can turn into various ailments later on in the piece. To be relieved from this crisis forever, it is quite important to join a debt management program.

It is worth pointing that the flow of funds, the disbursal of funds and saving will be taught by debt counselors. If you begin investing in a right direction from the beginning of your career, you will reap the fruit of wealth.

When a person is in financial crunch and wants to avoid bankruptcy, they generally have two options. They can take either an informal debt management policy, or the formal IVA route. Below is a comparison of the two choices:

The informal route choice will either be:

A debtor talking to their creditors directly, depicting to them that they cannot continue with their monthly repayments at the agreed level, and asking for a reduction of repayments for themselves. In simple terms a debtor who approaches creditors directly will save on the management fees of a commercial debt management company, but will have to deal with the problem at first hand. This is not at all a simple task, and is made even more difficult when a debtor has multiple creditors.


A debtor using the services of a debt management company, who in turn will contact the creditors on behalf of the debtor and negotiate lower monthly repayments for them. However, a debtor that chooses to use the services of a commercial debt management company will face the cost of management fees each month, which will actually reduce how much, can, in turn, be paid to the creditors.

Both of these informal agreements have some sort of role to play in the debt solution market place, and deciding on which is the most suitable option will be down to the individual circumstances of each case.

Other parameters to consider with an informal debt management agreement are:

First and foremost the debtor will be expected to make a full repayment of the debt.

Furthermore the creditors may not freeze the interest on the outstanding debt.

The creditors can still take legal course of action for the recovery of the debt.

Remember that the debtor's credit file will be affected by default notices once the debtor enters the informal arrangement.

The formal way will be an IVA.

An Individual Voluntary Arrangement presents a debtor, with debts over 15,000, a real alternative to both informal choices above, and formal bankruptcy.

The IVA is, in theory, a legally binding contractual agreement between the debtor and the creditors. According to experts it is lodge in court and held on the public register of IVAs within the Dept of Trade and Industry (D.T.i.).

The normal terms of the IVA proposal give great advantages to the debtor.

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