minilender
B.I.A.O. Member
Posts: 9
Thank You
-Given: 0
-Receive: 0
|
 |
« on: November 20, 2009, 05:23:05 PM » |
|
Hello,
I found this site after seeing an advert for the home lending biz. Adding up all the costs it looks like around £1200 for the training and support and about £500 for the CCL + whatever I want to put into the business for lending purposes. Anything else i missed?
Also after researching the CCL a but it seems there is a long wait and im an impatient sort so i was wondering if its possible to buy a ready-made business with a CCL already in place? I looked at the usual LTD/LLC incorporation sites and couldnt see anything.
ALso my own 'profiling' of the types of people who need these kind or loans are probably the types of people I wouldnt want to lend my own money too in the first place. How on earth do you vet them?
Appreciate any help you can give
Clive
|
|
|
|
|
Logged
|
Dont forget! Its FREE to make yourself a signature on B.I.A.O! - Please post an Introduction if you have not done so already!!!
|
|
|
Gina
Site Owner & Global Moderator
Posts: 457
Thank You
-Given: 50
-Receive: 11
|
|
« Reply #1 on: November 20, 2009, 11:21:49 PM » |
|
Hi Clive, you need the AML registration fee too (anti money laundering) £115. We supply all the loan agreement templates etc, but you would need to get your own printed from those designs. Not a huge cost, but has to be considered. A CCL is not transferable I'm afraid and there isnt really a way round it. Our profiling and customer aquisition comes with the training and this minimises risk to its lowest possible effect. Our site is www.briteways.com lots of info on there too - Gina  |
|
|
|
|
Logged
|
***
|
|
|
minilender
B.I.A.O. Member
Posts: 9
Thank You
-Given: 0
-Receive: 0
|
|
« Reply #2 on: November 22, 2009, 11:12:11 AM » |
|
thanks Gina. Reading the 'refunds policy' of the CCL it seems that if i was refused a license i wouldn't get my money back, is that how it works?
Im not bankrupt and i dont have any CCJs or criminal record and never have any problems getting credit myself. Is there anything else that could stop me getting a CCL?
Also, in which order would be best to do it? Get the CCL first then pay for the training from you or the other way around?
|
|
|
|
|
Logged
|
Dont forget! Its FREE to make yourself a signature on B.I.A.O! - Please post an Introduction if you have not done so already!!!
|
|
|
Gina
Site Owner & Global Moderator
Posts: 457
Thank You
-Given: 50
-Receive: 11
|
|
« Reply #3 on: November 22, 2009, 11:26:33 AM » |
|
Hi Clive, you are correct there is no refund if you are refused a licence. You are almost certain to be granted a licence, most licence applications are granted if there are no bankruptcy or liquidation problems.
Obviously I would not want to advise you to do the training first, although it is probably best to do so because it is difficult to answer the questions on the application if you havent had the training. They will ask about any experience or training that you have had in the industry. Most people do seem to opt for doing the training first, not least because they are excited by what is obviously a great business adventure for them, and it does help with filling out the forms if you know exactly what the business entails. I think that the decision of whether its best to complete the training first has to be yours alone - Gina
|
|
|
|
|
Logged
|
***
|
|
|
minilender
B.I.A.O. Member
Posts: 9
Thank You
-Given: 0
-Receive: 0
|
|
« Reply #4 on: November 25, 2009, 03:37:47 PM » |
|
Ive now started the CCL application. Name and address i can handle :-) Its asking for business category and business type. What would i choose from the drop downs?
|
|
|
|
|
Logged
|
Dont forget! Its FREE to make yourself a signature on B.I.A.O! - Please post an Introduction if you have not done so already!!!
|
|
|
Alibaba
Administrator
Posts: 162
Thank You
-Given: 21
-Receive: 3
|
|
« Reply #5 on: November 25, 2009, 04:19:05 PM » |
|
I cant remember now what the categories were! Could you list them? and I will tell you which to apply for specifically for home collected credit - Alex
p.s. You will need the provision for canvassing off trade premises too!
|
|
|
|
|
Logged
|
|
|
|
Alibaba
Administrator
Posts: 162
Thank You
-Given: 21
-Receive: 3
|
|
« Reply #6 on: November 25, 2009, 05:41:33 PM » |
|
Just remembered: Providing Credit Agreements / Other.
|
|
|
|
|
Logged
|
|
|
|
minilender
B.I.A.O. Member
Posts: 9
Thank You
-Given: 0
-Receive: 0
|
|
« Reply #7 on: November 25, 2009, 06:26:16 PM » |
|
ive attached the drop downs as screenshots.
|
|
|
|
|
Logged
|
Dont forget! Its FREE to make yourself a signature on B.I.A.O! - Please post an Introduction if you have not done so already!!!
|
|
|
Alibaba
Administrator
Posts: 162
Thank You
-Given: 21
-Receive: 3
|
|
« Reply #8 on: November 25, 2009, 11:11:56 PM » |
|
Yep, Business Category = Personal Finance - Hire and Unsecured Credit.
and, Business Type = Other types of hire and unsecured credit.
This is what the OFT told me to enter for the home collected credit business.
This is because you will be using both linked, and unlinked Credit Agreements
|
|
|
|
|
Logged
|
|
|
|
minilender
B.I.A.O. Member
Posts: 9
Thank You
-Given: 0
-Receive: 0
|
|
« Reply #9 on: November 26, 2009, 06:54:22 PM » |
|
great thanks.
When asked for trading names do they have to be legitimately registered business names from companies house or can i just make something up and use it as a "doing business as"?
Also see pic attached on what i need to tick on the license type.
|
|
|
|
|
Logged
|
Dont forget! Its FREE to make yourself a signature on B.I.A.O! - Please post an Introduction if you have not done so already!!!
|
|
|
Alibaba
Administrator
Posts: 162
Thank You
-Given: 21
-Receive: 3
|
|
« Reply #10 on: November 26, 2009, 10:40:25 PM » |
|
You dont have to add 'doing business as' or 'trading as' you can just put something like: duberry loans (dont use that tho:D) - Alex
|
|
|
|
|
Logged
|
|
|
|
Alibaba
Administrator
Posts: 162
Thank You
-Given: 21
-Receive: 3
|
|
« Reply #11 on: November 26, 2009, 10:46:30 PM » |
|
Yep that is the correct category for the home collected credit business unless you want to do anything else, like debt adjusting etc. but if you do tick those other boxes they might want lots more info on how you intend to operate your business!
|
|
|
|
|
Logged
|
|
|
|
minilender
B.I.A.O. Member
Posts: 9
Thank You
-Given: 0
-Receive: 0
|
|
« Reply #12 on: November 27, 2009, 02:56:09 PM » |
|
duberry loans, mmmm got a nice ring to it :-)
|
|
|
|
|
Logged
|
Dont forget! Its FREE to make yourself a signature on B.I.A.O! - Please post an Introduction if you have not done so already!!!
|
|
|
Alibaba
Administrator
Posts: 162
Thank You
-Given: 21
-Receive: 3
|
|
« Reply #13 on: November 29, 2009, 11:13:27 PM » |
|
duberry loans, mmmm got a nice ring to it :-)
Have you filled out a CRP1 (credit risk profile) yet? |
|
|
|
|
Logged
|
|
|
|
minilender
B.I.A.O. Member
Posts: 9
Thank You
-Given: 0
-Receive: 0
|
|
« Reply #14 on: November 30, 2009, 09:15:40 AM » |
|
no, whats that then?
|
|
|
|
|
Logged
|
Dont forget! Its FREE to make yourself a signature on B.I.A.O! - Please post an Introduction if you have not done so already!!!
|
|
|
minilender
B.I.A.O. Member
Posts: 9
Thank You
-Given: 0
-Receive: 0
|
|
« Reply #15 on: November 30, 2009, 09:23:48 AM » |
|
is crp1 the name of the CCL application form or a different form?
|
|
|
|
|
Logged
|
Dont forget! Its FREE to make yourself a signature on B.I.A.O! - Please post an Introduction if you have not done so already!!!
|
|
|
Alibaba
Administrator
Posts: 162
Thank You
-Given: 21
-Receive: 3
|
|
« Reply #16 on: November 30, 2009, 12:34:51 PM » |
|
Its a different form, its one that you will have to fill out because you are in what they call a high risk category. They will want one from you for sure |
|
|
|
|
Logged
|
|
|
|
minilender
B.I.A.O. Member
Posts: 9
Thank You
-Given: 0
-Receive: 0
|
|
« Reply #17 on: November 30, 2009, 01:26:10 PM » |
|
Does that form cost anything? Also do I need to submit it before the main ccl application or along with?
|
|
|
|
|
Logged
|
Dont forget! Its FREE to make yourself a signature on B.I.A.O! - Please post an Introduction if you have not done so already!!!
|
|
|
Alibaba
Administrator
Posts: 162
Thank You
-Given: 21
-Receive: 3
|
|
« Reply #18 on: November 30, 2009, 01:46:08 PM » |
|
No it doesn't cost anything, you might as well save yourself time by submitting it with your application.
|
|
|
|
|
Logged
|
|
|
|
|
