Unfortunately, thousands of Irish sole traders are finding it very difficult to stay afloat in these uncertain economic times. In many cases sole traders facing stressful debt situations feel that the only way out of debt is to go bankrupt. However, bankruptcy laws in Ireland are very harsh and as such are not a realistic solution for the vast majority of sole traders looking to obtain debt relief.

Debt Solutions For Sole Traders

A more suitable debt solution for the sole trader is typically for them to enter into a Debt Management Plan with their creditors and arrange for a third party such as The Debt Advice Team to negotiate smaller payments with the banks, credit card companies and suppliers that are owed money by the sole trader. Debt Management Plans are popular and informal arrangements that can be quickly set up by debt management companies to help people get affordable repayment arrangements in place with the organisations that may be chasing them for money.

Contact The Debt Advice Team

For more information about Debt Management Plans or for help setting up a Debt Management Plan please contact The Debt Advice Team in Ireland on 01657 5602