Securing a Mortgage with a Less-than-Perfect Credit History
The cost-of-living crisis and inflationary pressures have significantly impacted people’s finances, making it more challenging to climb the housing ladder. Affordability constraints and a rise in individuals with less-than-perfect credit histories have added to these difficulties. If you’re in this situation, you might be wondering about your chances of getting a mortgage and how your […]
What do you need to know about credit checks before borrowing money?
The significance of a credit check cannot be overstated; it not only determines your ability to borrow, including securing a mortgage, but also influences the interest rate you may be offered. Despite this importance, a study by Royal London reveals that one in three Brits have never accessed their credit report. At our debt advice […]
Understanding the Fiduciary Duties of Directors
Fiduciary duties encompass the responsibilities that directors owe to their companies, including obligations to customers, partners, shareholders, and staff. These duties are largely defined within the UK\’s Companies Act 2006, which sets out the expectations for directors. For specific advice tailored to your circumstances, it\’s wise to consult with a professional advisor. In this article, […]
Understanding Insolvency for a Company Limited by Guarantee
If you\’re unclear about what a company limited by guarantee (CLG) is, or what occurs if it becomes insolvent, this article will clarify these points. A CLG differs from a company limited by shares, where shareholder liability is limited to their capital investment. Governed by the UK\’s Companies Act 2006, CLGs include entities such as […]
Understanding a Scheme of Arrangement: A Comprehensive Guide
If your company is considering restructuring its debt while continuing to trade, you may find a scheme of arrangement to be a suitable option. This process is distinct from a company voluntary arrangement (CVA) and is governed by different legislation. It also stands apart from other debt resolution methods such as a creditors\’ voluntary liquidation […]
Home Repossessions Rise as Households Face Economic Strain
The first quarter of 2024 has witnessed a notable increase in home repossessions across the UK, exacerbated by the continuing economic pressures on households. According to recent statistics from UK Finance, there was a 36% increase in the repossession of homeowner-mortgaged properties, rising to 870 cases. This figure represents a significant uptick from the previous […]
A Guide to Business Recovery Options For Insolvent Businesses
If your company is facing financial difficulties, it\’s crucial to have a clear understanding of the various business recovery options available. Should your business require urgent support, it is advisable to contact experienced insolvency practitioners without delay. In 2023, the total number of company insolvencies reached 25,158, the highest since 1993 and a 14% increase […]
How Your Credit Score Impacts Your Life
It’s probably fairly self-evident that your credit score will impact your ability to borrow. What you may not have realised, however, is just how much it touches on your everyday life. For example, your credit score may influence your ability to get service contracts. This includes rental contracts. It can even influence your ability to […]
Cash Flow Challenges
Navigating through cash flow challenges is a dynamic and ongoing process for any business. Here’s a strategic seven-point plan to help you maintain equilibrium in your company’s finances and ensure continuous growth. Forecasting: Keep your cash flow forecast current to identify potential issues swiftly. This forward-looking approach is crucial for proactive management. Cost-cutting: Get creative […]
The Link Between Financial Strain and Your Health
In recent findings published by researchers from University College London (UCL), a comprehensive study has shed light on the tangible impacts of financial strain on biological health. The research, examining the intricate relationships between the immune, nervous, and endocrine systems, illustrates that individuals facing acute and chronic stress, often linked to financial challenges, exhibit significant […]