MANY businesses encounter financial difficulties, but whether you are having trouble paying suppliers, or have received a county court claim, there is lots of help available.

Organisations such as government agencies, solicitors, accountants, charitable organisations and debt counsellors can provide support. But before you seek advice from an advisory service or money lending organisation, consider the below:

Work out how much you owe in total so you know where you stand.

Calculate how much you can afford to repay each month.

Negotiate repayment terms with your creditors.

Work out which debts need repaying most urgently and tackle those first.

Be wary of taking out loans with high interest rates.

Avoid loan sharks — they are not licensed to lend money and often charge very high interest rates.

Check the credentials of an organisation before you contact them.

For more information about managing financial difficulties go to www.businesslink.gov.uk/nw/debtsupport.