Q&A With Richard Davies of Tower Street Finance
Today’s Wills & Probate are delighted to welcome new partner Tower Street Finance on to the publication.
In this short Q&A, Richard (Dicky) Davies of Business Development Director speaks to us about the launch of their Inheritance Advance product.
What is the problem that Inheritance Advance seeks to resolve?
We are looking to help beneficiaries access their inheritance earlier!
Industry research has shown that 1 in 3 adults are reliant on an inheritance to clear their current debt and it can take up to 12 months (or even longer) to access it in full.
We did a lot of our own market and customer research to inform the product design which confirmed that over a third were interested in taking out the product for a variety of different reasons, including to help them with moving house, clearing debts, paying for education/care fees, freeing up disposable income, etc.
How does it work?
Inheritance Advance provides up to 60% of the value of the net assets that can be sold by the executors. The Advance, plus any fees/interest, are repaid by the Estate when the assets are sold so there are no requirements for the beneficiary to make any repayments.
How does it differ from a secured/bridging loan?
We have designed the product such that there is no need for a credit search on the individual, nor is there any requirement for a charge over any property, which is a feature of a secured loan. In this way the product is available to all beneficiaries, even those that are classed as ‘financially excluded’, so unlike other lending products, is available for the very people it is designed to help!
Who can access it?
Inheritance Advance is available to any beneficiary (pecuniary & legatee), even if there is no Will, and is available to single or multiple beneficiaries. The only checks we run on beneficiaries are to confirm their identity, that they have a UK bank account and that they are not an undischarged bankrupt. There has to be a professional firm administering the Estate, so it could also be a source of business for practitioners!
What is the benefit to practitioners in offering this?
There are obvious benefits to being able to offer clients a better service, in addition to reducing the number of calls enquiring about the status of the inheritance. In addition, we are also able to offer practitioners an introductory/administration fee for introducing customers/providing information on the Will/Estate.
How can my clients access Inheritance Advance?
There are a number of ways for customers to find out more about the product:
Want to find out more?
Contact Richard (Dicky) Davies at Tower Street Finance on 0343 504 7138 or [email protected].