Advice NI predicts bluest Monday on record

Advice NI predicts this Blue Monday will signal the beginning of a challenging year for Northern Ireland’s business community. As operational costs rise, and the cost-of-living crisis impacts consumer’s ability to spend, business owners will be at risk of and experiencing financial strain. The charity is encouraging businesses across every sector, from retail to hospitality, to seek their expert advice and support as soon as possible.

Advice NI and its members have dealt with over 117 cases in the last 12 months, managing £5.5m of business debt in more than 380 agreements, signalling that there is often an available solution for organisations struggling with debt.

Sinead Campbell, head of money debt and quality at Advice NI said: “It’s been a tough few years for businesses. Many took out loans to survive the pandemic, and as a result are struggling with repayments and high interest rates. Despite what may have been a busy Christmas for retail and hospitality as pre-pandemic levels of activity returned, businesses right across Northern Ireland are now facing real uncertainty as inflation reaches a record high and recession looms. January is traditionally a difficult month, but this year the landscape has become even more challenging as costs soar and consumer’s ability to spend is reduced.

“If your business is experiencing financial difficulties, support is available and Advice NI is often an excellent first stop to finding a solution. Although it can seem like the easiest option, ignoring debt leads to further difficulties so getting in touch early is crucial.”

For businesses, debt can come in many forms such as rental arrears and unpaid credit agreements and suppliers. Advice NI’s free and confidential Business Debt Service, funded by the Department for Communities, provides straight-forward debt advice to help businesses understand and tackle these debts head-on. When a business owner calls the debt service, expert business debt advisers provide advice and information that will them to gain control of their finances, and in many cases will negotiate with creditors on your behalf.

Sinead Campbell, head of money debt and quality adds: “Struggling businesses can contact Advice NI by calling the Freephone helpline on 0800 915 4604 where they can speak directly with an adviser between 9am and 5pm, Monday to Friday. Business owners can also browse our website, www.adviceni.net/debt, for full details of the service including advisers in your area, and our Money Talks hub which offers a host of useful online business factsheets and letter templates, as well as tools and information such as a budget planner which can be useful for revenue forecasting and an energy comparison tool detailing supplier tariffs throughout Northern Ireland.”

Advice NI and the Independent Advice Network have 65 members and 300 advisers across Northern Ireland, all providing free and confidential advice. Any business or individual can access Advice NI’s money and debt on 0800 915 4604 or by emailing [email protected].