Understanding Personal Guarantees: What Business Owners Need to Know
A personal guarantee is a legal commitment where a company director agrees to repay a business loan or debt if the company itself cannot. This arrangement helps businesses access credit or financing by providing added security to lenders. However, personal guarantees can put personal assets at risk if a company struggles financially, making it essential […]
A Guide to Overcoming Loan Refusal
Applying for a loan can be a daunting process, fraught with concerns about repayment obligations and the anxiety of potential rejection. With nearly ten million people in the UK grappling with debt, obtaining financial products such as overdrafts or credit cards can seem increasingly out of reach. So, what steps should you take if you […]
Borrowing Is On The Rise
The early days of COVID19 were a time of saving, at least for some. The early days of post-COVID19, by contrast, are increasingly a time of borrowing. With that in mind, here are some tips on how to borrow astutely. Keep on top of your credit record If you need to borrow then you need […]
What Type Of Business Should You Be?
There are all kinds of business models, but only three basic types of businesses. These are sole traders, partnership and limited companies. Each one has its pros and cons. Here’s a quick guide to what you need to know. Sole traders As a sole trader, you literally are your business and your business literally is […]
Will there be a reduction in consumer lending?
It seems that every day brings new headlines relating to some form of lending. Recent events have brought business and mortgage lending under close scrutiny. Now, however, people are starting to ask questions about what the pandemic means for consumer lending. Issues with consumer debt go back to long before the pandemic Back in 2014, […]
Where now for borrowers?
Arguably, there’s never a bad time to tackle debt. If, however, there was ever a good time to get to grips with your borrowing, it’s right now. With the economic effects of the Coronavirus likely to be felt for a long time to come and Brexit on the way, it’s more important than ever that […]
Do you have a money block?
Athletes often talk about “the wall”. It’s basically a mental barrier, which keeps getting closer and closer until you finally either bang up against it and really can’t go any further or find a way to get through it and keep going. The ability to find a way through that wall is often what separates […]
Easy money, tough debt
When payday loan company Wonga went out of business, there was a conspicuous lack of mourning for it. At best, there was a slight degree of sympathy for the ordinary workers who stood to lose their jobs. It’s easy to see why all concerned (meaning the media, the public and politicians), would feel this way. […]
Are we now storing up trouble with credit?
Never borrowing (or lending) money might sound good in theory, but in the real world borrowing and lending is a part of life, whether that’s paying your friend back for the taxi you shared but they paid or taking out a mortgage to buy a home. What’s more, borrowers can now access credit from a […]
Neither a borrower nor a lender be
Generally speaking, there seems to be a conspicuous absence of public sympathy for lenders who get into financial trouble. Probably the most obvious example of this is Wonga, the demise of which has largely been met by outright jubilation. The mainstream lenders, however, are not necessarily vastly more popular, as seen by the fact that […]