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Newsletter on Cashflows and Late Payments on Credit files




I have crashed the mail out system so here is a copy of the monthly update for the customers on here and those that may be interested:



I hope all is going very well.



 



 



We are getting right into the year already with Easter coming up so fast.



We have had a great start to the year with the concentration on our commercial side of things especially in used truck purchases and business lending.



 



Last year was mores so refinances and restructures in home loans for cheaper repayments.



 



Also while I remember we have a lender that will do 100% loan on a commercial building as long as the applicant is trading out of it. I have not heard of this kind of offer since in my 20'S. it’s a good time to look into it if you know of anyone that is in the position to take advantage of this.



 



Residential



In the residential space I am finding a lot of existing customers are using the equity in their home for renovations, consolidations, and investment which is exciting times seeing my customers grow with the business.



It has been great to see customers also moving to the next stage in life accumulation journey of increasing net worth and lowering personal debts.



 



 



 



 



 



Did you know:



 



 Late payments generally won't end up on your credit reports for at least 30 days after you miss the payment. A late payment can impact your credit reports and credit scores. Here’s how the process generally works. Yes the loans can be refinanced with a good explanation from the broker.



When Does a Late Credit Card Payment Show Up on Credit Reports


Here is a video:




 



Please feel free to reach out if you have any questions. Yes if you are having trouble or foreseeing any problems I am more than happy to have a chat.



 



 



 



Business



 



Managing Anticipated and Unanticipated Fluctuations !!



 



Many business owners may anticipate cash flow fluctuations, but they often fail to plan for them.



As a result of the current economic climate or unexpected events, many businesses are likely experiencing changes in their cash flow right now. These changes could be due to seasonal variations, unexpected circumstances, or simply longer payment terms from customers.



Being aware of your cash flow patterns helps you prepare and adapt to both positive and negative fluctuations, both now and in the future. It is a very good idea to seek advice from your qualified accountant.



It's a good idea to have a cash reserve or access to credit (like an overdraft), which acts as a safety net for your business during slow periods. This can help you avoid resorting to desperate measures like selling essential assets, tapping into personal savings, or taking on high-interest loans.



Many unforeseen situations can lead to financial strain for businesses. These can include:



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Selling essential business assets



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Dipping into personal savings or equity



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Selling off personal assets



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Utilizing hardship pathways with lenders



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Taking out high-interest loans or borrowing from family and friends



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Maxing out credit cards (super common)



These are more common than you might think!



Several financial products can help you prepare for most situations. Here are a few common options:



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Overdraft facility: This is a revolving line of credit where you only pay interest on the amount used. (Additional fees may apply)



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Factoring (invoice funding): This involves selling your invoices at a discount to receive immediate cash. It's helpful for businesses with slow-paying customers. (Additional fees may apply)



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Trade account: Similar to factoring, but the lender pays the customer's invoice directly. (Additional fees may apply)



What is surprising is that the latter two in many cases can be significantly cheaper than unsecured overdraft facilities.



At Rock Solid Financial Services we can assist with all of the cashflow business finance products mentioned.



It is IMPORTANT TO Seek professional advice from an accountant or financial advisor for personalized strategies to manage your cash flow effectively.



By being proactive and having a plan in place, your business can weather financial fluctuations with greater ease and avoid resorting to potentially detrimental measures.



Many financial products seem complex and overwhelming.



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That’s why using a specialist broker like Rock Solid FS. We do the leg work, and simplify options for you



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. We also work with your accountant for the most appropriate strategy.



 



 



Well hope you have a fantastic week end.



Feel free to call to have a chat some time.

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