*/
Unlocking your aged debt to augment cash flow in one easy step…
By Philip N Bristow of Vector Professions Finance
Taking silk is one of the significant highlights of many barristers’ careers. The costs associated with achieving this marque can, however, impact on an individual’s cash flow in the short to medium term.
As the application process takes a number of years, many of our clients who are looking to apply for silk will strategically plan to unlock their aged debt when they begin the lengthy process. The associated consultancy costs and application fees can be capitalized into an aged debt loan spread over a period of time to suit the individual’s budget. This offers peace of mind with the knowledge that any financial issues along the way have been taken care of in advance.
Many barristers will anticipate a temporary reduction in fees while preparing for the application in view of the time commitment involved. With funding in place, the barrister can focus on the application rather than worrying about potential financial issues.
Similarly, many newly appointed silks will factor in another temporary dip in fees during the transition process. The larger, more complex cases may take many months to complete and bill and therefore further impact cash flow.
There are additional costs to consider such as ceremonial clothing and the chambers’ celebratory party (something to look forward to when we are eventually out of the pandemic).
Some of our clients may have reduced their overdraft headroom during the application and transition period. This is particularly pertinent as many banks may have increased their overdraft interest rates. Refinancing or reducing the overdraft will free up headroom for contingency and the day-to-day running of the practice.
With more than 25 years’ experience with the Bar and endorsed by the Bar Council for ten years, we understand the complexities with which barristers are faced. Our mission is to provide fast-track, flexible funding with a quick and easy application process. We aim to obtain a credit decision within 48 hours of application with minimal information required.
Taking silk is one of the significant highlights of many barristers’ careers. The costs associated with achieving this marque can, however, impact on an individual’s cash flow in the short to medium term.
As the application process takes a number of years, many of our clients who are looking to apply for silk will strategically plan to unlock their aged debt when they begin the lengthy process. The associated consultancy costs and application fees can be capitalized into an aged debt loan spread over a period of time to suit the individual’s budget. This offers peace of mind with the knowledge that any financial issues along the way have been taken care of in advance.
Many barristers will anticipate a temporary reduction in fees while preparing for the application in view of the time commitment involved. With funding in place, the barrister can focus on the application rather than worrying about potential financial issues.
Similarly, many newly appointed silks will factor in another temporary dip in fees during the transition process. The larger, more complex cases may take many months to complete and bill and therefore further impact cash flow.
There are additional costs to consider such as ceremonial clothing and the chambers’ celebratory party (something to look forward to when we are eventually out of the pandemic).
Some of our clients may have reduced their overdraft headroom during the application and transition period. This is particularly pertinent as many banks may have increased their overdraft interest rates. Refinancing or reducing the overdraft will free up headroom for contingency and the day-to-day running of the practice.
With more than 25 years’ experience with the Bar and endorsed by the Bar Council for ten years, we understand the complexities with which barristers are faced. Our mission is to provide fast-track, flexible funding with a quick and easy application process. We aim to obtain a credit decision within 48 hours of application with minimal information required.
Unlocking your aged debt to augment cash flow in one easy step…
By Philip N Bristow of Vector Professions Finance
The beginning of the legal year offers the opportunity for a renewed commitment to justice and the rule of law both at home and abroad
By Louise Crush of Westgate Wealth Management sets out the key steps to your dream property
A centre of excellence for youth justice, the Youth Justice Legal Centre provides specialist training, an advice line and a membership programme
By Kem Kemal of Henry Dannell
By Ashley Friday of AlphaBiolabs
Providing bespoke mortgage and protection solutions for barristers
Joanna Hardy-Susskind speaks to those walking away from the criminal Bar
Tom Cosgrove KC looks at the government’s radical planning reform and the opportunities and challenges ahead for practitioners
From a traumatic formative education to exceptional criminal silk – Laurie-Anne Power KC talks about her path to the Bar, pursuit of equality and speaking out against discrimination (not just during Black History Month)
James Onalaja concludes his two-part opinion series
Yasmin Ilhan explains the Law Commission’s proposals for a quicker, easier and more effective contempt of court regime
