Occasionally a case comes along which looks a real “dead duck” but don’t be deceived.
At Promise we are used to placing the weird, the wonderful and downright awkward cases.

For example, we had a case recently where the client, who was the captain of a ship, needed to discharge his bankruptcy. Our client spent several months at sea, was away from home, which led him to have a near nervous breakdown and he increasingly struggled to manage his credit. Eventually he was made bankrupt to the tune of £38.5k. Having recovered physically and financially he needed a 70% LTV loan to pay off the bankruptcy, avoid a pending repossession and be reintroduced to more mainstream lending as soon as possible.

In these scenarios the processing is relatively straight forward but we need to coordinate everyone to work closely together. That’s the client, Promise, the lender, any insolvency practitioner and the solicitor. A specialist solicitor is ideal so we put the client in touch with a firm we know was experienced in bankruptcies.

Of course there is often a “fly in the ointment” which, in this case, was the fact that the client was away regularly so numerous bankruptcy hearings were postponed and the supporting documentation / payslips etc kept going out of date. They say patience is a virtue and so is perseverance as we eventually brought all parties together for the bankruptcy hearing and annulment.

The introducing broker in this case gave the advice and was experienced with this type of case however, if you prefer, Promise can deal with the advice and the process from start to finish if you don’t want to get involved.

Bankruptcy, debt management or heavy adverse cases may not be your bread and butter but don’t turn them away. The Captain will be looking to his broker at some point to remortgage him on to lower rates and is likely to remain a good client for years.

For help building your secured loan business, call Promise today.


Steve Walker
Managing Director
Promise Specialist Lending