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A most creditable case

PUBLISHED: 08:03 01 June 2013 | UPDATED: 14:08 03 June 2013

Simon Gray, managing director of Credo Asset Finance.

Simon Gray, managing director of Credo Asset Finance.

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Simon Gray, managing director of Credo Asset Finance, says we all deserve a second chance.

I received a finance proposal from a franchised car dealer which had tried to place the deal with its normal inhouse finance companies but had had two or three rejections.

At Credo, when we know it’s been declined elsewhere, we perform our own credit search to find why. I’m used to reading the information then looking deeper at the search, trends, timings etc.

I had a feeling there was more to this deal than was first apparent to others who merely saw defaults, late payments and a bankruptcy order.

I spoke to the customer who was retired and a widower. I explained the search had shown he’d been a good payer, got into difficulty for a year or so, defaulted on his payment, ending in bankruptcy. But things had then been ‘sorted’ to a degree and for the last couple of years, he’d got back to paying his credit agreements etc.

He was glad I had called and explained how he and his wife had bought a barn to renovate for profit to enhance their retirement fund. In early 2009 his wife was diagnosed with an aggressive brain tumour. He had to give up work and stop work on the barn. Sadly in late 2009 his wife died. Loans for the renovation and mortgage had not been kept up to date, understandably, but he had kept these troubles from his wife. Under pressure from the bank and loan and mortgage companies, and losing his wife’s Motability car, he had to sell the barn but, being unfinished, the sale price was not enough to settle all debts and he was advised to file for bankruptcy.

After hearing this heart-wrenching story, I suggested that, with proof of his improved financial situation, I might be able to help. His bank statements confirmed everything was on the straight and narrow and I was able to look him the eye and knew I could trust him.

He was renting a house in the country, miles from any town. His car was on its last legs and a new car, with a long warranty, would allow him to stay in the house he loved rather than having to move to a town or city.

At Credo, we don’t just look at a credit score or are put off when we see red on a credit search. Every case is individual and with understanding and looking behind the initial information, surprising stories can emerge. We are not a sub prime lender, but an intelligent and flexible lender and it was a pleasure to help this man.

Credo lent him £10,000 for his new car on our own book. I see no or little risk in this deal, having met, understood and genuinely liked my new customer.

Credo Asset Finance is at 85 Yarmouth Road, Norwich, NR7 0HF. Telephone 01603 703180, email sales@credoassetfinance.com or visit the website at www.credoassetfinance.com

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