This is a very old report that I found. It may be of use to someone.
Credit Report of Top UK Bankers
The Full Disclosure Report
Table of Contents
Credit Report of Top UK Bankers
Table of Contents
Introduction
Preface
Caution
Chapter 1 – Motivation
Knowledge
Specific Goals
Desire
Self Image
Persistence
Chapter 2 – Help (for those in debt)
Make the First Move
Answer Collection Letters
Use Status Ploys
Send an Anguished Letter
Control Accessibility to Yourself
Threaten the Collector
Win a Smaller Settlement
Legal Strategies
File a Wage Earner’s Plan
Bankruptcy
Chapter 3 – How to get a First Rate Credit Rating
How to Establish First Rate Credit in Only 45 Days
Chapter 4 – The Secret of Becoming Wealthy
Personal Loans
Business Loans
Other Loan Sources
Introduction
This book was written with one thought in mind, to make you very wealthy. No matter what your present status is, this amazing book can wipe out all your present debts and set you on your path to riches. One single idea can make or save you hundreds of thousands of pounds. And the best part is yet to come, wiping out your debts can be done with a minimum effort because you will learn the one fact any one contemplating making big money should know: DON’T WORK FOR MONEY, LET MONEY WORK FOR YOU.
All the information included in this report is accurate as far as can be determined by the author. Many hours were spent researching various sources, and only the most pertinent facts were included. Every single plan in this book is workable. You need only to pick those that interest you, and put them in motion.
I’m now using many of the plans presented to you in this report. Let me tell you right now, they work. To be perfectly honest with you, I can’t see how any one can put these plans into motion and NOT make a fortune. It’s just so easy. All you need do is take a little of your time and follow the step-by-step methods, and of course, pull in the rewards. What could be easier?
There are some people who profess to dislike money. Others say it is the “Root of all evil”. These people use those excuses at rationalizations for NOT having money. Believe me when I tell you that in the World, money is what makes you or ‘breaks’ you.
Money is important because of the many things it can do. Let’s investigate some of these things.
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- The material things. Just about everyone of us would like to own a more expensive car, a bigger house, a holiday home, and other luxuries only money, and a lot of it, can provide.
- The best care. Money can provide the best care for you and for your children. The best education, the best medical attention and also the best chance to develop special talents you and your family have.
- More time. Money can provide more time for you to enjoy your family, take holidays, develop hobbies, and the embrace numerous activities that money makes possible.
- Travel. One of the most exciting things about being wealthy is the opportunity to travel and meet people, successful interesting people.
- Self-confidence. Development of your self-confidence is the most apparent attitude change you undergo when you change from poor to wealthy. You are your own person for the first time in your life and you want to show this to other people.
- Love. There is an old saying “money can’t buy you love”. It may not, but it can go a long way toward it. Rich people very often seem to be more attractive, probably due to their positive attitudes.
- Contentment. With money you can be content because you need not worry about where your next pound will come from.
And now read on to learn how to get yourself a portion of the world’s wealth for yourself.
Preface
It is an obvious fact that to make money, you need SOME money to begin with.
You can raise £200,000 in 24 hours guaranteed.
Within this book there are lessons on:
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- How you can establish a first rate credit rating in 45 days.
- How to use your credit cards to raise up to £50,000 (or more). (Although we show you much better ways!)
- How to raise up to £50,000,000.
- How to prepare a financial statement.
- Plus much, much, more – and even how to borrow money and never repay.
Caution
If you are inclined to pass judgement on a book by looking at its cover or size, don’t judge this one that way.
This book has been purposely kept thin. (Your time is worth £££). We took that into consideration.
Ernest Hemingway advised: “The first and most important thing of all, at least the writer of today, is to strip language clean, to lay it bare down to the bone.”
We consider that. And this book has, accordingly, been written in simple and understandable style and language.
We hope that you approve, and that these pages will prove to be the cornerstone for your building of wealth for yourself and your family.
Chapter 1 – Motivation
I buy and read many of the “Get Rich” books to keep abreast of what others in the field have to offer. Some are good and some are not so good. No matter which class a given book might fall into, however, one general theme is discussed in virtually all of them. That theme: MOTIVATION. Without motivation, all of the wealth-building facts found in all of these books put together are useless. This book contains many of these facts, but unless you execute them with enthusiasm and single-mindedness, they may prove to be worthless.
There are many other factors involved in the desire for wealth than simply “having money”. But you have to start with some rules that deal primarily with that aim of wealth building. We list below eight rules that one of the wealthiest men in the history of the world says he lived by. During his lifetime he accumulated vast wealth, and became a billionaire – the oil magnate J. Paul Getty.
Rule One
To acquire wealth you must be in a business of your own.
Rule Two
You must have a working knowledge of your business when you start it, and continue to learn from experience as you go along.
Rule Three
You must save money in your personal life as well as in your business venture.
Rule Four
You must take risks, both with your own money and with BORROWED money.
Rule Five
You must learn to not only LIVE with tension, but SEEK IT OUT.
Rule Six
You must build wealth as a BY-PRODUCT of your business SUCCESS. If wealth is your only aim in business, you will probably fail.
Rule Seven
Patience. This is the greatest business asset of all.
Rule Eight
Diversify at the top.
Remember, these are the rules of a billionaire, and a self-made one at that. This man probably knew what he was talking about. Study and memorise the rules. They might even become your ‘Bible’ as you start up and continue to develop your business.
We are going to make an assumption that when you purchased this book, you wanted to become very, very wealthy. To achieve this goal, you need only one other thing after the MOTIVATION we spoke of to begin carrying out the plan(s) outlined in this book. That one thing is the power you gain with POSITIVE THINKING. We’re not here to give you any ‘hocus pocus’, but just bare facts. These five elements will help you achieve this power. They are not listed in any kind of order of importance, because you MUST HAVE ALL OF THEM.
Knowledge
Knowledge is the cornerstone upon which any enterprise will be built. The more knowledge you possess about your venture, the more confidence you will have that it will succeed. People all too often plunge headlong into an endeavour with so little knowledge that failure is almost guaranteed.
So forewarned is forearmed. Take a little time, maybe a lot, according to your ability to absorb and retain. Remember too that although you will find many facts and plans in this report, you should by no means allow this to be your only reference. Seek out other books and reports. You will find some listed at your local library that you might like to check out. But keep in mind: BE INFORMED.
Specific Goals
What do you want from this report? From your enterprise? From life? Do you want to become a millionaire, or just financially independent? How long will you allow yourself to achieve this particular goal? A month? Six months? Three years?
You must answer these questions (and other) to be properly motivated. Don’t simply say “I want to be a millionaire” (Who doesn’t?). Say something like, I (your name) have an avid interest in establishing a business in (your field of interest) which require £XXXX of startup capital. I will make £XXXX per week (or month etc.) and I will reinvest the profit in my business. I will keep compounding my profits. I want to be worth one million pounds in three years, using these methods”.
Always be as specific as you can in your goals. Write them down and read them often. This ‘affidavit’ to yourself should always be so prominent in your consciousness that it would be impossible for you to forget it for very long at a time. In this way, it will be very difficult for doubt to creep in to discourage you.
Desire
If you walk up to almost right now and ask that person if he would like to be a success, you would have a 99% positive response. Although everyone would like to attain success, few are willing to pay the ‘dues’ necessary to achieve the goal. And there most surely are dues. To be a success, you must have a need to be successful. Everything else must be secondary. No obstacle should be too great a hurdle on your path to personal fortune. No problem will occur that you cannot solve, and all your hopes, dreams and aspirations must be directed toward that one goal of PERSONAL SUCCESS.
Self Image
To become rich, you must first begin to think and act rich. You read about people becoming millionaires (last statistics I have inform me that figure is about 5,000 a year), and you must reaffirm the feeling that you too can make a million (or whatever sum you choose). Remember, it is not ‘luck’ or ‘brains’ that makes a millionaire; it is usually a healthy ego.
Persistence
Webster defines persistence as a “refusal to relent, especially in the face of opposition, interference, etc”. Persistence is exactly what is needed if you are to be successful. Each unsuccessful attempt must be followed by renewed enthusiasm, and a more determined effort. Keep trying, and learn from your mistakes. Your efforts and dedication will pay off, and another success story will be underway. The alternative to success is a life of drudgery and dependence upon someone else for your next pound.
Chapter 2 – Help (for those in debt)
In this chapter we will reveal some little known laws and legal techniques designed to give you relief from debt.
Make the First Move
Almost anyone, even the wealthy, can sometimes have difficulty in meeting financial commitments on time. One action I have found to work every time is to make the first move. In other words, if you see that you cannot make payment on time because of sudden or unusual (or whatever) circumstances, call your creditor and explain the situation. Tell him your payment will be late, but try not to offer a specific date. This method can give you as much as six months relief. Your creditor feels you are sincere, since you did call and admit your inability to pay on time, and he will usually be more hesitant about insisting on immediate payment.
Answer Collection Letters
Now this is really a switch. Send your creditor a short apologetic reply. Do not again, be specific about the time you will be able to pay. Your letter might read like this:
Dear Mr. Jones,
I appreciate your reminder. I’m sorry that I cannot make payment on my account at this time. Unexpected hardships make payment at present impossible. I will arrange to get a payment to you as soon as my situation permits.
Thank you so very much for your understanding.
Sincerely yours,
John Debt.
Use Status Ploys
All of us are aware that the wealthier we are, the better we are treated by our creditors. Lower income debtors are harassed, while debtors of better income may be handled with “kid gloves”. You can use this knowledge to your advantage no matter what your income. You can, for instance, respond to collection letters on expensive stationery, which can give your creditors the impression that you are a person of some means. And in reply never say you are ‘broke’, say something to the effect you are in ‘a cash bind position’ at present. Or that you have suffered a temporary difficulty in a large investment.
Send an Anguished Letter
Sending an anguished letter can be a good tactic if the pressure is really on. This type of letter gives the impression of grave financial hardship due to some personal catastrophe. A letter of this type should give you six months or more of relief. Here is an example:
Dear Mr. Jones,
In recent months, my family and I have suffered innumerable financial and emotional setbacks.
A fire recently damaged over one-third of our home. My wife, whose income provided almost one-half of our livelihood, recently has had serious surgery, and will be under medical supervision for some time yet. I have recently been cut back to three days a week on my job.
Despite these and other setbacks, we are attempting to resume payments as our circumstances permit.
We thank you for your understanding in this matter.
Sincerely yours,
John Debt.
Control Accessibility to Yourself
You could under some circumstances make yourself inaccessible to your creditors. This serves to keep him off balance, and guessing about your next move. In this way, he will not be able to tell exactly what assets you may possess. Following are a few ideas that may serve to make you inaccessible.
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- Change your telephone to ‘ex-directory’
- Omit your address from bank cheques
- Omit your return address from all payments and correspondence with creditors and their agents
- Close your bank account
- Have office calls screened
- Avoid appointments with creditors and agents
Threaten the Collector
It is often possible to ‘turn the tables’ on a collector, and give him ‘some of his own medicine’. Possibilities:
Threaten with Bankruptcy
A threat of bankruptcy almost always makes a creditor think twice. This is the last thing he wants to happen, because he knows if bankruptcy takes place, he will in all likelihood never get all (if any) of his money. Don’t make this threat in anger. Just mention that you have consulted a solicitor about the possibility of bankruptcy.
Threaten to Complain
Threaten to complain to the Citizens Advice Bureau (CAB), you Telephone Server Provider (BT, etc.) or postal authorities. If your creditor has used the telephone to harass or torment you, you probably can get relief from BT. The law strictly forbids such tactics. If they are used, you should tell the caller you will report. A similar rule exists with the postal authorities.
Threaten to Sue
This threat really ‘turns the tables’ on the creditor. If very harsh and harassing collection methods have been used against you, the threat of a law suit can be very, very effective. If the creditor has threatened you with criminal action of any kind, you may file a suit for extortion, as debt is a civil matter under the law. Any contact of your creditor with your employer, friends or neighbours may damage your character. No matter how inadvertent it can be grounds for a lawsuit. Again, do not respond in anger to your creditor when mentioning the possibility of counter suit; just mention in a cool manner that you are seriously contemplating bringing suit against him. Also mention that solicitors’ services have been retained.
Win a Smaller Settlement
This is very possible, if your debt delaying tactics have bee successful. The older a debt becomes, the less likely it will ever be collected. Creditors know this, and are sometimes willing to negotiate. You might tell your creditor you are leaving the country in a week or so, and that you will settle your debts for 25p in the pound. Bankruptcy is also a very real threat. Many times the creditor will see that he has been out-maneuvered, and will settle with payment of pennies on the pound.
Legal Strategies
One of more these can be used.
For an unmarried woman
Get married. After you are legally married, you can place your assets in your husband’s name and protect their seizure. (We are not suggesting that you take such a step lightly, but if the wedding is in the near future, adjusting the date to help your financial and legal situation could do no harm.)
For a married man
Transfer your assets to your wife. It’s a legal ‘fact of life’ that assets in a wife’s name cannot be executed upon because she is not legally responsible for her husband’s debts.
For married couples
Move to community property country or state. A husband’s or wife’s creditors cannot lay claim to the couple’s community property.
Transfer assets to your small company
Since your company is a legal entity, a creditor cannot touch your assets once you have transferred them into it. This is a very good manoeuvre, since small corporations can be formed quite easily. A very simple plan for forming a corporation is included in this book.
File a Final Demand
If you are served with a summons on a debt, it might be a good idea to final a General Denial. Without this, the creditor is almost assured of victory, and the power to seize your assets. A General Denial simply informs your creditor that you are going to ‘put up a fight’. A legal fight can be long and expensive. Many times, the collector will just drop the suit, especially if the debt is less than £1,000. The procedure for filing a General Denial is very simple. Go to the County Court given on the summons. Give the clerk the summons and say that you want to final a General Denial. It’s that easy.
Use the Uniform Commercial Code
You can contend that the contract is ‘unconscionable’, that is to say, the contract is deceptive or tricky in language, has important sentences buried in fine print, was written in language you did not understand, misrepresented the product or service, or was priced unfairly. If any of these has validity, you may have the debt discharged.
Challenge a Default Judgment
It is almost commonplace for the creditor to win a default judgment (CCJ) without the debt ever getting a summons to appear in court. If this happens to you, you can challenge the default judgment. Write to the creditor telling him or his solicitor you intend to bring legal action against them if further action is taken, since the judgment has been obtained illegally. Send copies of the letter to the judge of the county court where suit was filed and to the local bar association.
Wait out the Statutes of Limitations
If your delaying tactics have been successful, your debt may be discharged under the Statute of Limitations. (The Statute of Limitations refers to a period of four, six or eight years). When the debt has exceeded the time period applicable without you making a payment, you are no longer liable for the debt. Usually, if you have not paid in four years, your creditor has given up the fight anyway.
File a Wage Earner’s Plan
This is designed for debt relief of wage earning individuals, anyone earning a living from wages, salaries or commissions can apply for this plan. This is a little known law and can stop your creditors in minutes. Under the Wage Earners Plan, you turn all your debts over to the court. The court takes a portion of your income to pay your creditors. The payments are usually spread over a 36-month period. Actually this plan is a debt consolidation under court protection. The court protects you from wage garnishment and other seizures. The only drawback to this plan is that the majority of your creditors must approve the plan. This may not be such a large concern, however, as most will prefer this plan to straight bankruptcy. The amount you will pay the court each month is determined by your salary and the amount of wages left over after normal monthly bills such as food, utilities, transportation, clothing and entertainment. The best part of this plan is that it can be filed without a solicitor.
The procedure is as follows: Go to the nearest Court and ask the official in charge of such proceedings. You must fill out about 5 forms on which your list your income and debts. A filing fee of £20 is the usual fee. A £15 court fee is also required at sometime during the proceedings. Almost immediately a restraining order is sent to all your creditors.
The restraining order will:
1. Forbid creditors or their agents from harassing or threatening you.
2. Cease immediately all charges of interest and late payments.
3. Terminate any and all legal action brought against you.
Another benefit of this plan is a 3-month ‘grace’ period between the date of filing and your court date, time in which no payments at all are required. Other advantages are your credit reputation remains intact, and payments can be made at time intervals of your choosing, whether they are weekly, bimonthly or monthly. Every creditor who is owed must file a claim within six months. Should a creditor fail to file a claim for payment under the Wage Earners Plan, he is barred from ever filing a claim, and the debtor will be discharged of the obligation.
Bankruptcy
The Ultimate. This should be the last resort. Despite the increasing incidence of this course of action, many people, ignorant of alternatives, resort to bankruptcy unnecessarily. They feel there is no escape except bankruptcy. Unhappily bankruptcy is the only way out of debt in some cases. Bankruptcy is available to debtors as a way to resolve share in the assets of the debtor. After filing, all of your possessions, your assets and your debts, are, in effect, now the property of the Courts. Everything you own and everything you owe is taken by the Court. The Court, however, gives you back certain property (exempt items as determined by the Law). The best of this situation is that most of your personal property is exempt in virtually all cases. Exempt property includes your house (if homestead), clothing, necessary furniture, etc. Property that is not exempt is divided among your creditors. But in 90% of all bankruptcy cases, the debtor pays less than £100 of his assets to the creditors. In fact, 75% of the debtors who now file bankruptcy, pay absolutely nothing in reimbursement to their creditors. Bankruptcy is not foolproof, however. Some debts are not dischargeable under this procedure. These non-dischargeable debts are taxes, alimony, child support, debts resulting from intentional injury to persons, damages to property, and debts obtained through fraud. After considering the pros and cons of bankruptcy and finding that it is suitable for you, you will find that it is a relatively simple procedure. Stop by your stationary store or HM stationary supplier and purchase a set of bankruptcy papers. Fill them out (they are self-explanatory) but make sure you list all your debts. Anyone you miss on the list may still bring suit against you for payment. Now list your assets and take the papers to the property court official to file them. There will be a small court fee. In about 60 days you will be called to hearing. Explain to the court official that your are not represented by counsel because you are broke and you cannot afford it. Usually the proceeding can be carried out without a solicitor. If your affairs are unusually complicated it may be necessary for you to obtain legal help. Assuming that your affairs are in some kind of decent order, however, bankruptcy will be affirmed after a short hearing.
Some closing thoughts about bankruptcy and its meaning to you. Contrary to belief, a person who has filed for bankruptcy can get credit. Since anyone who has filed for bankruptcy cannot file again for six years, he or she is usually a better credit risk than some others might be. As mentioned before, bankrupts rarely lose any of their property as a result of this action. In fact, many bankrupts do not list all assets. Also, even if you file for bankruptcy, you can still pay off select creditors, such as a car loan or similar account.
A word of caution: After you have been granted bankruptcy, do not let your creditors trick you into reaffirming your debts. Also make sure you’re honest when filling out all credit applications, as credit obtained by fraud results in debt not dischargeable.
Chapter 3 – How to Get a First Rate Credit Rating
What is your idea of wealth? Is it a stack of £50 notes? This is the concept a lot of people have when they think of a person being wealthy. Yet, real wealth is not a stack of money. The typical millionaire carries virtually no cash with him. He might be hard pressed to tip the man at the newspaper stand.
You might ask is a millionaire carries no cash, how could he walk into the best stores, restaurants, banks, country clubs or airports and get the best service in the world? Why do people literally run to his aid at the slightest nod of his head? The answer can be summed up in one word. That word is CREDIT. In the minds of all those around him, his every action can be backed up with cash at any time. His signature carries the same value as gold. You can see why such a man need never carry cash.
How would you like to enjoy this same type of credit reputation? Any and all credit cards would be yours for the asking. Virtually and amount of money would be at your disposal. Many will say the only way to get such a credit reputation is to build it slowly over the years by paying all bills on time. I say not so. You can enjoy all the benefits of a millionaires’ credit reputation in 45 days, no matter what your present situation is.
In the previous chapter, I discussed the various plans you may use to get out of debt. Now I will reveal a foolproof plan that will get you back into debt, with one important difference. This time you will use credit to make yourself wealthy.
How to Establish First Rate Credit in Only 45 Days
Everyone knows that the best credit anyone can have is credit at the Bank. Now you can use the Bank’s money to not only have credit at one bank, but to get an A+ rating at as many banks as you wish. You should have about £500 to initiate this plan, but it can be worked with an amount as small as £200. This is how the plan works.
To take your £500 to your regular bank, or a bank of your choice, and open a savings account. Wait about 3 days to make sure your account has been posted and then apply for a loan of £500, offering to use your savings account as collateral. When the banker hears this, he will welcome you, since this loan will be risk-free for the bank. There will, accordingly, be no check into your credit. If might be a good idea to deposit your money in a bank that is offering some kind of premium, that never hurts. Now you have £500 in your bank drawing interest and £500 in hand. Of course, the £500 savings account is frozen, but this is of no concern to you at this point. Take your £500 to a second bank and open a savings account. Three days later, go back and see the loan officer at this bank and arrange for a £500 loan, again using your savings account as collateral. Go through this procedure with at least 3 other banks. You can go to as many banks as you please with this plan, but it is best to limit the number to five at first. Later you can always to the same at any other banks in your area, although this probably won’t be necessary.
After you have opened savings accounts at the five banks, and obtained loans at each of them, take the £500 from the last bank and open a checking account at any bank you choose. Three days later, begin writing repayment cheques. Pay one full month’s payment at each bank at which you have taken out a loan. A week later, make another payment to all the banks. At this rate, you will have all your loans paid off in about 45 days. With each payment, an equal amount of money will be ‘unfrozen’ in your savings accounts. You can take this money and place it in your checking account as you go along. No matter what your previous rating has been, you will now have not one credit reference, but five excellent ones. In fact, after three early payments, the banks will automatically clear you for future signature loans at their banks, and will give you an A+ credit rating to any bureau checking your credit rating.
Helpful hints you may employ while working this plan:
1. Always take your savings account book with you when applying for the loans, since you will have to surrender it to the bank officer.
2. Try to get at least a 9-month repayment schedule for each loan, although you will pay each loan back much sooner. The interest your savings account earns will offset most of the interest charges on the bank loans.
You actually pay a very small price for the superb credit rating. After you have worked this plan, and established yourself in the ‘credit world’, you can apply for credit cards, and bank cards and have no fear of being turned down. Remember, you are backed by the most important credit references of all, banks. Even such hard-to-get cards such as American Express or Diner’s Club should pose no problem. Signature loans can usually be obtained on a 24-hour notice at any of the banks you have employed in your plan. All this in as little as 45 days.
One thing to remember:
You have this beautiful credit rating going for you so KEEP YOUR CREDIT TRANSACTIONS CLEAN – ALWAYS.
Chapter 4 – The Secret of Becoming Wealthy
The one big secret of becoming wealthy in any enterprise is to use OPM. OPM is simply ‘Other People’s Money’. Yes, you need other people’s money to build a fortune. The most logical way to obtain OPM is to borrow it. Borrowing money has been the key to all really great fortunes in this country, and around the world, as a matter of fact. The late, great J. Paul Getty would never have been able to amass more than one billion dollars without the power to borrow tremendous amounts of money. Borrowing ‘OPM’ must, of course, be handled correctly. If it is handled poorly, or unadvisedly, the old adage ‘neither a borrower or a lender be’ would be a better course to take. When used wisely, however, funds borrowed can be the gateway to a better life style made possible by investments (and their resulting earnings). Used properly, ‘constructive borrowing’ can help give you a better home, a new quality car, holidays, etc. But remember, these advantages must come from the earnings itself. And the earnings must also provide interest payments on your loan(s).
It seems that all of us have the drive and ambition to obtain wealth. Why otherwise would so many of us literally work ourselves to death for the large corporations to make a living? If there is one truth evident, it is that very few of us will ever get wealthy working for somebody else. To get wealthy, you simply must have a business of your own of some kind. But the most important thing is CAPITAL. With the necessary capital, almost anyone of average intelligence can become truly wealthy. In the following pages, I will cite many ways to get the necessary capital to start your own enterprise.
Personal Loans
If you don’t now have a good credit reputation, use the method described in the previous chapter to get that good credit reputation that you will almost certainly need to borrow capital to finance your venture. The easiest type of loan to get is a personal loan. After establishing a good credit reputation, securing a personal loan should be no great problem. Business loans are usually harder to get than personal loans, especially from a bank. If you have no business experience, business loans are doubly hard to get. So a personal loan should be your first choice when applying at your bank(s). Go to the bank and apply for a personal loan. Do not tell the loan officer that you are borrowing the money to finance a business. Otherwise you will be subject to a different set of requirements, ones that are much stricter. Say something like, the money is for a major car repair, home improvement, or something else that would require an appreciable sum of money (such as you are requesting). This could not be said to be illegal, since after you have obtained the loan you can always have changed your mind about the use of the money. If you need a loan right away, and have not had time to work the credit plan outlined previously, you may need to employ the use of a guarantor. This may be a friend or relative. Another alternative is to pay a guarantor. Many times, businessmen with immaculate credit reputations will co-sign a note for a fee. You must convince the guarantor that you are a good credit risk, but this is not a difficult thing to do.
Get £25,000 in Personal Loans
This is a very easy plan to work once you have established yourself in the credit world. Here is how to get the money:
1. Go the five banks where you have established yourself and get a personal loan application from each.
2. Fill out each application, requesting a £5,000 personal loan.
3. Take the applications to the appropriate banks, all on the same day.
4. If you have established yourself, you will probably get a loan at each bank.
5. Take the money and make your investment.
Business Loans
Getting a business loan to start up a business is not all that easy. We have already discussed getting bank loan(s) with which to begin an enterprise. And to borrow money to improve or expand an existing business, you should be able to graphically illustrate how the money will provide increased profits (the better to pay back your loan, of course). To use an expression, we have to assume that the bank’s didn’t just ‘fall off the turnip wagon’. And you should be able to explain, in black and white, just how it will all be done. What will you do with the money? Will you purchase new or better (more efficient) equipment? Will you purchase in quantity at attractive discounted prices, etc.
Business loans are set up on varying repayment schedules, by the way. For instance, if you get a short term (or operational) loan, you may be repaying as you convert some of your existing assets to cash. A longer-term loan would be repaid out of increased profits made possible by the loan money. As an example, if you are in a business that could cut manpower payroll by going to computer, you would save on payroll in one direction, while also increasing receipts from daily business (and don’t forget savings in insurance, etc., as a result of reduced payroll). The savings, as well as the increased income as a result of greater efficiency, would help to offset the interest costs of the loan.
To recap: Know just how much you need. Know exactly what it will be used for. How it will be employed to generate increased income. And, heaven forbid, how the loan will be repaid in the event the added income fails to materialise.
Don’t worry, on any loan application you pick up, you will find yourself becoming acquainted with a business loan requirement – collateral (you may recall the quote about the ‘turnip wagon’). So, although your business may be limited in worth, your personal net worth may need to be used to support repayment agreement. A very honest and comprehensive survey should be made of your assets, to be used, as you find necessary in your quest for ‘OPM’. Remember, even if your business is not in the best of financial shape, if you can show a ‘game plan’ that is really reasonable and believable, you have a chance of getting your loan.
Later I will show you how to take over troubled businesses with no cash, thus improving your prospects when you apply for a business loan.
Other Loan Sources
One way to get a quick private loan is to pledge personal property. Companies such as Cash Converters or Porn Brokers will make loans of money if you pledge personal property (such as silverware, gold watches, antiques, etc.). Usually they will lend amounts of up to £3,000.
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