Credit Counselling (Business Debt)

If your business is facing loan servicing difficulties due to poor cashflow, and need debt relief, speak with Financial Counsellors from the Micro and Small Enterprise (MSE) team.

They will work with you to assess your business viability, ascertain your financial situation and explore suitable solutions to improve cashflow. They can also help you address personal liabilities arising from unsecured personal borrowings or credit card debts.

A session may last between one and one-and-a-half hours, but may take longer depending on the complexity of the financial circumstances. In most cases, having one session will be sufficient. However, you may request for subsequent review sessions, if necessary.
 

What can you expect from a business debt advisory session?

1.   The Financial Counsellor from the MSE Team will help you take stock of your firm’s financial situation.

2.   The Financial Counsellor may also work with you to ascertain your level of personal indebtedness and draw up your monthly personal / household budget. Be prepared to make lifestyle adjustments and live with basic necessities.

3.   You should be forthcoming and prepared to answer questions such as:

a.   What are your firm’s sources of income, assets, and liabilities?
b.   What are your firm’s operating expenses, both fixed and variable?
c.   What are the actions taken or to be taken to improve business activities?

4.   Do volunteer relevant information that may have impact on your ability to service both your business loan commitments and personal debts.

5.   You may discuss and explore other suitable options to have a better understanding of the consequences of each option. Only you can make an informed decision on the most appropriate course of action to address loan servicing and cash flow issues.

6.   Be open to other options which you may not have considered, including termination of business and be willing to receive the debt advice given.

To request for a business debt advising and credit counselling session, you must first attend an information talk on Business Debt Management (conducted via webinar).

Please click here if you are seeking assistance to address a personal (consumer) debt issue. 

Why can’t I arrange for an appointment now?

We are not able to provide you credit counselling services without your explicit consent.

In order to establish a complete understanding of your business and personal financial situation and offer personalised debt advices, we request your co-operation to provide relevant business and personal financial information beforehand to facilitate a comprehensive discussion during the advisory session.

Please click here for guide to preparing documents for a business debt advising appointment.