Debts

[Deleted member 403]

Has your company ever accumulated debt? If so, where did this leave your firm and how was this issue resolved? Did you arrange to pay in monthly instalments? What measures are you taking to ensure this doesn't happen again?

 

[Saatuur]

I think my business have once accumulated debt before, but it was later free from debt because i have to rule ou t a budget so that i can plan my expenses and income

 

[Alexandoy]

When my business suffered a tight cash flow due to some customers that were much delayed in payments for their orders I had to borrow money. It reached a point that the borrowings had affected the profitability so I had to reach out to people who can lend me money with no interest. At least I was able to recover from the piling debts.

 

[Shigobad20201]

I have a small business and I borrowed 150,000 to support my business and was told to be paying back 20,000 every month , i couldnt meet up because market was not moving, it dealt a huge blow to the business , but luckily a friend came to my rescue, and I have taken a drastic measure not to borrow any more.

 

[Lilcee]

Yes the company I worked previously once took a loan from the bank to buy a company car, but we were able to pay easily as the purchase helped the business tremendously and increased our sales.

 

[Sariana23]

I don't have a business but my family are entrepreneurs, at the beginning some took out loans but they have been excellent managers. Their payments are monthly, and they only demanded it at the time of the venture, and then the debts were paid off and they generated great profits.

 

[Justin]

Thankfully, I do not have any debts. I receive allowance from parents and never squander my allowances. I even sacrifice my personal desire (going to a movie, for instance), in order to pay my bills first.

 

[Kane]

I have debts, in the bank as well as with the private lenders. My debt gets accumulated every year. All I can do now is to renew my debts so that I have additional time to pay back.

 

[Holluwaphemmy]

Actually I've not been a victim of owning a company and accumulate debt. But I have been able to obtain some loans online and I know what it takes to copewith the repayment .

 

[eLdavis]

Not my self but a loved one has experience this before, one thing lead to another, he started owing an organization debt, he had to increase his hustle to pay back, because borrwing to pay back is still the same thing as being in debt

 

[Heatman]

Has your company ever accumulated debt? If so, where did this leave your firm and how was this issue resolved? Did you arrange to pay in monthly instalments? What measures are you taking to ensure this doesn't happen again?

Seriously, debt management is one of the biggest challenges most companies or businesses faces in my country. It's led to shutdown of so many companies here.

 

[Setfragil]

I had worked for a company that struggled with debts. The company was forced to drop a good number of her staff so as to reduce costs to pay the debts owed.

 

[Heatman]

I had worked for a company that struggled with debts. The company was forced to drop a good number of her staff so as to reduce costs to pay the debts owed.

Seriously this is a very big challenge for so many companies and staffs that are involved in a company that is in a serious debt because there is no guarantee that staffs will be able to get paid in the end of the month.

 

[Setfragil]

Seriously this is a very big challenge for so many companies and staffs that are involved in a company that is in a serious debt because there is no guarantee that staffs will be able to get paid in the end of the month.

The present economy condition is not favourable to most companies. Quite a number of them are closing down their facilities and relieving their staff from their duties.

 

[Bousine123]

My father's company actually ran into debt a couple of years ago. They were able to get out of it through bank loans and giving out some part of the business to interested investors.

 

[Nurudeen]

My company actually borrowed some money to complete a project gotten by another company, in the long run after completing the project the company that gave us the contract defaulted in their agreement and refused to pay up and run down our own company. We didn't recover from it

 

[Ralphjoe]

I think my business have once accumulated debt before, but it was later free from debt because i have to rule ou t a budget so that i can plan my expenses and income

Business death is one of those things that I paid so much in business and if I have a business today I will try all within my possible best not to allow my business to be immersed in so much debt.

 

[Heatman]

Having your company being in financial crisis is something that is always damaging the existence of the company because when the company cannot pay off what they are supposed to pay, it becomes a problem.

 

[Kunkun]

Yeah there are good and bad debts and a business drowning in bad debts would take lots of effort to overcome, I've experienced such and there would be sacrifices on all the parties involved

 

[Heatman]

Yeah there are good and bad debts and a business drowning in bad debts would take lots of effort to overcome, I've experienced such and there would be sacrifices on all the parties involved

What and what could you possibly regard as a good debt because as far as I'm concerned, a debt is a debt and what matters most is paying it off to be free from the debt.