Gary Whitehead, a Southport-based FSB member who established business debt settlement specialist AFT Assist in 2014, says there are options for business owners dealing with the burden of debt other than the forced sale of assets or insolvency. While a successful outcome is not always possible, he believes experience in knowing what banks want is key to success.
You can appeal, under the Project Merlin agreement, if you feel you have been treated unfairly. What’s more, if your bank turns you down it should now be directing you toward alternative finance providers, such as peer-to-peer lenders.
In simple terms they are private agreement between the lender and the borrower where the borrower pays a reduced amount as full settlement of the debt.
No not at all, AFT are not Licensed Insolvency Practitioners. The solutions we provide are private debt settlements, which are completely outside of the insolvency process.
We are not ‘anti-bank’ although we do audit the client’s dealings with the bank to highlight any concerns raised and identify any further shortcomings or irregularities. The outcome of this review, together with the client’s individual circumstances, will then become a key factor in subsequent settlement negotiations. Understanding the bank’s position, and the potential implications of any shortcomings or irregularities, are significant factors in obtaining a successful outcome.
For more information visit www.aftassist.com call 01772 644937 or email firstname.lastname@example.org.