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Consumer credit


darrenmorg
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Hi to everyone,

 

I have just started a new business and I am needing a finance company to offer my customers credit facilities. The max credit that would be need by my customers would be around £800. Can anyone recomend a good finance as I would hate for my new customers to feel that they have been taken for a ride and ruin my reputation.

 

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Once you identify the finance provider you wish to provide to your customers you can act as an 'agent' of that finance provider should that finance provider agree.

 

This means you would not need a seperate Consumer Credit Licence as the finance provider would already have one and you are merely an agent (or introducer to them) and would be able to operate within the finance provider's licence.

 

But you would only act as an agent and nothing else, which I assume would be enough for your needs.

 

However, it would only cost about £110 for your own licence and the OFT seem to give them out quite easily. They just test for your fitness to hold one which isn't too harsh.

 

Indeed, I have one and I applied when unemployed, as I was going to start work that never materialised, despite having half a dozen defaults on my file and no job at the time, and it's valid for another 4 years.

 

And I am allowed to debt council!!:???:

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Couple of small shops who I frequent use Able2Buy for their finance - even lets them offer finance via their website. I did try to use them once (was turned down) and they seem to be ok - they called me to check personal details and then send a CCA agreement (not application) to sign and return before they will release funds...

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Be aware though that the law is being tightened in this area and more duties being imposed upon lenders

 

 

Nothing to do with that.

 

An agent of a finance provider isn't a lender. And lender's have hundreds of thousands of agents operating in this way which is as per OFT guidlines.

 

Which is why small & modest sized car dealers, for example, who don't have in-house finance facilities act as agents for the lender they do have an association with in the running of their business.

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