Financial prudence Further to the "non-status" finance advert carried recently
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in Commercial Motor, I would like to set out the following points: El Any agent offering credit should hold a Consumer Credit Licence as issued by the Office of Fair Trading; El Any loans under £15,000 are subject to the Consumer Credit Act. This provides the vital legal framework in which loans are transacted by finance companies and their agents; El The offshore status of the company which advertised would suggest that these loans may not be covered by the Consumer Credit Act, so the borrowers may lose the protection the act provides and thus be open to abuse; ri In normal circumstances no up-front fees or deposits should be paid.
Avelease has held such a Consumer Credit Licence since 1992 and all business transacted is undertaken in accordance with the act. All finance documentation is in accordance with guidelines issued by the Consumer Credit Trade Association.
Avelease provides finance designed for the ownerdriver, small-fleet operator, new haulier, short-term trading and those with detrimental information such as CCJs on the credit register.
Because of our position over the years we have finance packages tailored for the majority of needs, but many still assume they will not obtain credit and take desperate measures. Often with a little effort we can provide the facilities they had previously assumed were unavailable to them.
I advise readers to obtain copies of any advertiser's Consumer Credit Licence. For a company to obtain a Credit Licence, at least it has been vetted by its local Office of Fair Trading, giving additional security.
Nick Watts, Partner, Avelease, Harleston, Norfolk