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businesses have needed additional funding lines as some asset finance companies have reduced their appetite or have withdrawn completely from this market.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.

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businesses have needed additional funding lines as some asset finance companies have reduced their appetite or have withdrawn completely from this market.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.