A friend of mine, lost her home to the bank after their family business went bust, when their main customer went bankrupt. She said that MABS were of no help to her, they are more suited to people with budgeting problems.
We have a business loan and since the business ceased, we have kept up the payments on the business loan which has been difficult. I have found them of no help and have shown no flexibility. Now my husband has had 2 paycuts and therefore they are going to have to re-negociate according to our reduced income yet again.
They make you feel that its your fault, you agree this payment and now you cant afford it. Well its simple maths, if your income is reduced, then you have to reduce the outgoing for your accounts to balance.
I have to say there is very little support for all the small business people trying to ride the cashflow train. You think they would accomodate business people, as we are very profitable to them we are presently paying 10% on our business loan!!
Cheers
caz