Problems with Lenders FAQ

istock_faq-000023858332_full-150x150These are the most frequently asked questions about how we deal with lending-related problems

1)  Will my bank feel threatened if I turn to IBC for help?

No.  When there are problems, the banks are keen to get them resolved.  Having someone to help you is a way of moving things forward.  IBC are trained lenders so banks give us a better reception because they realise we understand their issues and concerns, without which it would be difficult to find a solution that is acceptable to all.

2)  If a Lending Manager has concerns about a business customer, is there really anything you can do about it?

Yes, often there is.  Managers are only human, so they can get things wrong.  As experienced lenders, we will be able to assess the situation, discuss problems objectively and correct any misunderstandings.  Our involvement could help avoid unnecessary demands for repayment, or even legal action by the bank.

3)  I do not get on with my Lending Manager; realistically what can you do to help?

Irreparable personality clashes do happen.  The chances are that we will have contacts higher up in your bank’s chain of command and will be able to arrange a replacement if necessary.  Whilst banks generally tend to shy away from doing that, we find that banks will be flexible if we can show it is in the best interests of both parties.  If the problem is unsurmountable, we can always move you to another bank.

4)  If the bank wants to change my borrowing terms what can you do about it?

Because we are trained lenders, we will be able to help you negotiate a fair outcome.  It maybe that the bank’s proposed changes are unjustifiable, there may have been a mistake, or we may be able to see a better way of dealing with something.  Either way, banks tend to tread more carefully when a third party is involved than if they are dealing one-on-one with a customer.

5)  Are your services only relevant to businesses that borrow from banks?

No.  Our services are equally beneficial to businesses that borrow from one of the ‘challenger banks’ or from one of the many specialist or independent lenders.  The important thing is that we understand how business lending decisions are made, and how to resolve most lending-related problems.

6)  How much does IBC’s help cost?

It depends on what you need.  To keep things simple we usually work to an agreed hourly rate and set caps on costs, thereby allowing you to stay in control.  In some instances, we can consider fixed fees.