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If you are self employed and run your own business you are probably working ten times as hard as you did before the recession to make sure your business gets through this tough economic spell.

So it would be a tragedy if something like your self cert mortgage got the better of your business. But if you miss payments on your mortgage it may be that your other assets – such as those in your business – that are at risk.

And it is not as though businesses have been all that robust in the first place over the last 12 months. According to Equifax there was an 18% increase in businesses going bust last year when compared to 2008, with 32,988 businesses failing in 2009 – that almost one UK failing business every 15 minutes.

Neil Munroe, external affairs director of Equifax says: "Clearly the UK economy is not out of the woods – when comparing 2009 to 2007 overall there is a 39.5% increase in failures. So the businesses that have survived so far must continue to be very careful about how they manage."

Part of managing your business is managing your self cert mortgage because if you default on your mortgage, you will risk repossession and bankruptcy. You could lose everything by not taking care of your own personal debts as well as taking care of the finances of your business.

So talk to a self cert mortgage adviser if you are struggling with your personal finances. They might be able to help you find a new loan, get hold of more credit or set up a new budget so as you put your mortgage debt first – for the sake of your home and your business.

SOURCE: Equifax, 10/02/10

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