Author Archives: WayneGarrett

Redemptions

Several borrowers have redeemed their loans, our charge has been removed, and they have subsequently requested another loan. In these cases it has been necessary to charge the £80.00 fee again when the new loan is made.

There is an alternative. If you believe a customer may request another loan in the future, it is possible to redeem the existing loan, plus £1.00, and leave our charge in place, thus saving the customer having to pay the redemption fee of £50.00.

The account will remain on the books with a £1.00 credit balance until the customer requests another loan, at which time there will be no £80.00 fee to pay (and the process will be quicker as there is no charge to be registered). It may be helpful to discuss this with customers if they request a redemption figure.

Obviously, if the customer never takes out another loan, it will be necessary to pay £49.00 (£50.00 less the account balance of £1.00) when the charge is eventually removed.

Please note that, if we are not notified the customer wishes to keep the charge in place, by default, the redemption figure will include the £50.00 fee.

Posted 29 July 2015

 

Contact information for second half of June

Both Dawn Howse and I have booked holidays and then discovered that they overlap.   Dawn will be out of the office from 19 June to 29 June 2015 and I will be away from 17 June to 29 June.

Whilst I am away I can be contacted on my mobile +44 (0)7798 847559 and will be responding to my e-mails at least once a day.

Martyn Clemence

Posted 10 June 2015

2015 AGM

The AGM this year will be held on 22 May 2015 and, as before, will be in the Ascot Room at the Guildhall, Windsor.

The meeting will commence at 10:00 (tea and coffee available from 09:30) and is expected to finish about 13:00.   Invitations and information etc will be sent out shortly

Posted 13 April 2015
 

Quotas from 01 April to 30 June 2015

Each local authority’s quota for the next quarter can be found on the Downloads page of this website.   The numbers are identical to those of last quarter, having used the same system of basing them on the number of private sector houses in our boroughs and then applying a minimum of £40,000 and a maximum of £60,000.   In addition we will always find extra money for small emergency loans.

The system works better for some local authorities than it does for others (a few have overspent but the majority have underspent) and I will put this on the agenda to discuss at the AGM next month.   If anyone has ideas to improve the system please let me know or, althnatively, tell the person who will be attending the AGM on behalf of your authority.

I suspect that, by the time we perfect the quota system, we will receive sufficient funding to make quotas redundant.

Posted 01 April 2015
 

Repayment of Loans

When the FHIL scheme was developed we produced some conservative projections on the amount of capital we would receive from regular payments, occasional payments and redemption of loans. These projections were used to justify the viability of the scheme to DCLG.

In April 2013, 4 years and 7 months after the project was launched, we were delighted to announce that we were ahead of our projections, the first £1 million had been repaid and would be recycled as further loans. Just 14 months later we have hit the £2 million mark! 26% of all of our loans have been repaid and the funds recycled, or are ready to be recycled.

Posted 10 June 2014

 

Land Registry – IMPORTANT

There have been several instances where the Land Registry has rejected applications to register our charge because Restrictions recorded on the Register have not been resolved. The most frequent reason has been Form A Restrictions which prevent a sole proprietor from making a disposition (granting us a legal charge).  Can I draw your attention to Section 16 on page 13 of the Administration Procedures and Compliance Manual dealing with the release of funds.  If in doubt always seek advice from FHIL. 

Posted 10 April 2014