Domestic Heating Engineers Feeling the Heat Of Insolvency
As the housing bubble burst in the last 18 months and building sites closed, so contract heating engineers found themselves short of work. This was a shock to this group of workers because until that time, they had enjoyed very lucrative income as the booming housing sector called upon their skills. With no houses being built they had to leave site and compete with the domestic plumbers. This however was just at the time that the rest of the economy started to turn and central heating being a large purchase was an expense that had to be considered a luxury. Across the country I have stories of businesses that were very successful with overflowing orders books, suddenly find that they had no work. Gangs of qualified plumbers were the out of work. Of course we all tend to spend to our means and with many plumbers earning £50,000 a year, they had spent hard on credit. Debt solutions businesses started to see a big increase in applications from trades. Common solutions sought were Debt management, whereby a small sum each month from disposable income was paid to a debt management company who would come to a compromise on your behalf with your creditors to accept this in lieu of full payment. This is an extremely popular debt solution as it is not for the long term and the hope is that as soon as the economy starts to turn for the better the build of of needed plumbing and boiler swap jobs will increase so full payment again can be made. A second option and one for the long term is an IVA. This involves a commitment to a pay plan lasting 60 months. It is a very tough regime, but once completed does mean that the balance of any unpaid debt is written off. If you are a domestic heating engineer and you are struggling to pay your debt, please take professional advice. Information provided by Steve Thatcher of Help With Debt (UK) Limited and total debt solutions company. For all further reading see http://www.helpwithdebtuk.com For personal contact email sthatcher@helpwithdebtuk.com For Steve's thoughts see http://steves-debt.blogspot.com If you have any debt problem whatsoever either personal or corporate make Steve your first call all advice is free. Finally if in the UK and you need a friend to speak to call 01162171406 About Author Steve is a qualified solicitor who specialises in debt solutions for businesses and companies alike. From pre-pack administrations to walk through bankruptcys he is always free to talk to. Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
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