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• 14 Oct

  Invoice Finance Despite Defaults

  

  Do you need invoice finance despite having defaults? The good news is that we have relationships with funders that are likely to be able to help you, whatever your financial circumstances and whatever your previous credit history.

  SPEAK TO AN EXPERT CONFIDENTIALLY or call Sean on 03330 113622.

  Invoice Finance Despite Defaults

  Many business owners go through difficult times, especially in the wake of the pandemic. This can result in defaults on debts which can in turn make it difficult to get credit again. There are options available.

  Definition Of A Default

  A default can be defined as: "the failure to fulfill an obligation e.g. to make repayments on a loan or a credit card".

  These can be recorded on your credit file with various credit agencies. They can affect your credit history and make some type of finance e.g. loans, difficult to access. There are other forms of funding that can still be made available.

  Helping Companies With Defaults And Poor Credit History

  One of our areas of expertise is helping those with a previous poor credit history find business finance. Not all lenders have the same risk critieria, in fact they vary dramatically. One bank might demand a squeaky clean credit history in order to support your business, whereas other financiers may specialise in helping people that don't have a good previous record.

  We deal with various forms of business finance, but invoice factoring is worth a particular mention. It can be offered to businesses that have all manner of previous credit problems, both personal credit problems and business history. It releases cash out of unpaid sales invoices - creating an injection of working capital into your company. It can release more cash that other forms of lending such as overdrafts.

  By having the right funding partners, we are often able to help find business finance for those companies in the following situations:

  • Previous personal or business credit defaults.
  • CCJs (County Court Judgements).
  • Prior bankruptcy of Directors.
  • Previous business liquidations or failures.
  • Prior disqualification as a Director.
  • Directors in rented accomodation e.g. Non home-owners that don't own their own property.
  • Companies that are in a CVA (Creditor's Voluntary Arrangement).

  By Glenn Blackman