Personal Financial Distress
— How To Help Your Client Through The Darkest Of Days

At Solvency Solutions we understand the psychological and emotional impact that personal finance issues can cause on people and their families.

They can feel helpless, useless and unable to cope. They can also feel they they can't admit the problem to anyone including their family - and often will hide unopened bills in drawers hoping the problem will go away, which of course it won’t.

If left unresolved these concerns can lead to insomnia, medical problems, excessive weight gain or loss, arguments and in more extreme cases can even result in marital breakdown, mental illness, serious physical illness and suicide.  In 25 years dealing with insolvency I have seen all of these.  The worst is that this leads to a vicious circle where the increased problems lead to further depression and self-loathing making the problem worse.

Sometimes these financial issues will come out because they see their professional adviser (possibly an IFA) to see if they can borrow more (which even if finance was available may only worsen the problem).  Or maybe they go to see their accountant because they run a business which is struggling and they have borrowed personally to support and the accountant can see there is a problem.

We also understand that it is very difficult for the advisor to raise the issue with the client and can be awkward dealing with the emotions that addressing the problem may bring.  These can display themselves in different ways including anger, denial and tears.

Whilst it can be difficult for a client to address these issues and it may be that the only solution is to go bankrupt we can prioritise seeing your client and looking at the possible ways forward to put their life back on track.

We have produced for you a couple of helpful guides.

Not all Insolvency Practitioners are the same, and you want to choose an IP who will work with you and your client to secure the best possible outcome. If you want to read our goide on 'How To Choose An Insolvency Practitioner', then please just put your details in the form at the top of this page and we'll send you a copy by email in the next few minutes...

We have produced a second guide for professional advisors called 'How To Speak To A Client In Distress': if you would like to read it, then please click this link, put your details in the form and we'll email it right over.

So if you have a client facing personal financial distress - or if you are facing a difficult financial situation yourself - then please call Fiona Monson, sooner rather than later, on 01444 848766.

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SIX THINGS YOU SHOULD KNOW...

  • This really needn’t be the end of the road! Many successful people have been through difficulties - even bankruptcy, some more than once...
  • It is important to take decisive action immediately. Ignoring the situation will make it worse and it will not go away.
  • Talk to your creditors. Many companies will be reasonable if you explain your position and allow you time to pay.
  • If you are self-employed and have self assessment liabilities save the money in a separate account ideally one you can’t readily access so you have the funds available when the tax becomes due.
  • Borrowing more money is probably not a solution. Prepare an honest and detailed statement of your income and expenditure and work out if you can cut your expenses or earn more money to plug the gap.
  • Even though it might feel difficult, if the issue is too big for you, then please seek professional help. The help is there - use it.
Got questions?
Call 01444 848766...
WHAT WE DO...

Company Solvent Liquidations
A simple strike-off may not be the most tax-efficient - or even the safest - way to release a client's equity for a company. Find out here how you can have access to our specialist Company Solvent Liquidations experience.

Company Insolvent Liquidations
There can be significant implications for your client in deciding whether or not they should cease trading due to debt or cash flow issues. Don’t risk giving them the wrong advice — discover more here...

Personal Financial Distress
For a client in financial distress, the experience can be terrifying and humiliating. With experienced, professional and sympathetic support, however, there is always a light at the end of the tunnel. Find out here how we can help you help your clients through their darkest hour.
HOW TO FIND OUT MORE...

Contact Us
If you have a client whose case you would like to discuss, or if you are facing financial difficulties yourself and need to talk to someone in confidence, then please do get in contact:

Phone: 01444 848766

Email: help@solvencysolutions.co.uk

Or you can find our address, a map and an enquiry form on our Contact Us page.

Financial problems, whether business or personal, can seem like the end of the road and can be a source of great distress. Rest assured that there is always a way ahead, and we will always listen with an open mind and a non-judgmental ear.

We of course treat all discussions with the utmost discretion.
Solvency Solutions is a trading name of Solvency Solutions (South East) LLP (formerly Armida Business Recovery LLP).
Fiona Monson is licensed as an insolvency practitioner by the Institute of Chartered Accountants in England and Wales