- 27 Feb
Invoice Finance Despite A CCJ And Time To Pay Arrangement
Demonstrations of how we can help companies are more powerful than just talking about theoretical cases. In a recent example case, we had a prospect that was looking for a more stable facility than the selective invoice finance facility that they had used sporadically, from one of the single invoice finance providers.
Invoice Finance Following A CCJ And TTP Arrangement
This problem that they had experienced was that their selective invoice finance facility had been frozen, when a CCJ was registered against their company, and in addition they had entered into a TTP (Time To Pay) arrangement with HMRC due to this CCJ. The customer felt that the funder had communicated very little with them when this had all happened, and so they wanted a more sympathetic provider that would work more closely with them, and help get them through these temporary cash flow problems.
There are invoice finance companies that specialise in helping customers that are in such situations where they have pressing creditors and HMRC arrears. In fact, this type of facility can be a lifeline even if you are facing insolvency. Getting a facility in place could prevent your company from becoming insolvent as it will enhance and improve your company cash flow.
We explained how you can still get receivables finance despite having court judgements in a recent blog post. We also explained some steps that may help you improve your credit situation and business funding you can access in the interim.
We have introduced them to a provider that will both fund the UK and export elements of their sales, despite the recent CCJ and the TTP arrangement. As I have said many times before, the approach or funders to issues like court judgements and tax arrears varies between different providers. Some are far more sympathetic than others that take a very strict view, and will not risk involvement with a business that has such creditor pressure.
HMRC Time To Pay Arrangements
A TTP or "Time To Pay" arrangement is an installment plan, agreed with HMRC to allow you to repay outstanding tax over a period of time. This is normally up to 12 months, but can be longer in some cases. It is based on affordability and takes into account your circumstances (often a cash flow forecast will be required to evidence your ability to meet the repayment schedule). You can negotiate directly with HMRC, or there are various intermediary organisations that will offer to do it for you. Once agreed, HMRC will stick to the arrangement unless your circumstances change, or you default on payments.
- 18 Feb
Can I Access Invoice Finance With CCJs?
Analytical software allows you to see exactly how people are finding your website, and which search terms they are using. I just noticed a repeated search phrase being used "can I access invoice finance with CCJs?". It would make sense as you are most likely to need funding support if you are under creditor pressure and you have ended up being taken to court by a supplier.A CCJ is a "County...
- 21 Sep
Invoice Finance For Non Homeowners In Rented Accommodation
Renting doesn't have to be a barrier to accessing receivables finance for your company. However the number of invoice finance companies requiring clients to be homeowners has increased in recent years. Historically, it was never an issue, but many of the providers have added in this requirement, in order to ensure there is some substance behind personal guarantees that are often required by some...
- 13 Apr
Alternative Finance If Declined By A Bank
If your company is having difficulty finding business finance through traditional sources i.e. banks, you may want to turn to the alternative finance market, which will provide further options.There are plenty of alternative finance solutions here, we have arrangements in place with a large number of funders that can help in a wide range of circumstances.One option is a business loan from an...
- 30 Mar
Business Funding For A Discharged Bankrupt Director
We have expertise in helping companies that have struggled to raise the business funding that they need elsewhere. There can be for many different reasons, but one that we are currently working with is a company where the Director is a discharged bankrupt.Bankruptcy is where an individual cannot pay their debts (they are insolvent) and either they petition a Court to be made bankrupt, or they are...
- 08 Mar
Help For A Roofing Contractor Declined Due To A CCJ
I wanted to share this interesting case that we are in the process of assisting. It concerns a roofing contractor, working within the construction sector, that has a low value CCJ (County Court Judgement) from several years ago.Firstly there is the issue of the company operating within the construction sector, of course not all invoice finance companies will deal with construction related...
- 10 Nov
Help When Declined For Business Finance
I was looking through some completed deals and it struck me how many had been declined for business finance before they came to us, and how many we were still able to help.In fact, we specialise in being able to help when you have been declined for business finance elsewhere. Often we have been able to assist companies who think that there are no options available to them. It is often a case of...
- 24 Oct
Examples Where We Helped Companies Declined For Business Finance
Yesterday, I posted about how we often help companies that have been declined for business Finance. These are a few examples of deals where we have been able to help in circumstances where the clients have not been able to secure the required business finance on their own.These are a few examples of the situations that we have been able to help with, each one has a link to the case study that...
- 23 Oct
We Can Help With Difficult Cases Where You Have Been Declined For Finance
We are able to help you find business finance even in difficult circumstances where you have been previously declined for finance. In fact, we specialise in helping businesses that have been unable to secure the finance that they need through other means.Some of the difficult cases that we have helped in the past include:Read some case studies with examples of where we have helped clients in...
- 01 Aug
Lender Of Last Resort
Is being called a "lender of last resort" such a bad thing?The term could be defined as a financier that is called upon only when the borrower can't get finance anywhere else. Often they are considered the last resort because either the terms are onerous or the price is higher than the norm.Back when I was working for factoring companies in the 80s and early 90s, there was a definite aversion to...
- 01 Jun
Business Finance With Bad Credit
Getting business finance with bad credit whether its your company that has a bad credit history, or you personally, appears to be a concern for a number of businesses.I recently read an article online about how to improve the credit rating of your business, clearly production of the article had been prompted by a need that the authors had identified for companies with bad credit to raise...