So far, 2022 has been a tricky year for many smaller businesses and individuals who have debts they need to manage.

photo credit: Toufiqu Barbhuiya / Pexels

For one thing, borrowing has become more expensive. In August, the Bank of England declared a further rise in the base lending rate, something that means all lenders have gone on to adjust their charges unless there is a pre-existing fixed-rate deal in place.

Secondly, inflation is hitting many households and enterprises. The rising cost of fuel, in particular, has meant that distributing goods and even getting to and from work has cost more in 2022 than it has ever done before.…