23/06/20089
Whats in my credit score?
With credit providers making it harder to pass credit scores to obtain personal and business finance, people are becoming more anxious about "what is in my credit score and what can I do to improve it?". As fully licenced credit brokers, CBF has helped a number of clients to obtain credit, where the customer was unaware that their was a problem with their credit score. Data suppliers such as Experian and Equifax hold information on people and businesses age, location, associations, ability to pay bills and even how many times we have been credit searched previously.
Finance companies will decline loans where their computer simply credit scores a proposal and the customer does not meet their minimum score criteria. CBF has developed relationships with a number of funders so as we can appeal these decisions whereby suitable supporting information can be provided to overturn the decision, so a "no" doesnt always mean "no". Call Richard today on 01455 250690 to discuss your credit score and how we can help to improve the chances of you obtaining credit.
06/12/2008
Negative equity on cars
If you bought a car on finance in the last few years, chances are you were offered, or may have taken a facility with a balloon repayment at the end. If you took this and are now trying to sell your car, you may be struggling to clear off the finance before you can buy a newer car. With second hand car prices dropping to record lows, part-exchange figures on most types of cars are dropping quickly.
At CBF we have two solutions to this problem whereby we can advise on; a) getting rid of the existing vehicle with no further commitment to the existing finance company or b) arranging a method of paying back the negative equity amount whilst arranging further finance on another vehicle. Call Richard for details.
06/12/2008
Credit card debts cancelled!
CBF is partnering a business who will look at your current "Consumer credit act" debt agreements, either personal loans or credit cards, with a view to setting aside of whole credit card balances.
Our partner business has had success in challenging credit cards and loan agreements. More and more credit card agreements are being "challenged" and this process allows skilled legal professionals to fight credit agreements on behalf of consumers.
06/08/2008
Keeping down the cost of variable rate finance
CBF and a number of asset finance users have seen a sharp rise
in the cost of funding for variable rate finance over the last
8 months. With the "credit crunch" on, many banks
have had to borrow in funds against the London money markets.
Because banks are now seen as a "riskier" industry,
the money markets have increased the price of lending to banks.
Many asset finance companies (particularly those linked to banks)
have either ceased trading in the asset finance market or have
said they will only link to the rates they can borrow at (LIBOR
or London interbank offer rate) which is currently 5.49%. Bank
of England and most high-street banks base rates are at 5.0%,
meaning customers linking to LIBOR are paying 0.49% more to
start with than base rate linked funders. CBF is naturally appointed
with two asset finance funders who can still offer facilities
linked to Bank Base Rate.
25/03/2008
Changes to the Consumer credit act
Sole Traders, Partnerships and private individuals stand to
gain additional rights such as discounted settlements and extra
early termination rights as of April 6th 2008. The Consumer
Credit Act will undergo changes that mean all non-Limited Companies
and private individuals will receive the same rights on a credit
transaction borrowing more than £25,000, where assets are used
at least in part for private use (typically cars).
Previously the act allowed these transactions to become "non-regulated"
and finance companies had differing rights and commitments for
these. This means that a private individual buying a car and
financing £40,000 has the same rights and protection as an individual
borrowing £5,000. The same does not apply to "business
use only" assets (eg plant, machinery & commercial
vehicles). Contact Rich Causon on 01455 250690 for additional
guideance on how these changes affect your business.
25/03/2008
Sub-hire takes off!
CBF has a large number of customers who, themselves hire equipment
and vehicles on to end users. With the recent credit crunch,
hire businesses have needed additional funding lines as some
asset finance companies have reduced their appetite or have
withdrawn completely from this market. During the first 10 months
of trading, CBF has provided over £2.0m in sub-hired asset funding.
A number of our asset finance companies we use are geared up
to provide sub-hire arrangements and can cope with the extra
paperwork involved.
29/01/2008
Causon Business Finance increase headcount
Rich & Liz Causon had a 7lb 4oz boy who they are calling
Marcus Andrew Causon. Rich Causon said "we are delighted
to have a second boy. This is more great news after an excellent
2007, which saw an exciting start to CBF
18/01/2008
Credit Crunch continues
Last week, Egg Credit Cards announced the withdrawal
of 160,000 credit cards from its "higher risk" customers,
which has been heavily publicised in the press. Far from this
being an isolated incident, both business and consumer credit
organisations are re-assessing their customers and market positions.
This has been as a result of the losses that main banks have
experienced over the last 12 months due to the high risk mortgage
market collapsing in the USA.
16/01/2008
To cut or not to cut rates?
Leading economists at 3 of the UKs leading corporate bankers are stongly backing a further 1/4% interest rate cut when the bank of England Monetary Policy Committee sits during February.
With retail sales figures showing slower year on year growth and the property market slowdown the Bank of England looks set to cut rates shortly. This is being reflected across the finance markets.
26/06/2009 -
Assets for disposal - June 2009.
Cars, commercial vehicles, plant and machinery"
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