Poll
Threats, tax bills and timescales with V Loans
Marie Grundy of V Loans told Loan Talk all about one of her most interesting recent cases...
We recently received an enquiry from a new broker who had a client who was being threatened with bankruptcy proceedings by the Inland Revenue as a result of an outstanding tax bill of £35,000.
The client had just four weeks to obtain the finance before he would have been subject to further court proceedings which may have ultimately resulted in a forced sale of his home. The deal was further complicated by the fact that the client had missed a couple of mortgage payments over the last 12 months due to a prolonged illness, and had some historical defaults that had never been settled.
The client had already been turned down for finance due to his credit status, and also due to the loan purpose. His broker approached V Loans as they knew we had access to every secured loan lender in the market, and due to the fact that he had good explanations for his recent payment issues, we were able to successfully obtain a secured loan through Prestige finance. This enabled our client to settle his tax bill, repay his defaults and put his mortgage back on track.
Most importantly we were able to protect his home. The timescales required to complete this loan could not have been achieved without the co-operation of Prestige Finance who worked closely with us during every stage of the process to ensure we could complete the deal within the specified deadline.
The key with this type of scenario is to seek assistance from your broker at the earliest possible opportunity and ideally before the Inland Revenue have issued a pending bankruptcy notice. We recommend you approach a specialist secured loan broker who has true whole of market access to ensure every option to the client has been explored to avoid disastrous consequences.
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