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Todd Davison

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Demand for Personal Guarantee Backed SME Finance rose by 68% in 2023

Posted by Todd Davison on Feb 2, 2024 12:30:00 PM

Headline Figures from The Purbeck Personal Guarantee Insurance Monitor for Q4 2023:

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Average Mortgage Prices are Set to Soar in 2024 - What Does This Mean for your Buy-To-Let PG?

Posted by Todd Davison on Jan 17, 2024 12:30:00 PM

2024 is predicted to be a challenging year for the housing market, with forecasts indicating significant increases in mortgage rates. This potential surge is the effect of The Bank of England’s decision to hike interest rates, sparking an increase in housing costs that has sent a ripple through the mortgage landscape.

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Buy-to-let landlords must prepare for a personal guarantee demand as mortgage rates fall

Posted by Todd Davison on Jan 15, 2024 12:30:00 PM

January 2024: As buy-to-let mortgage rates fall, bringing some relief to buy-to-let landlords, those shopping for a new mortgage deal are being warned by Purbeck Personal Guarantee Insurance, to prepare for a personal guarantee demand.

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Minding the Finances - 1 in 4 Small Business Owners Feels Their Mental Health Has Deteriorated From the Strain of Managing their Business Finances

Posted by Todd Davison on Jan 11, 2024 12:30:00 PM

January 2024: In a new survey of small businesses by Purbeck Personal Guarantee Insurance to gauge the financial and emotional resilience of owner/managers, 1 in 4 respondents (24%) said their mental health had been directly affected by the stress of managing the finances of their business in the past year. While 1 in 4 is far from positive, this is a significant improvement from 49% in the same survey last year and underlines the tenacity and resilience of small business owners, as they continue to face challenging economic headwinds.

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Lenders are demanding personal guarantees on loans under £10,000

Posted by Todd Davison on Jan 4, 2024 11:56:41 AM

January 2024: Following the FSB’s Super-Complaint to the FCA over SME lending practices, including the use of personal guarantees on small business loans, new data from Purbeck Personal Guarantee Insurance has revealed that 7% of the low-value, personal guarantee-backed loans it has protected have been for under £10,000, while 16% have been for under £19,999.  

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How is The Insolvency Process Carried Out for Closing a Business with Outstanding Debts?

Posted by Todd Davison on Dec 20, 2023 1:00:00 PM

The prospect of business insolvency is a daunting reality that most business owners and directors shy away from. However, preparing for the potential of financial turbulence and understanding the available routes is crucial.

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51% of Consumers Turned to Haggling for Life’s Essentials This Year

Posted by Todd Davison on Dec 18, 2023 1:00:00 PM

November 2023: In a new survey of 1000 consumers underlining the impact of the cost of living crisis on shopping habits, 51% confessed they have haggled for an essential product or service this year. The survey by Purbeck Personal Guarantee Insurance, the small business champion, suggests the U.K.’s small businesses need to be on guard as 21% in the survey think it's fine to haggle when buying from an independent retailer or small business owner and a third are planning to haggle to save costs this Christmas. 

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Personal Guarantees for SME loans must be appropriate and proportionate

Posted by Todd Davison on Dec 12, 2023 11:33:03 AM

December 2023: Responding to FSB’s Super-Complaint to the FCA over SME lending practices Todd Davison, MD of Purbeck Personal Guarantee Insurance says:

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Funding Gap for SMEs Linked to Worrying Rise in Personal Guarantees

Posted by Todd Davison on Nov 24, 2023 1:00:00 PM

November 2023: The difficulty small business owners are experiencing accessing funding without having to sign a personal guarantee has become clear. October 2023 saw the largest number of small business owners ever recorded, taking insurance to mitigate the risk of signing a personal guarantee as a condition of a business loan according to Purbeck Personal Guarantee Insurance.

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Autumn Statement – Purbeck Personal Guarantee Insurance Calls for Tax Relief Reinstatement for Landlords

Posted by Todd Davison on Nov 20, 2023 1:00:00 PM

November 2023: As property rental prices reach record levels according to the latest ONS  data, Purbeck Personal Guarantee Insurance is urging the Chancellor of the Exchequer, The Rt Hon Jeremy Hunt MP to reinstate the ability of landlords to set the full amount of mortgage interest against rental income, before tax is calculated.  Currently, all of the rental income made from a property is taxed. Landlords can claim back mortgage interest costs but only up to the basic income tax rate of 20 per cent.  The restriction of buy-to-let mortgage tax relief, also known as Section 24 can be avoided if a buy to let mortgage is taken in a limited company structure but this type of mortgage can be more expensive and often requires the landlord to sign a personal guarantee.

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