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Cannot Pay Debt | What Are My Options?

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We are Cannot Pay, a company offering company debt help and have assisted thousands of companies throughout the UK.

With specialists based throughout the UK, we can offer fast support and in July 2024 are able to get help to you very quickly.

In this guide, you will learn that there is light at the end of the tunnel with some debt options to make the process manageable for your company.

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We provide businesses in the UK with debt guidance and give debt relief to thousands of people. Our team of knowledgeable debt counsellors genuinely cares about your situation and will work with you to regain control over your bills.

Table of Contents

Why Choose Us?

You must realise that numerous options are available to support you during these trying times. Struggling to make ends meet can be frustrating.

The British economy will take some time to recover from the third coronavirus lockdown. Business debt levels have dramatically increased in the UK after over a year of economic hardship brought on by the pandemic.

Since the start of the crisis, British businesses have borrowed money at a rate that is more than double the predicted average growth rate. By 2021, they are expected to have borrowed £61 billion.

You’ll be glad to hear that our debt counsellors have a variety of educational and professional backgrounds if your company fits into this category. They are all devoted to helping you pay off your debt.

What is a Business Debt Solution?

A business debt solution or debt management company assists customers in paying off their debts by helping them consolidate debts into a single monthly payment and subsequently dividing them among creditors.

Usually, debt management companies in the UK impose fees for their programmes and services.

How does a Business Debt Solution Work?

Our qualified debt specialists will determine a manageable payment schedule for your debts based on your financial situation. We will negotiate the payment terms with your creditors on your behalf and distribute the payments to them.

Cannot Pay Business Debt Solution Costs

To deal with your debt, a business debt solution company often charges a fee of 15% to 25%, which may be based on the total amount of your debt or the agreed-upon payment.

If you wish to get a ballpark figure, simply fill up the form below.

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Benefits of Cannot Pay Business Debt Solutions

We have a high success rate in negotiating for write-offs, lower interest rates and fees, and favourable payment schedules because of our strong relationships with credit providers. Most importantly, we can assist you in managing your debts without the need for further borrowing.

Types of Business Debt Solutions We Offer

If your business struggles with unmanageable debts, we strongly advise you to inquire today for a fully confidential, no-obligation call with our business debt expert. The Insolvency Practitioners Association regulates our formal insolvency solutions


Here are some questions most people ask about business debt solutions:

What to do if I can’t pay staff wages?

If you are struggling to pay employee wages, there are some options for lending, such as bounce-back loans, bridging loans, or invoice factoring measures.

When your business is insolvent, unpaid employees become the company’s creditors, and as a director, you must protect their interests. If you cannot pay your staff’s wages, speak to an insolvency practitioner.

What to do if I cannot pay my VAT?

If you cannot pay the VAT, you may want to talk to HMRC about a Time To Pay (TTP) arrangement. You may be given up to 12 months by HMRC to make monthly repayments of unpaid VAT.

If no workable repayment plan is reached with HMRC, you will need to negotiate new payment conditions or risk having to wound up your firm.

Can you go to jail for not paying VAT?

Yes, you might receive a 7-year sentence for failing to pay your VAT. Section 72(1) of the Value Added Tax Act of 1994 and the Fraud Act of 2006 make VAT evasion a crime.

What to do if I cannot pay for self-assessment?

You must contact HMRC to set up a TTP agreement if you are having trouble paying your self-assessment tax; otherwise, penalties will be charged.

If you are one month late, six months late, and twelve months late, fines will be assessed each time. HMRC adds 5% interest to the original amount you owe them.

Ask a qualified insolvency practitioner what they might be able to do to avoid bailiffs and debt collectors from knocking on your door by inquiring today.

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What to do if I can’t pay a CCJ?

The parties you owe money to may take additional legal action, such as filing a winding-up petition, if you cannot pay the CCJ. For unpaid county court judgements, creditors may dispatch debt collectors, bailiffs, or High Court Enforcement Officers (HCEOs). For assistance, speak with a licenced insolvency practitioner.

What if I can’t pay the bounce-back loan?

Insolvency practitioners review the declaration made on the bounce-back loan application if businesses cannot pay the loan.

As per the Insolvency Act 1986, it is against the law to use the bounce-back loan to repay yourself any loans you introduced or pay dividends or drawings when the company cannot pay suppliers or creditors.

What to do if I can’t pay commercial rent?

If your business cannot pay rent, you should approach your landlord about business premises arrears. Inform them of your current situation and try to reach an amicable agreement, potentially including a temporary suspension or reduction in rent. Any agreement should be properly documented.

What to do if I can’t pay my business credit card?

If you signed a personal guarantee for your business credit card, any outstanding card debt would be transferred to your debts if your company is dissolved. You might need to go into a personal IVA or debt management programme. Try getting assistance from an IP to help you create a payment plan.

What to do if I can’t pay business rates?

Contacting your municipality should be your first step if you are experiencing trouble paying your business rates.

You have a far higher chance of working out a plan with them moving ahead if you let them know that you won’t be able to make payments before you miss one. Should you be eligible, several business rate relief programmes could reduce the amount you have to pay.

What to do if I can’t pay HMRC?

Based on your income and expenses, an HMRC Time to Pay plan is available only to people with financial difficulties.

Additionally, the higher interest rate will ultimately cost you more money to pay off the loan in the long run. You should contact HMRC as soon as possible if you still believe you cannot pay your tax debt after giving it some thought.

Can HMRC debt be written off?

With the help of a debt solution like an IVA, you can manage your HMRC debts. The business must, however, consent to this. You should be in a situation where HMRC receives more money due to the solution than they would have received if you filed for bankruptcy.

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What happens if I owe HMRC money?

If you have problems completing your HMRC tax payment on time and cannot come up with another payment plan, we strongly advise you to speak with a business debt specialist.

If you owe any tax, HMRC has the authority to pursue enforcement action. By alerting HMRC as soon as you realise you’ve missed a tax payment or won’t be able to make it on time, you can typically avoid enforcement action.

What to do if I can’t pay business debt?

Managing or finance directors can get assistance to make the best business decisions to handle their current financial circumstances.

From vat issues to tax returns owed, HMRC tax arrears, cash flow problems to supplier debts, insolvency practitioners can offer feedback and advice to assist business owners.

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What is a CVL?

Insolvent liquidation, often known as Creditors’ Voluntary Liquidation or CVL, is a form of liquidation most commonly used in the UK. All trading must cease when the directors have resolved that the company should enter CVL.

To cover its liabilities, the company must sell its assets. Secured creditors with a fixed charge will generally take priority, followed by floating charge secured and unsecured creditors.

What is a CVA?

Company voluntary arrangement, or CVA, is a type of arrangement managed by a licensed Insolvency Practitioner or IP. The purpose of a CVA is to provide a financially troubled company with some “breathing space” to continue with its business operations.

The business pays a manageable monthly repayment for its existing business debts, usually for 60 months. The payment duration may be shortened with the consent of the company’s creditors.

What is Compulsory Liquidation?

Compulsory liquidation, usually called a winding-up order, is a process to wind-up an insolvent company through the courts. With compulsory liquidation, creditors cannot bring action against the company except with the courts’ permission.

The court requires creditors to present details of their claims. If there are surplus funds after costs, unsecured creditors will participate equally in a dividend.

What is an MVL?

Solvent liquidation, also known as Members Voluntary Liquidation or MVL, allows shareholders to place a company into liquidation to realise the business’s assets and distribute the surplus proceeds to the company’s members.

The process is often used to wind down a company which has come to the end of its useful life. An MVL will only be suitable for a company that is solvent.

What is Administration?

The administration is an option for companies under financial stress or creditor pressure. A business that enters administration can frequently preserve its core operations and maintain relationships with its clients and employees.

A firm in administration is legally prohibited from starting (or continuing) any legal proceedings against it.

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Consult a business debt advisor before making any payments to creditors or arranging for debt repayment. An expert on business debt can walk you through all the options to consolidate your debts into a manageable payment plan.

Business debt advisors can assist you in winding up the company, liquidating the business, or looking at ways to close your company if you believe the debts have grown out of hand and the business can no longer operate.

Contact us immediately, and the IP will discuss all your options with you (all calls are no obligation and completely confidential).

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Make sure you contact us today for several great debt help services.

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What Others Say About Our Services

We absolutely love the service provided. Their approach is really friendly but professional. We went out to five different companies and found Cannot Pay to be value for money and their service was by far the best. Thank you for your really awesome work, we will definitely be returning!

Harrison Reid
Greater London

We have used Cannot Pay for many years as they are certainly the best in the UK. The attention to detail and professional setup is what makes this company our go-to company for all our work. I highly recommend the team for the immense work - we highly recommend them!

Anthony Allen
Greater London

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