Funding Options Debts

Are you a company director that is being chased from Funding Options for outstanding debts?

It is very important to understand that Funding Options lending comes with personal guarantees attached.

So just ignoring the debts could cause issues for the business closure and also personal debts.

In our Funding Options guide, we explain everything you need to know about repayments to Funding Options and if these debts can be legally written.

Who Are Funding Options?

Funding Options has helped firms from across the UK source tens of millions of pounds in finance.

Funding Options enables businesses to access a panel of dozens of business lenders, from major names to small specialists. they work with a wide range of businesses around the UK, including builders, restaurants, hauliers, merchants, farmers, recruiters, manufacturers, and more.

How Do They Operate?

Funding Options begins by asking you questions about your financial needs and circumstances (which takes less than five minutes) and then matches you to finance providers based on their eligibility criteria.

Potential business lenders are evaluated by likely suitability, cost, and speed as you answer the questions — the fastest turnaround to date is 7 hours from first inquiry to money in the customer’s account!

If your funding needs are complex, Funding Options can assist you throughout the process. A team of business finance specialists backs up the service. A member of the Funding Options team may introduce themselves to you in some situations.

Funding Options Personal Guarantee

A Funding Options personal guarantee is a commitment made by an individual to repay a loan if their company fails to do so.

In other words, if the company fails to repay the debt, the owner or director of the company will be held personally responsible. A personal guarantee of payment reduces the lender’s risk by adding an additional layer of protection.

The most obvious advantage of giving a personal guarantee in support of a financing agreement is that it may increase the likelihood of lending money. This can be a big incentive for small and medium-sized firms, especially if it means the difference between getting cash or credit and not getting it.

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Can You Avoid Funding Options Personal Guarantees?

You can avoid personal guarantees in some cases by taking out personal guarantee insurance.

Personal guarantee insurance protects those who have signed a personal guarantee agreement. Its purpose is to safeguard the guarantor if the lender invokes the personal guarantee. The insurance cost is determined by the size of the guarantee and the assets used to back the loan. Keep in mind that the insurance will fully cover the guarantee.

If you prefer not to provide a personal guarantee, funding options can search the market for the best type of funding for you—there may be a lender out there who doesn’t require a personal guarantee in your situation.

Struggling To Pay Funding Options Business Loans

If you’re having trouble making a payment, talk to your lender before defaulting on your loan. Some lenders are willing to work with you to develop a different payment plan. Making lower repayments over a longer period of time could be one example.

The trick is to communicate with your lender and create a solution that benefits both of you.

If you have tried the above but have been unable to come to an agreement on payment, we strongly recommend you speaking to a licensed business debt advisor today.

Funding Options Debt Help Solutions

There are a few options available to help with your Funding Options debt, these include:

  • Administration order.
  • Arrangement with creditors.
  • Bankruptcy.

If you have personal guarantees on your business loan, it is advised that you speak to a licensed debt professional to discuss your options.

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Can Funding Options Debts be Written Off?

There are a number of insolvency debt options available, all of which will result in the ‘writing off’ of some or all of your debts. Learn about all the business debt solutions available to you before you make a decision on this.

In England, Wales, and Northern Ireland, insolvency solutions to write off debts are available.

  • Bankruptcy is a type of insolvency in which unsecured debts are forgiven if you can’t afford to pay them back. Your assets, such as your home or car, maybe auctioned to pay off your obligations.
  • DRO (debt relief order) If you have a low level of debt and limited assets, there is a way to have your debts written off.
  • IVA stands for Individual Voluntary Arrangement. A contractual arrangement that requires you to make affordable debt payments over a five- or six-year period.

Getting Advice on Funding Options Business Debts

If you are currently in debt with Funding Options and are struggling to make payment, there is help available.

Sites such as Business Debt Help can assist businesses in debt all throughout the UK in getting a better handle on their critical company debts.

You can also get further advice by filling out the business debt checker below and waiting to speak to an independent advisor.

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Struggling To Pay Business Debts

Here are some other business debt guides if you are struggling with different types of debts: