Poor Credit Business Loans UK -
Huddersfield, Wakefield, Leeds, West Yorkshire

In today’s fast paced business world it is inevitable that many businesses and individuals will end up with a poor credit rating, often through no real fault of their own. Setting up a business and coping with the burden of management, government red tape, staff training and other management issues can be all consuming. This can leave the entrepreneur at the mercy of unforeseen events if there are bad debts or sudden unexpected cash calls.

Depending on the businesses relationship with its bank and other sources of finance help may sometimes be immediately at hand. All too often, however, the businessman will find himself ‘high and dry’ and often unaware that this small debt which he has ignored will be registered against him or his company. Firstly the registration of a ‘default’ will take place. This ‘default’ will be registered on the credit registers showing that the arrangement has been defaulted by the borrower. Secondly, if the arrangement is not brought back in line to the satisfaction to the lender the matter may be put in front of the Court. If the debt is not settled a judgement will be registered against the borrower and will be there for lenders to see when searches are carried out in the future.

The effect of having a Judgement for a bad debt registered against a person or a company is that it reduces dramatically the number of lenders who are willing to consider lending. The lenders who remain in the marketplace to lend where there are already Judgements and Defaults in place will usually charge a higher rate of interest than the mainstream of the marketplace. This is because they perceive the risk of lending to be greater. It is perhaps understandable that a lender will expect the worst to happen when they are faced with evidence of it happening in the past.

At Almondbury Finance we accept that our customer’s financial past is just that; it’s in the past and we will do everything we can to ensure the business can move forward. We are particularly focused on making sure that our clients are penalised to the least possible extent for any past indiscretions which may have occurred. We always take as creative and positive a view as possible, in every case, regardless of the severity of the situation. It is most important to us that our clients know our positioning is designed to help them, having access to the whole lending marketplace.

In some situations it may be best for our clients to consider re-starting the company and we are ideally positioned to advise on the best way of achieving this. We will also be available to ensure that the funding for the re-start is available, and this in many cases can be achieved in an almost seamless transition. The timing of this advice is crucial in every case and it is important that our client has the benefit of suitable ‘on-site’ assistance at such a time. It can become very difficult for businesses to see ‘the wood for the trees’ when events are pressing and decisions have to be made fairly urgently.

Whatever the past situation may have been we are always available to help and advise on the best way forward.