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Answer for Can I do debt review if I am self employed?

Hi there

Thanks for the question. In short, yes you can. You just need to prove a regular and periodic income. In order for us to negotiate with your credit providers, we must have something to offer them.

When you apply for debt review we will negotiate new payment terms with your credit providers based on your income.

From my experience there are a few challenges when it comes to placing self employed persons under debt review. In many cases, the consumer’s personal and business income and expenses are to intertwined that it is very difficult to differentiate between what is business and what is personal liabilities.

In many cases consumers who are self employed also struggles to allocate a fixed amount toward debt repayments every month. This is due to the uncertainty of running one’s own business. one day business is booming, the next day nobody wants to do business with you.

Many self employed consumers also use one bank account for business and personal funds. This makes it very difficult to deal with. Business owners also sign as guarantee on the business loans etc, which in many cases are too large for the small income that we have to divide between credit providers.

Usually we take every case on  merit and determine what the best course of action would be. Please send us your detail and we will be more than glad to have a look at your situation free of charge.

Kind Regards