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THE Financial Ark

THE Financial Ark

Authored by Phil Meekin

Phil Meekin

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Approximate read time: 2 minutes

You could take consolation, that there could be reassurance of what could be called a Financial Ark.

As a new year is upon us, we look back on 2012, with some trepidation. At the end of 2012, there were numerous flood warnings given, especially in parts of Northern England such North and East Yorkshire.

There were fourteen flood warnings issued in North Yorkshire alone by the end of 2012. There are some still in place for early January 2013.

The Environment Agency have said; “All the records have been broken across Yorkshire for groundwater levels” (www.bbc.uk/news).

The impact of such a natural phenomena can be :-

  • Economical hardship for businesses both large and small. For example if the production of food is hindered, prices therefore rise to consumers.
  • The Leisure and tourism industry can be affected, because some of the tourist spots in England have been inaccessible, so therefore such industries as pubs, cafes, restaurants, hotels, B&B’s have all been affected.

This impacts on us financially, which in turn can affect our personal lives.

However you could take consolation there, that there could be reassurance of what could be called a Financial Ark.

Whilst many may have wished for an ark, to come along and save them and their possessions from the floods, similarly what we could call a “Financial Ark” is available in these times of economic hardship.

A “Financial Ark” for businesses and personal situations may include:-

  • Business Recovery Specialists whose job it is to offer support and long term options to keep business and personal financial situations afloat.

Such options include:-

  • IVA, which is an Individual Voluntary Arrangement. This groups sole trader business/personal debt and individuals debt together over a 5 year period, at an affordable monthly payment.
  • For limited companies, there is the reassurance of a CVA, which is a Company Voluntary Arrangement. Again, it groups business debt together, making one affordable monthly repayment spread over 5 years.

As with the floods, the waters are eventually receding and hardship eventually abating, businesses and individuals can take consolation in the fact that emergency measures are also available for business and personal hardship, in these times of economic bad weather.

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