Searching for fee finance service in Australia? Contact Client Finance for professional fee finance for accounting, accountants and legal firms.
We incur debts everyday even when we don’t know it. Some debts are unplanned for while some are planned. Some debts are consumption debts while others are investment debts. Whatever the reasons, failure to pay debts lead to more debts and mounting debts can be difficult to pay off after a considerable period of time. Credit companies specializing in assuming the financial responsibility of meeting clients’ obligations provide insurance premium funding and finance for legal fees packages among others.
One clear example of an investment debt is Insurance premium funding. We all know the immense benefits of buying an insurance policy but your contract with the insurance company is only valid for as long as both parties maintain their contractual obligations. Many people are afraid of taking up insurance for some reasons even if they know the benefits they stand to gain. Some of their fears are:
- Mounting domestic debts
- Fear of being able to pay premiums when due
- Too many financial obligations among others
Although these fears are valid,refusal to buy a policy because of insurance premium funding concerns shouldn’t stop you if you enter into an agreement with a credit company to help you pay your Insurance premium at repayment rates comfortable for you.
Why Insurance Premium Funding Is Encouraged?
There are immense benefits to be enjoyed when partnering with a reputable finance credit company to handle your insurance premium payments and some of them are:
• Spread out repayment schedule
You may have taken up an insurance policy whose premium you are struggling to pay. If a credit company were to pay your premiums on your behalf, you can repay the firm using an already agreed payment schedule between you and them. The repayment plan can be spread over a period of time. The small instalments will be easy for you to meet up to with little or no stress on your part.
• Fixed interest rate
Repayment of credits is placed at a fixed interest rate so regardless of market forces in the finance industry, you do not need to pay more than the agreed rate even if interests rates go up.
• No lump sum payment
When paying premiums to insurance companies, you have to pay them in lump sum either annually, semi-annually or bi-annually. The amount may be too big for you to bear but if the credit company takes on the responsibility, you can repay them in little sums.
• Flexible funding
The process of securing and paying for loans is flexible and tailor-made just for you. You can secure a line of credit with the credit firm depending on the yearly amount of premium and pay at a time convenient for you.
Once you apply to the firm for a line of credit, the company pays your insurance premium on the due date and charges you a flat rate of interest on the amount of premium paid to the insurance company.
Finance for Legal Fees
Besides the payment of insurance premiums, professionals can also utilize this financial instrument in a way that suits their practice. For lawyers and professionals consulting for both small-and large-scale businesses, due to different reasons, professional fees owed to them by their clients may not be paid on time. This may affect a professional’s level of productivity and may even result to law suits and litigations which both parties will want to avoid.
If you are a lawyer who consults for an organization, by entering into an agreement with a credit company that provides Finance For Legal Fees, you get paid all you are owed on time without the need to heckle your client for your Professional Fee Finance. The onus now lies on the credit firm to reach out to the organization to collect what is owed them since you are no longer in the frame of things.The repayment terms offered are easy for your client so both parties can continue to enjoy a good working relationship without straining the business relationship.
Client Finance helps Professional Fee Funding for accounting, accountants and law firms. Contact our friendly team today, and we’ll work with your Accountant and Law Firm or Insurance provider to arrange the funding for your invoices and set up a payment plan that works for your business.