Raising finance is actually quite easy. It’s not difficult to raise finance; it’s actually finding the best product, best solution to your personal circumstances, understanding how long we want the money for what the purpose is. So, all these things we would audit and we would have a panel of lenders for every scenario.
What do we as a company cover?
So, we cover the very small to the very large, complex type assets as well. So, we’ve got the ability to deal across the board. So, then the other side is we get people in very adverbs e type situations where they’ve got CCJ, they’ve got missed payments, and they’ve been made bankrupt before.
They find it difficult to get a bank account. They’ve got credit card debt issues. So that’s one extreme. So, we have the ability to access adverse lenders who can still lend money even under circumstances. So, we have access to funding lines in both scenarios, all scenarios adverse. Then on the other extreme, we work with clients who have got very good credit, got a mass of property with very low gearing, and they’re very rate sensitive because we’ve managed to get a client 1% interest rate and a £100 million pound asset with a 50% gearing in London, which is incredible isn’t if you think about it on £50 million.
So, these situations require more of a detailed analysis by our Immediate Bank Claims Department. Immediate Bank Claims is an organization that specializes in stopping repossession in 24 hours. So, it basically has access to expertise to 200 solicitors that can attend court anywhere in the country, normally within 24 to 48 hours to stop repossession. So, we have those skills to be able to assess your whole situation.
Now, in this negative equity shortfall scenario, we would require number one, all the paperwork leading up to the shortfall. Also, the shortfall paperwork. Also, the details of the bank and what you would also need to know is what your current state of affairs is with your current property portfolio, or if you do actually have any assets at the moment.
So, we can deal with one extreme to the other. So, there are people who have maybe clean credit file, but they may have had bankruptcy in the past and maybe missed one payment. So, they got their credit rating is tiny, bit skewed, and they’re not quite sure about what they can and can’t do.
So that’s a sort of middle ground position. We have the ability to find the right lender to meet your particular requirement depending on your set of circumstances. So, we can cover not only very complex, difficult position. We can also cover very simple. Client is very interest rate sensitive, and we can cover both spectrums. So, it allows you to actually get to where you want to go to quite easily.
So, there’s quite a lot of information there. So, if there are any questions from anybody out there, then do come back to me. I’ve got a few people saying Hello. So, Hi to Hazel. Hi to John Hi to Raj as well. I’ve got my glasses on, but let me just check. Michelle Urina saying good morning.
What’s the difference between arrears and default?
These are two separate stages in the process of failing to make payments on a personal loan. The arrears letter is usually the first stage in the process. This will act as a way of notifying you that you have missed a repayment, or repayments, on your personal loan. The letter will usually set out the date of the missed payment, as well as the amount and what you need to do to rectify the situation.
A default means that the lender has reached the stage of assuming that the lending agreement you both signed up to is now breached. Defaulting on a payment is more serious than simply being arrears, which can be rectified simply by paying off what you owe, which may be just one or two payments. When a default occurs the credit provider can take more significant action, including requiring the entire loan to be repaid or taking legal steps. The presence of arrears of defaults on your credit file will lead to you having a so-called “bad credit history” with all that that implies in terms of obtaining further loans & credit.
