Key points
Multiple existing borrowing commitments
Single asset-backed facility
Eligible debts settled directly where agreed
Background
Client E had several existing borrowing commitments and wanted to consider bringing eligible obligations together into a single facility. They owned a valuable luxury watch that could provide security for the required borrowing.
Solution
A £42,500 Asset-Backed Debt Consolidation facility was secured against the eligible watch. As part of the agreed arrangement, eligible existing debts could be settled directly from the facility, with the remaining balance transferred to the client's nominated account.
Outcome
Client E used an eligible asset to bring existing borrowing together into a single asset-backed facility, simplifying the process of managing those obligations.