Time to pay (TTP) schemes and Informal Debt Repayment Plans (IDRP)
It may come as a surprise to many that it’s not just individuals that can enter a TTP or IDRP
The service we provide is confidential and none of your creditors will know that you are taking advice unless you want them to.
What are the signs that you may need our help ?
Spending more time dealing with your creditors than running the business
Falling behind with payments to suppliers or being put on 'stop' or 'cash on delivery'
Regular calls, emails and letters from your trade creditors chasing your payments and letters before action threatening legal proceedings
Sleepless nights and a feeling of lack of control
Not answering the phone to creditors
Collection agents visiting your premises
Arrears of VAT, PAYE or Corporation Tax
Needing to avoid a formal insolvency and keep the problem confidential as far as is possible so as not to destroy an otherwise sound business
How does an informal debt management plan help ?
A well thought out informal debt management plan can provide comfort to :
What will happen if I ignore the problem?
Consider financing options
Discuss supplier priorities
Verify loans that need to be maintained
Model business cash flow
Schedule affordable payments
Help to negotiate 'time to pay' schedule
Calculations for creditors
Agree communications with creditors
Directors risk assessment
What are the risks ?
There are three risks to the directors of a company proposing TTP or IDRP :
Regular monitoring of the state of the business by the directors and GBR, can let directors know, at an early stage, if their plan is working properly or if the towel should be thrown in and a formal procedure followed.
This is why carefully prepared communication with creditors is essential to ensure they are on board. In the event that the plan fails and the company goes into administration or liquidation, wrongful trading and preferences are matters that may lead to director disqualification.
As a GBR customer we will advise and assist you if this happens, with alternative exit routes mapped out in advance, and you will benefit from our standard fee reduction explained below.
How much does this cost ?
If you consider it necessary, and we would recommend that you do so for your own peace of mind, we can also undertake regular monthly monitoring, starting at £250 plus VAT per month, depending on turnover, so you are kept fully aware of the company’s situation at this crucial time.
What happens if I can’t keep up the payments ?
Contact us today
Call John Paylor on 020 3096 0750 if you would like to discuss your circumstances and how we could help you. Alternatively click below and arrange for a call back at a time of your convenience.
© 2012 GBR Corporate Ltd (No : 08314739)