You do not have to face a payment-difficulty conversation alone or even handle it personally. Many companies prefer their accountant, a debt adviser, or another director or colleague to deal with us, and that is completely fine once the right authority is in place.
Who you might appoint
- Your accountant or bookkeeper, who already knows the company's finances.
- A free debt-advice organisation such as Business Debtline.
- An insolvency practitioner if matters are more serious.
- Another director or an authorised member of your team.
How to set it up
So we can talk to someone other than the named contact, we need clear authority from the company confirming who may act on its behalf. This protects your business by making sure we only discuss the account with people you have approved. Contact us and we will explain exactly what we need to record the authority.
What this does and does not change
Appointing a representative changes who we communicate with, not the substance of the arrangement. The loan remains the company's, and any plan is still agreed on the company's behalf. We do not take personal guarantees from directors, so a representative is dealing with a corporate liability. Having a trusted adviser in the conversation often makes reaching a sensible plan quicker and less stressful.
See also: Can I give my statement to my accountant or bookkeeper?, What happens if I break a payment arrangement we agreed?, Can someone help me manage my account?.